Behind-the-Meter (BTM) Distributed Power Deep Dive Day 2: Power Plays

This report is Day 2 of J.P. Morgan's Behind-the-Meter (BTM) Distributed Power Deep Dive series, titled "Power Plays." It maps the competitive landscape, focusing on who is leaning into large-scale on-site generation, what offerings they provide, and how their go-to-market strategies are shaping up. The report establishes a discrete four-layer framework (Anatomy of a Nat Gas BTM Distributed Power Offering): Layer 1 gas supply and logistics; Layer 2 power generation (gas turbines vs. reciprocating engines/RICE); Layer 3 balance-of-plant (switchgear, transformers, paralleling and synchronization controls, cooling and emissions systems, BESS, and energy management systems);