{"count":125,"actions":[{"date":"June 2026","market":"ercot","market_name":"ERCOT (Texas)","type":"New rating","note":"New rating: assigned, split into West and Central sub-regions.","trigger":null},{"date":"Jul 2026","market":"ercot","market_name":"ERCOT (Texas)","type":"Affirmed","note":"Tier holds. Formal PUCT approval of Batch Zero adds regulatory certainty to large-load access; queue discipline supports, not weakens, the rating.","trigger":"PUCT approval of Batch Zero, 18 Jun 2026"},{"date":"Jul 2026","market":"ercot","market_name":"ERCOT (Texas)","type":"Downgrade","note":"Under the v2 reliability overlay, ERCOT is held at Tier 2. Fundamentals remain strong (78) and connect-and-manage energization is still the fastest large-load path in the US, but a NERC elevated-risk forward outlook plus the Winter Storm Uri record cap it below Prime.","trigger":"Methodology v2 reliability overlay; NERC 2024 Long-Term Reliability Assessment elevated-risk finding"},{"date":"Jun 2026","market":"ercot","market_name":"ERCOT (Texas)","type":"Affirmed","note":"Large-load demand surge reviewed; fast connect-and-manage energization and cheap self-supply gas keep the fundamentals strong.","trigger":"ERCOT large-load requests reach ~233 GW (Dec 2025)"},{"date":"Aug 2026","market":"ercot","market_name":"ERCOT (Texas)","type":"Under review","note":"Tier not moved, but the connection pathway that underpins the Access score is paused with no stated end date. A verification gate applied to every data center large load, layered on Batch Zero, is a material change in how fast a large load can reach energization in the market we score as the fastest in the US. Direction is genuinely uncertain: a short verification exercise leaves the tier intact, a durable screening regime does not. Resolve after the PUCT open meeting on 20 Aug 2026.","trigger":"Gov. Abbott directive and ERCOT market notice M-A080326-01, 3 Aug 2026; missed Batch Zero classification date, 7 Aug 2026"},{"date":"June 2026","market":"ercot-west","market_name":"ERCOT West (West Texas & Panhandle)","type":"New rating","note":"New rating: Tier 2 Strong assigned (ERCOT West sub-region).","trigger":null},{"date":"June 2026","market":"ercot-central","market_name":"ERCOT Central (Houston & DFW)","type":"New rating","note":"New rating: Tier 2 Strong assigned (ERCOT Central sub-region).","trigger":null},{"date":"June 2026","market":"uae","market_name":"United Arab Emirates","type":"New rating","note":"New rating: Tier 1 Prime assigned (carbon-sensitive).","trigger":null},{"date":"Jun 2026","market":"uae","market_name":"United Arab Emirates","type":"Affirmed","note":"Tier 1 Prime affirmed on abundant firm gas capacity, an open pro-build stance, and a strong national AI-power agenda.","trigger":"National AI and data-centre build-out (2026)"},{"date":"Jul 2026","market":"uae","market_name":"United Arab Emirates","type":"Under review","note":"The Cost pillar (currently 90) is placed under review. The figure reflected the cheap-gas generation cost, not the delivered tariff: EtihadWE's large-load and data-centre incentive rate is about 26 to 32 fils per kWh (roughly $70 to $90 per MWh), which is mid-pack globally, not among the cheapest. Reassessing the Cost score, which may ease; because the Prime rating leans partly on cost, the Tier 1 status is being re-examined.","trigger":"Realized-cost review of the EtihadWE large-load tariff (Jul 2026)"},{"date":"June 2026","market":"quebec","market_name":"Quebec","type":"New rating","note":"New rating: Tier 2 Strong assigned (light policy override).","trigger":null},{"date":"Jul 2026","market":"quebec","market_name":"Quebec","type":"Affirmed","note":"Tier holds. The tariff is still a proposal and its in-force date has slipped; no change until the Regie rules.","trigger":"Regie hearing timing update, Jul 2026"},{"date":"Jun 2026","market":"quebec","market_name":"Quebec","type":"Affirmed","note":"Proposed data-centre tariff reviewed; this is managed pricing inside an open, low-cost system, not a closure. Price remains the lowest in the set; Tier 2 affirmed, outlook unchanged.","trigger":"Hydro-Quebec ~13 cents/kWh tariff proposal (Jun 2026)"},{"date":"Jul 2026","market":"quebec","market_name":"Quebec","type":"Under review","note":"The Cost pillar (currently 100) is placed under review. On closer analysis, the proposed dedicated data-centre rate of about 13 cents CAD per kWh (roughly $95 US per MWh) puts Quebec mid-pack for a new data center rather than lowest in the set; the cheap Rate L (about 3.8 cents) applies to general industry, not to the load we rate. Reassessing