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Energy Watch: Behind-the-Meter Generation Is the Trade

Front-of-meter is crowded. The capex pipeline is shifting toward behind-the-meter generation for hyperscaler sites.

How this was made: an AI pipeline drafted this briefing from primary sources; Tyler Leas reviewed it before publishing. It carries no personal byline and is separate from the authored research — see the methodology. Always verify before making investment decisions.

The interconnect queue at most ISOs is now 4-7 years out for new utility-scale projects of any size. Hyperscalers know this and are quietly underwriting behind-the-meter generation directly at sites. The implication for the equipment supply chain is more positive than current estimates reflect.

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