Data Center Power Expert Call Takeaways: Time to Power Remains the Priority; Demand Robust Despite Select Areas of Pushback

We hosted a webinar with Randy Dentinger, VP of Procurement and Supply Chain at Takanock, a powered land and data center developer. Randy spent most of the past 15 years at Kiewit Power, the largest US gas power EPC, as well as Rosendin Electric, the largest data center electrical contractor. We came away constructive regarding onsite power. Randy noted that time to power remains the dominant buying criterion, new gas turbines are effectively unavailable before 2030, and small turbines, recips, fuel cells and batteries are filling the gap at a premium. He sees community opposition as a real development risk that raises costs and may shift geography, but that demand remains robust and projects will ultimately be completed driven by bring-your-own-power (BYOP). We viewed the call as constructive for OW-rated BE. Team Zakaria's latest view: a compelling entry point into OW-rated CAT. We continue to believe CAT's turbine capacity expansion plans by 2030 may prove conservative; the long-ter