whether the Cost score overstates the advantage for a new data center. Tier likely holds; the Cost pillar may ease.","trigger":"Realized-cost review of the Hydro-Quebec data-centre tariff (Jul 2026)"},{"date":"June 2026","market":"northern-virginia","market_name":"Northern Virginia (PJM)","type":"New rating","note":"New rating: Tier 2 Strong assigned (momentum override).","trigger":null},{"date":"Jul 2026","market":"northern-virginia","market_name":"Northern Virginia (PJM)","type":"Affirmed","note":"A second consecutive capacity auction at the price cap confirms the structural cost pressure already reflected in the tier. Tier holds.","trigger":"2028/29 BRA clears at the $325/MW-day cap with a 6.8 GW shortfall, 14 Jul 2026"},{"date":"Jul 2026","market":"northern-virginia","market_name":"Northern Virginia (PJM)","type":"Under review","note":"A statewide $0.011/kWh consumption tax stacks on capacity prices at the cap and DOE-ordered curtailment exposure; direction of the Cost pillar is clearly negative, tier impact under assessment.","trigger":"Virginia data-center electricity tax effective 1 Jul 2026"},{"date":"Jul 2026","market":"northern-virginia","market_name":"Northern Virginia (PJM)","type":"Under review","note":"Two high-materiality negatives in one cycle: capacity cleared at the cap with a first-ever RTO-wide 6.6 GW reliability shortfall (Cost, Availability), and emergency authority to curtail data centers as a class (Availability, with Access read-through). Review continues; direction uncertain until the 2028/29 auction clears, tier could hold or move down one notch.","trigger":"2027/28 BRA shortfall at cap (17 Dec 2025) plus DOE 202(c) large-load curtailment order (30 Jun 2026); 2028/29 BRA results due 14 Jul 2026"},{"date":"Jun 2026","market":"northern-virginia","market_name":"Northern Virginia (PJM)","type":"Under review","note":"FERC's preliminary finding that PJM's tariff is unjust for large loads puts co-location and cost-allocation economics directly in play; direction uncertain pending the 60-day response and any rulemaking. Tier held for now, flagged for review.","trigger":"FERC Section 206 show-cause order (18 Jun 2026)"},{"date":"Aug 2026","market":"northern-virginia","market_name":"Northern Virginia (PJM)","type":"Affirmed","note":"Tier holds. The 22 Jul event caused no reliability impact and the sites behaved as designed, but the scale doubled versus 2024 and the correlated behaviour of a whole cluster is now a planning input rather than customer behaviour. Taken with the FERC direction to NERC, this confirms rather than changes the Availability call: dense, strained, and increasingly governed by rules written specifically for it. The market remains under review on the separate cost grounds already logged.","trigger":"3 GW-plus data center load transfer after the Ashburn line fault, 22 Jul 2026; FERC Docket RD26-7, 16 Jul 2026"},{"date":"June 2026","market":"us-southeast","market_name":"US Southeast (Atlanta)","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"norway","market_name":"Norway","type":"New rating","note":"New rating: Tier 1 Prime assigned (Tier 2 on pillar score, lifted into the reliability-adjusted Prime window on reviewed delivery reliability and forward adequacy).","trigger":null},{"date":"June 2026","market":"ontario","market_name":"Ontario","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"pacific-northwest","market_name":"Pacific Northwest","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"Jun 2026","market":"pacific-northwest","market_name":"Pacific Northwest","type":"Affirmed","note":"Seattle's siting moratorium is consistent with the existing negative outlook; localised, not system-wide. Tier affirmed.","trigger":"Seattle data-centre moratorium (Jun 2026)"},{"date":"June 2026","market":"brazil","market_name":"Brazil (Sao Paulo)","type":"New rating","note":"New rating: Tier 2 Strong assigned (low confidence).","trigger":null},{"date":"June 2026","market":"india","market_name":"India","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"Aug 2026","market":"india","market_name":"India","type":"Affirmed","note":"Tier holds. The revision roughly doubles the government's own view of data centre load by FY32 and is a Momentum positive, but it is a projection from state-reported projects, not built capacity, and the ministry itself flags grid balancing under sharp load ramps. Confirms the direction already in the rating rather than grounds to move it.","trigger":"Ministry of Power statement to Parliament, 27 Jul 2026"},{"date":"June 2026","market":"germany","market_name":"Germany","type":"New