Equity Research U.S. Energy Services & Technology 21 November 2025 Distributed Power Update Debates Rage as Power Becomes the Bottleneck to the AI Trade We update our June report on the distributed power industry, which has been thrust into the AI debate as part of the solution to meeting an estimated 60 GW power gap by 2028. Long-term contracts with hyperscalers are proving this is much more than just a temporary bridge, it's part of the solution. Over just the past six months, the Distributed Power story ...