2025 taught us > Volatility is the new normal: spot markets rugged buyers; fixed PPAs won. > Phantom capacity is real: unfunded projects clogged interconnection queues. > Batteries moved from nice-to-have → core infrastructure. > TOU became survival: charge EV at 6 PM, cry later; behavior is sticking. > 2025 power outages destroyed public trust; regulators now reward firm 24/7 power. 2026 is the year of 'Commodity Abundance' vs. 'Electron Scarcity'. > Big Tech builds on-site generation: SMRs, geothermal, batteries. > Grid modernisation is no longer optional. > Utilities aggregate distributed batteries into core grid assets. > Consumers will likely see relief due to the oil surplus, but residential electricity bills are climbing due to high CAPEX needed for AI and renewables.