rating","note":"New rating: Tier 3 Workable assigned (north/south split noted).","trigger":null},{"date":"Jul 2026","market":"germany","market_name":"Germany","type":"Affirmed","note":"National score moves 57 to 53 as the overview now carries the average of its regions' reliability adjustments (North 0, South 7) instead of an unapplied national dock. Tier 3 affirmed; the region ratings are unchanged and remain the actionable ones.","trigger":"Overview reliability-adjustment consistency (methodology note, Jul 2026)"},{"date":"June 2026","market":"germany-north","market_name":"Germany North (Hamburg)","type":"New rating","note":"New rating: Tier 3 Workable assigned (northern zone of Germany).","trigger":null},{"date":"June 2026","market":"germany-south","market_name":"Germany South (Frankfurt/Munich)","type":"New rating","note":"New rating: Tier 4 Constrained assigned (southern zone of Germany).","trigger":null},{"date":"June 2026","market":"ireland","market_name":"Ireland (Dublin)","type":"New rating","note":"New rating: Tier 5 Largely closed assigned.","trigger":null},{"date":"Jun 2026","market":"ireland","market_name":"Ireland (Dublin)","type":"Under review","note":"The connection-moratorium lift is placed under review. Whether conditional, self-supply connections materially reopen access is being assessed; direction uncertain, with an upgrade path if access genuinely improves.","trigger":"Ireland lifts the Dublin moratorium with conditions (Dec 2025)"},{"date":"June 2026","market":"desert-southwest","market_name":"Desert Southwest (Phoenix)","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"spp","market_name":"SPP (Southwest Power Pool)","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"Aug 2026","market":"spp","market_name":"SPP (Southwest Power Pool)","type":"Affirmed","note":"Tier holds. The cancelled corridors were proposals, never designated, and SPP large-load access does not depend on federal backstop siting. Marginal negative for long-haul transmission optionality across the footprint, not a pillar move.","trigger":"DOE cancellation of three proposed National Interest Electric Transmission Corridors, 12 Aug 2026"},{"date":"Jun 2026","market":"spp","market_name":"SPP (Southwest Power Pool)","type":"Affirmed","note":"Named in the FERC show-cause suite; preliminary stage, tier holds, monitoring.","trigger":"FERC Section 206 show-cause order (18 Jun 2026)"},{"date":"June 2026","market":"miso","market_name":"MISO (Midwest)","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"Jul 2026","market":"miso","market_name":"MISO (Midwest)","type":"Affirmed","note":"Emergency procedures managed the heat dome without reported firm load shed. Consistent with the thin-margin availability profile already in the rating. Tier holds.","trigger":"Maximum generation emergency at ~122 GW demand, 15 Jul 2026"},{"date":"Jul 2026","market":"miso","market_name":"MISO (Midwest)","type":"Affirmed","note":"Tier holds. The 35% load-growth forecast confirms demand momentum without changing near-term access or availability.","trigger":"MISO long-term load forecast, 13 Apr 2026"},{"date":"Jun 2026","market":"miso","market_name":"MISO (Midwest)","type":"Affirmed","note":"Named in the FERC show-cause suite; reform process is preliminary and procedural. Tier holds, monitoring the 17 Aug response.","trigger":"FERC Section 206 show-cause order (18 Jun 2026)"},{"date":"Aug 2026","market":"miso","market_name":"MISO (Midwest)","type":"Affirmed","note":"Tier holds. The commission was explicit that this is a procedural reset rather than a rejection, and the underlying project is still expected. It does illustrate the state-level siting risk behind data-center-driven transmission in MISO, where the delivery path runs through a state commission that can restart the clock.","trigger":"PSC of Wisconsin rescinds the ATC completeness determination, 6 Aug 2026"},{"date":"June 2026","market":"caiso","market_name":"CAISO (California)","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"Jun 2026","market":"caiso","market_name":"CAISO (California)","type":"Affirmed","note":"Named in the FERC show-cause suite; preliminary stage, tier holds, monitoring.","trigger":"FERC Section 206 show-cause order (18 Jun 2026)"},{"date":"Jul 2026","market":"caiso","market_name":"CAISO (California)","type":"Under review","note":"The Cost pillar (currently 68) is placed under review. California's wholesale price badly understates the delivered cost once non-bypassable charges, the Power Charge Indifference Adjustment, delivery, and Rule 30 upfront