First Read: North American Oil & Gas "Expert Call Recap: Distributed Pow..."

研报英文原文证据摘录

First Read: North American Oil & Gas "Expert Call Recap: Distributed Pow..."

Global Research

26 May 2026ab

First Read

EquitiesNorth American Oil & Gas

Expert Call Recap: Distributed Power Generation North America

Outlook Energy

Josh Silverstein

Analyst

josh.silverstein@ubs.com

Distributed Power Generation +1-212-713 3513

We hosted an expert call on the distributed power generation market with a former Steven Fisher, CFA

President of Power Systems at Cummins. The call follows our DPG outlook call with the Analyst

expert in December (note) and our LBRT Energy Technology Center site visit & steven.fisher@ubs.com

management meeting (note). Our expert call primarily focused on the DPG supply/ +1-212-713 8634

demand outlook, pricing of gas gensets & turbines, aftermarket opportunities, Jon Windham, CFA

differentiation between the offerings, and DPG's viability as a source of bridge power. A Analyst

link to the replay is here. jon.windham@ubs.com

+1-617-478-4711

Key Highlights from the Expert Call William Barber

Supply/Demand Outlook.The expert believes DPG demand for the next two to Associate Analyst

three years is well supported by the planned data center buildout, but visibility for william.barber@ubs.com

2029+ is low. While the range of outcomes likely varies, in the expert's base case, +1-212-713 5553

he sees data centers driving demand growth for DPG from now through 2030, Peyton Dorne

before growth starts to plateau in the early 2030s and then rolls over in 2035+.The Analyst

key question determining the duration of the growth cycle will be how long grid peyton.dorne@ubs.com

constraints persist. +1-212-713 4359

Pricing. Capex for a gas genset ranges from $650-1,000/KW, depending on the

EPC scope and packaging needs. Turbines costs are closer to $1,200-$1,400/KW,