Our first issue traced the binding constraint migrating from the technology to the factory. Our second asked where the value lands when the headline number moves. This week the question is narrower and sharper: when the official number is not allowed to tell the truth, where does the price go? Our cover story finds it. PJM's capacity auction cleared at its administrative cap for a third consecutive year — while procuring nearly 7,000 megawatts less than its own reliability requirement — so the marginal price of a firm megawatt has relocated to the one venue still clearing freely: the gas-turbine order book, where three sold-out manufacturers are booking 2031 delivery and developers post six figures per megawatt, non-refundable, to hold a slot.

The same displacement runs through the issue. Transformers, not turbines, bind the grid. Firm power for data centers is being priced behind the meter rather than in the auction. Green ammonia now clears on offtake, not capacity. A lunar delivery cost curve turns out to measure capacity, not cost; a mining fleet's gigawatts turn out to measure nameplate, not delivered load. In each case the published figure and the transacted one have quietly parted company.

Every feature holds the same discipline: real numbers with units and vintage, an explicit model where one is warranted, and a clearly labeled view of our own. Twelve features and eight briefings, aligned onto one plane.

— The Ecliptic, Editorial Desk