transmission are counted; a large load's all-in runs closer to $95 to $155 per MWh, an expensive market, not a moderate one. Reassessing the Cost score; tier could move down as the cost read weakens.","trigger":"Realized-cost review of California non-bypassable and delivery charges (Jul 2026)"},{"date":"June 2026","market":"nyiso","market_name":"NYISO (New York)","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"Jul 2026","market":"nyiso","market_name":"NYISO (New York)","type":"Under review","note":"A statewide permit pause at 50 MW+ is a direct hit to Access in force today. Duration and the shape of the successor framework are unclear; tier direction uncertain pending the state's rules.","trigger":"Executive order imposing a statewide data-center moratorium, 14 Jul 2026"},{"date":"Jun 2026","market":"nyiso","market_name":"NYISO (New York)","type":"Under review","note":"A statewide 20 MW+ moratorium is one signature from law and would tighten access materially on top of the FERC order. Tier held pending the Governor's decision; downgrade path if signed.","trigger":"NY Legislature data-centre moratorium passed (4 Jun 2026); FERC Section 206 order (18 Jun 2026)"},{"date":"June 2026","market":"isone","market_name":"ISO New England","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"Jun 2026","market":"isone","market_name":"ISO New England","type":"Affirmed","note":"Named in the FERC show-cause suite; preliminary stage, tier holds, monitoring.","trigger":"FERC Section 206 show-cause order (18 Jun 2026)"},{"date":"June 2026","market":"british-columbia","market_name":"British Columbia","type":"New rating","note":"New rating: Tier 2 Strong assigned (borderline Tier 1).","trigger":null},{"date":"June 2026","market":"manitoba","market_name":"Manitoba","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"alberta","market_name":"Alberta","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"Jul 2026","market":"alberta","market_name":"Alberta","type":"Affirmed","note":"BYOG gives large loads a defined, if conditional, connection path after the interim tranche filled. Constructive for Access but untested until the first intake. Tier holds.","trigger":"Data Centre Regulation AR 117/2026 and AESO proposed BYOG process, Jun-Jul 2026"},{"date":"Jun 2026","market":"alberta","market_name":"Alberta","type":"Affirmed","note":"Interim tranche fully subscribed with no durable Phase 2 framework yet is a near-term access constraint, but gas-rich, pro-build fundamentals hold the tier. Affirmed; outlook watch if Phase 2 slips.","trigger":"AESO Phase 1 fully allocated (12 Jun 2026)"},{"date":"June 2026","market":"newfoundland","market_name":"Newfoundland & Labrador","type":"New rating","note":"New rating: Tier 3 Workable assigned (corrected from a naive surplus read).","trigger":null},{"date":"June 2026","market":"saskatchewan","market_name":"Saskatchewan","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"new-brunswick","market_name":"New Brunswick","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"nova-scotia","market_name":"Nova Scotia","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"sweden","market_name":"Sweden","type":"New rating","note":"New rating: Tier 2 Strong assigned (borderline Tier 1).","trigger":null},{"date":"Jul 2026","market":"sweden","market_name":"Sweden","type":"Affirmed","note":"National score moves 78 to 76 as the overview now carries the average of its regions' reliability adjustments (North 0, South 4) instead of an unapplied national dock. Tier 1 affirmed; the region ratings are unchanged.","trigger":"Overview reliability-adjustment consistency (methodology note, Jul 2026)"},{"date":"June 2026","market":"sweden-north","market_name":"Sweden North (Lulea, SE1/SE2)","type":"New rating","note":"New rating: Tier 1 Prime assigned (northern zones SE1/SE2).","trigger":null},{"date":"June 2026","market":"sweden-south","market_name":"Sweden South (Malmo, SE4)","type":"New rating","note":"New rating: Tier 3 Workable assigned (southern zone SE4).","trigger":null},{"date":"June 2026","market":"france","market_name":"France","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"finland","market_name":"Finland","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"spain","market_name":"Spain","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"portugal","market_name":"Portugal","type":"New rating","note":"New rating: Tier 2 Strong assigned.","trigger":null},{"date":"June 