Clean Energy & Power Infrastructure: Takeaways from 11th Annual JPM Natural Resources Conference

Research evidence excerpt

Clean Energy & Power Infrastructure: Takeaways from 11th Annual JPM Natural Resources Conference

s

not limit AGX’s ability to compete, pointing to the construction of the largest single-

phase gas-fired power plant in U.S. history—a 1.9 GW facility built during COVID

—as evidence of execution capability at scale. With industry project sizes growing,

the company views this as a competitive differentiator, noting that the universe of

EPCs capable of executing gigawatt-plus, fixed-price CCGT projects is small.

Project staffing and leadership depth is at an all-time high, though selectivity

remains a governing principle: AGX will not take a risk on unproven project

leadership, and the overriding priority is avoiding bad jobs.

• Industrials segment trending in the right direction. The recently announced

fabrication facility investment in North Carolina targets thermal expansion and

energy storage tanks for data centers and was cited as further evidence of AGX’s

broadening exposure to the AI infrastructure ecosystem, with the CEO noting

demand for these tanks currently exceeds existing capacity. The CEO noted the

industrials segment is tracking toward north of $200mm in revenue in FY27.

• Gas + solar + storage: a potential emerging opportunity. AGX has not yet

executed a combined gas and battery storage project, but the CEO confirmed the

company is seeing gas + solar + battery configurations in the market and has the

skill set across all three.

• Labor costs, change order dynamics, and supply chain timing. Union labor

carries can carry an approximately 15% cost premium relative to non-union labor, a

factor that informs project pricing and competitive positioning. Second, on change

orders: these typically arise from subsurface conditions, piling requirements, or