Electrification
Five sectors are priced as separate stories with separate cycles. They converge on one tier. Read as a single chain, the theme is one capacity question wearing five sector labels.
Large power transformers and high-voltage switchgear
Fewer qualified shops than there are chains depending on them. Capacity is limited by grain-oriented steel and by the number of people who can wind a large unit to specification. Neither responds to price inside four years.
Network upgrades recovered through tariffs, over decades, from customers who did not order them.
Contracts priced against an energisation date that the equipment queue, not the landlord, controls.
Everything further down the queue, whose capital was committed against an earlier position in it.
Capacity plans published in gigawatts, with no connection date attached to them.
Interconnection filings accumulate. Position, not intent, becomes the asset.
Transformer and switchgear slots are booked years out, and priced accordingly.
Grain-oriented capacity and trained winders decide how many slots exist at all.
Usually a ratepayer or a tenant, rarely the party that announced the capacity.