Question 1. Is the target a Tier 1 counterparty, a Tier 2 supplier or a Tier 3 emerging platform?

The three tiers have different underwriting disciplines. Do not apply a Tier 1 lens to a Tier 2 name or vice versa.

Question 2. Which of the three P2 sub-problems does the target's exposure actually touch?

P2-A generator interconnection exposure differs from P2-B large-load exposure and P2-C co-location exposure. Regulatory posture and vendor selection all vary.

Question 3. Which ISO or non-ISO region is the target primarily exposed to?

Each ISO has distinct queue depth, reform quality and cost-allocation posture. Regional concentration is a significant risk factor. Non-US exposure introduces further regime-specific variables.

Question 4. What is the queue quality of the underlying projects driving the target's economics?

Executed-GIA-plus-cleared-upgrades economics differ fundamentally from active-cluster-study economics. Post FERC Order 2023 the PJM Expedited Track adds a further tier on the higher-readiness side.

Question 5. What is the target's exposure to the three physical bottlenecks?

HV transformer lead-time exposure, HVDC vendor concentration exposure and transmission-line permitting exposure each drive different underwriting outcomes.

Question 6. What is the target's P1 anchor and P3 receiving capability?

Interconnection without a P1 offtake counterparty is speculative. Interconnection with a hyperscaler-anchored PPA and a well-scoped P3 receiving stack is a very different underwriting.

Grid-to-Chip

Grid-to-Chip P2 · Grid Access: connection rights, regulatory regimes and the transmission side

27 August 2026 · 51 min read · Updated 30 Aug 2026

Grid-to-Chip P2 Grid Access feature: IEA 2,500+ GW hero stat with sample regional queues, regime archetypes footer — IEA >2,500 GW anchors the global P2 picture. Sample queues: ERCOT ~474 GW large loads, CAISO ~347 GW, UK ~300 GW, PJM ~220 GW.

More on

Battery role migration: from R1 backup to R6 grid-forming

Mount Diablo: The Open Rack Architecture That Forced NVIDIA Up the Stack

How firm AI load becomes a flexible grid asset

Get the next essay in your inbox. Free.