Topic
The business of energy
7 articles drawn from The Power Equation, its 24 industry studies and 100 companies profiles.
Explainer
How Do Power Purchase Agreements Work? PPAs Explained
A power purchase agreement fixes the price of a plant's output for 10 to 25 years so it can be financed. How physical and virtual PPAs work, and who carries which risk.
11 min read
Guide
How to Read a Utility Rate Case: Rate Base, ROE and the Bill
A step-by-step guide to reading a US utility rate case: the revenue requirement, rate base, allowed ROE, equity ratio, riders, and what it all means for bills.
10 min read
Explainer
PJM Capacity Auction Explained: Why Prices Jumped Elevenfold
PJM's capacity price rose from about $29 to about $329 per MW-day in two auctions. How the auction works, why data centers moved it, and what it does to bills.
9 min read
Case study
Texas Power Crisis 2021: What Happened and Who Paid
In February 2021 Texas's grid nearly collapsed and power sat at $9,000/MWh for days. Why Brazos and Griddy went bankrupt while Vistra and NRG survived.
9 min read
Case study
What Happened to Northvolt? Why Europe's Battery Champion Failed
Northvolt raised more than $13 billion and booked over $50 billion of orders, then went bankrupt in 2024–25. The cause was manufacturing yield, not demand.
9 min read
Case study
Why Did Plant Vogtle Cost So Much? Inside the Nuclear Overrun
Vogtle Units 3 and 4 were budgeted at about $14 billion and cost more than $35 billion, seven years late. What went wrong, who paid, and what it means for new nuclear.
9 min read