Energy - Weekly Refrac: Project Kilby Announced; Dallas Fed Survey; Waha Back in Black; ET Nederland

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Energy - Weekly Refrac: Project Kilby Announced; Dallas Fed Survey; Waha Back in Black; ET Nederland

Truist Securities

... is BKV next? BKV's (BKV, Buy) equity story holds significant catalysts this year - Barnett positive offset wells, enhanced completion

designs, Upper Barnett appraisal, non-core asset sales - but in our view the most consequential is securing a long-term hyperscaler PPA

to support its ~1.5 GW of already-interconnected combined-cycle capacity at Temple I & II in north ERCOT. The regulatory backdrop has

become increasingly constructive following passage of SB 6 last year, which established the framework for large-load interconnections,

co-located generation and Private Use Networks. Batch Zero - formally approved by the Public Utility Commission of Texas on June 18 - is

the first implementation of that framework, creating a standardized process for allocating transmission capacity while requiring large loads

to rely on on-site generation above an approved grid withdrawal limit. By utilizing the Withdrawal-Limited Private Use Network (WLPUN)

pathway, BKV can critically bypass the standard multi-year transmission queue to offer AI hyperscalers "speed to power" at its Temple

complex. While Temple is already a significant power supplier, adding a 75 MW+ data center "behind-the-meter" creates a material new

withdrawal request. Thus, ERCOT must study how that load impacts the regional grid if the power plant were to trip offline. Recall in

BKV's latest move to de-risk time-to-power, now anchored to the strategy is a modular "phased power" approach leveraging 200 MW

of Jenbacher reciprocating engines sourced from Guvnor that'll ultimately prove additive to Temple enabling a power ramp in smaller