2026","market":"austria","market_name":"Austria","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"denmark","market_name":"Denmark","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"belgium","market_name":"Belgium","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"switzerland","market_name":"Switzerland","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"czech-republic","market_name":"Czech Republic","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"romania","market_name":"Romania","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"lithuania","market_name":"Lithuania","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"italy","market_name":"Italy (Milan, North)","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"poland","market_name":"Poland","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"latvia","market_name":"Latvia","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"slovakia","market_name":"Slovakia","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"greece","market_name":"Greece","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"hungary","market_name":"Hungary","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"bulgaria","market_name":"Bulgaria","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"estonia","market_name":"Estonia","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"croatia","market_name":"Croatia","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"great-britain","market_name":"Great Britain","type":"New rating","note":"New rating: Tier 4 Constrained assigned (momentum noted, no up-override).","trigger":null},{"date":"Jun 2026","market":"great-britain","market_name":"Great Britain","type":"Affirmed","note":"Connection reform is delivering on schedule (Gate 2 offers issuing), supporting the positive outlook, but firm pre-2030 capacity stays scarce. Tier affirmed, outlook unchanged.","trigger":"NESO Gate 2 offers for pre-2030 projects (Jun 2026)"},{"date":"Aug 2026","market":"great-britain","market_name":"Great Britain","type":"Affirmed","note":"Tier holds. The proposal is a consultation, not in force, and it cuts both ways: a refundable fee of up to GBP 712,500 per MW is a real balance-sheet demand on a credible developer, but the intent is to strip a 125 GW queue of projects that were never going to connect, which is what a serious large load needs. Revisit on the final decision after 16 Sep 2026; a fee at the top of the range with weak refund mechanics would be an Access negative.","trigger":"Ofgem consultation on data centre connection reforms, 29 Jul 2026"},{"date":"June 2026","market":"slovenia","market_name":"Slovenia","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"netherlands","market_name":"Netherlands","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"Jul 2026","market":"netherlands","market_name":"Netherlands","type":"Affirmed","note":"Court ruling hardens the connection constraint the tier already prices in; tier holds.","trigger":"Haarlemmermeer waiting-list ruling (29 Apr 2026)"},{"date":"June 2026","market":"saudi-arabia","market_name":"Saudi Arabia","type":"New rating","note":"New rating: Tier 2 Strong assigned (carbon-sensitive).","trigger":null},{"date":"June 2026","market":"qatar","market_name":"Qatar","type":"New rating","note":"New rating: Tier 2 Strong assigned (carbon-sensitive).","trigger":null},{"date":"June 2026","market":"egypt","market_name":"Egypt","type":"New rating","note":"New rating: Tier 3 Workable assigned (low confidence).","trigger":null},{"date":"June 2026","market":"kuwait","market_name":"Kuwait","type":"New rating","note":"New rating: Tier 3 Workable assigned (carbon-sensitive).","trigger":null},{"date":"June 2026","market":"turkey","market_name":"Turkey","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"israel","market_name":"Israel","type":"New rating","note":"New rating: Tier 3 Workable assigned (low confidence).","trigger":null},{"date":"June 2026","market":"iraq","market_name":"Iraq","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"chile","market_name":"Chile","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"uruguay","market_name":"Uruguay","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"colombia","market_name":"Colombia","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"argentina","market_name":"Argentina","type":"New rating","note":"New rating: Tier 3 Workable assigned (low confidence).","trigger":null},{"date":"June 2026","market":"costa-rica","market_name":"Costa Rica","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"south-korea","market_name":"South Korea","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"hong-kong","market_name":"Hong