March 2026

If you’re underwriting a new gas project the old way, you’re probably underwriting fiction. The biggest constraint isn’t the turbine or EPC. It’s getting connected to the grid on time, at a cost you can defend.
Interconnection queues aren’t just “clogged.” They’re a market signal: deliverable grid access is scarce. As of the end of 2024, about 2,300 GW of generation and storage was trying to interconnect across the U.S., spread over more than 10,000 projects. Only a small share of projects that enter the queue ever reach commercial operation, and timelines have stretched past four years in many regions.
That’s why “we’ll file and see” is not a plan. In 2026, you’re not buying a site. You’re buying a path to COD..