Energy Capitalist
Matt SageSubscribe for weekly analysis of energy markets, companies, and the stocks positioned to profit.
| Platform |  | Pricing | Only free issues | Publishes | Weekly |
|---|---|---|---|---|---|
| Issues | 13 | Founded | 4 months ago | Last Issue | 11 days ago |
| Active | |||||
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energycapitalist.substack.comLatest Issues
SLB: The Oil Stock that isn't an oil stock
TL;DR
SLB is traded as a bet on the oil price. It isn’t. Its revenue tracks what oil companies spend (the global E&P budget) not Brent price. That capital spending lags oil prices, and historically over-corrects. Today, we are entering a m...
Forget Oil Stocks. The Iran Trade Is Hiding in Fertilizer.
If the Strait of Hormuz closes tomorrow, you know exactly what the retail herd will do. They will buy Exxon. They will buy Chevron. They will flood into crude ETFs.
They aren’t wrong — oil will spike. But they are looking at the wrong mole...
Batteries Are Booming. The Battery Trade Is Dying.
There is a number that every energy investor can recite right now, and it is genuinely staggering.
Battery storage additions have grown about elevenfold in four years. The grid added a rounding error of storage in 2021. In 2025 it added mo...
Vestas: The €40 Billion Opportunity Market Is Ignoring
The world’s largest wind turbine manufacturer just reported a record €76 billion order backlog while U.S. clean energy stocks are being treated like a crime scene. One of these data points is doing a lot of mispricing.
Vestas Wind Systems...
The AI Power Play Flying Under the Radar: Is INNIO Worth the Premium?
You’ve been watching GE Vernova re-rate from a post-spinoff orphan into a $300 billion transformer juggernaut. You’ve watched Bloom Energy go from a perpetually almost-profitable fuel cell startup to an $83 billion market cap in eighteen mo...
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Authors
The writers behind this newsletter.
Energy investor & operator | 20+ years in energy projects, procurement & ops. Nuanced analysis on oil/gas, nuclear, renewables, grid & storage for serious investors.
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