Kong","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"philippines","market_name":"Philippines","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"thailand","market_name":"Thailand","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"indonesia","market_name":"Indonesia","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"malaysia","market_name":"Malaysia","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"japan","market_name":"Japan","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"Jul 2026","market":"japan","market_name":"Japan","type":"Affirmed","note":"National score moves 51 to 47 as the overview now carries the average of its regions' reliability adjustments (East 7, West 0) instead of an unapplied national dock. Tier 3 affirmed; the region ratings are unchanged.","trigger":"Overview reliability-adjustment consistency (methodology note, Jul 2026)"},{"date":"June 2026","market":"japan-east","market_name":"Japan East (Tokyo, 50Hz)","type":"New rating","note":"New rating: Tier 4 Constrained assigned (eastern 50Hz grid).","trigger":null},{"date":"June 2026","market":"japan-west","market_name":"Japan West (Osaka, 60Hz)","type":"New rating","note":"New rating: Tier 3 Workable assigned (western 60Hz grid).","trigger":null},{"date":"June 2026","market":"south-africa","market_name":"South Africa","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"Jun 2026","market":"south-africa","market_name":"South Africa","type":"Affirmed","note":"The availability-recovery upgrade trigger set previously is now met: a full year without load-shedding. Tier affirmed; recommend a formal upgrade review next cycle if reliability holds through winter.","trigger":"One year with zero load-shedding (16 May 2026)"},{"date":"Jun 2026","market":"south-africa","market_name":"South Africa","type":"Affirmed","note":"Reliability recovery reviewed; a sustained run without load-shedding supports the availability read. Tier affirmed, with an upgrade trigger if the recovery holds.","trigger":"231 consecutive days without load-shedding (2025)"},{"date":"Aug 2026","market":"south-africa","market_name":"South Africa","type":"Affirmed","note":"Tier holds. A 441 day run and a daily EAF of 82.04%, the best since 2017, extend a recovery the rating already reflects and keep the previously set upgrade trigger live. We would want sustained performance through a full summer peak before treating this as grounds for an upgrade.","trigger":"Eskom performance update, 4 Aug 2026"},{"date":"June 2026","market":"new-zealand","market_name":"New Zealand","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"June 2026","market":"australia","market_name":"Australia (NEM)","type":"New rating","note":"New rating: Tier 3 Workable assigned.","trigger":null},{"date":"Jun 2026","market":"australia","market_name":"Australia (NEM)","type":"Affirmed","note":"Queue disclosure and a maturing AEMC connection standard improve transparency and revealed build. Tier affirmed, positive outlook supported.","trigger":"AEMO 5.4 GW queue disclosure (Jun 2026)"},{"date":"Aug 2026","market":"australia","market_name":"Australia (NEM)","type":"Affirmed","note":"Tier holds for now. The obligation is advice, not law, with federal legislation targeted for early 2027 and AEMC implementation estimates of 12 months for the REGO obligation and 24 to 36 months for registration and connection reform. Direction is clear even if timing is not: a large load in the NEM will have to fund new generation and firming rather than draw on existing supply, which raises the all-in cost of siting here and tightens Access. NSW moving first with REZ-style access control sharpens that.","trigger":"AEMC advice to the ECMC 28 Jul 2026, released 5 Aug 2026; NSW Electricity Infrastructure Investment Amendment Bill 2026, 5 Aug 2026"},{"date":"June 2026","market":"australia-nsw","market_name":"Australia NSW (Sydney)","type":"New rating","note":"New rating: Tier 3 Workable assigned (New South Wales).","trigger":null},{"date":"June 2026","market":"australia-vic","market_name":"Australia Victoria (Melbourne)","type":"New rating","note":"New rating: Tier 4 Constrained assigned (Victoria).","trigger":null},{"date":"June 2026","market":"australia-qld","market_name":"Australia Queensland (Brisbane)","type":"New rating","note":"New rating: Tier 3 Workable assigned (Queensland).","trigger":null},{"date":"June 2026","market":"taiwan","market_name":"Taiwan","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null},{"date":"June 2026","market":"singapore","market_name":"Singapore","type":"New rating","note":"New rating: Tier 4 Constrained assigned.","trigger":null}]}