Land is the cheapest input in this whole stack.

Land is the cheapest input in this whole stack.

The binding constraints:

→ New heavy-duty gas turbine orders run about 3 years. GE Vernova has roughly 10 GW of slots left across 2029 and 2030 combined.

→ Large power transformers now exceed 160 weeks, up from about 50 weeks in 2021.

→ PJM projects that came online in 2025 averaged more than 7 years from queue to operating. You can release acreage with a signature. You can’t sign a turbine into existence. $GEV $ETN $PWR $VRT $POWL $CEG