AI Ledger Hepburn Advisory Hepburn Advisory

Power Ledger

Grid capacity, substation lead times, gas turbine orders — the binding constraint.
Coming in v3
The Power Ledger will track the physical infrastructure constraints that increasingly determine the pace of AI scaling. Grid capacity additions, substation permitting timelines, gas turbine order books, and renewable energy procurement.
Tracking now (manual)
95 GW
US data centre interconnection queue
Up ~40% YoY. Source: ERCOT + PJM filings, Q1 2026
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Grid Capacity

Tracking GW additions by region, interconnection queue depth, and time-to-energize for new data centre loads.

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Substation Pipeline

High-voltage substation orders, transformer lead times, and permitting bottlenecks by jurisdiction.

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Energy Procurement

PPA volumes, gas turbine order books, SMR timelines, and renewable capacity earmarked for AI workloads.

Capital Ledger→ Revenue Ledger→ Usage Ledger→