{
  "as_of": "2026-10-23",
  "records": [
    {
      "jurisdiction": "India",
      "name": "Round-the-clock renewables tariff",
      "value_label": "\u20b95.25\u20135.26/kWh",
      "date": "2026-08-06",
      "direction": "Toward clean",
      "why": "SECI's 1,000 MW firm and dispatchable renewables auction (FDRE-RTC-V) cleared at \u20b95.25 to \u20b95.26 across seven winners, about \u20b92.4 above solar with storage.",
      "hypothesis": "storage-default-firm-power",
      "source_name": "SECI e-reverse auction result",
      "source_url": "https://www.seci.co.in/uploads/tenders/bidders/SECI_FDRE-RTC-V-_1000_MW_result_website_upload.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "India",
      "name": "Solar with storage tariff",
      "value_label": "\u20b92.86/kWh",
      "date": "2025-10-15",
      "direction": "Toward clean",
      "why": "2,000 MW of solar with 4,000 MWh of batteries (ISTS-XX) cleared at \u20b92.86 to \u20b92.87.",
      "hypothesis": "storage-default-firm-power",
      "source_name": "SECI e-reverse auction result",
      "source_url": "https://www.seci.co.in/uploads/tenders/bidders/SECI_Solar_2000_MW_with_ESS_(ISTS-XX)_result_website_upload2.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "India",
      "name": "Coal supply spending",
      "value_label": "$13bn",
      "date": "2026-06-01",
      "direction": "Toward fossil",
      "why": "India is the second-largest investor in coal supply, and its spending has tripled in a decade.",
      "hypothesis": "india-fossil-use-rises",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "World",
      "name": "Gas-fired power orders",
      "value_label": "130 GW",
      "date": "2025-12-31",
      "direction": "Toward fossil",
      "why": "Orders in 2025 were the highest in 25 years, with US data-centre demand a major factor.",
      "hypothesis": "data-centre-demand",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "World",
      "name": "Coal supply spending",
      "value_label": "$180bn",
      "date": "2026-06-01",
      "direction": "Toward fossil",
      "why": "Up 4% to the highest since 2012, nearly 70% of it in China.",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "World",
      "name": "Oil supply spending",
      "value_label": "<$500bn",
      "date": "2026-06-01",
      "direction": "Toward clean",
      "why": "A third straight annual fall as companies hold back on new oil supply.",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "World",
      "name": "Electric vehicles and charging",
      "value_label": "$893bn",
      "date": "2025-12-31",
      "direction": "Toward clean",
      "why": "Up 21% in 2025, the largest single part of energy transition spending.",
      "hypothesis": "ev-flattens-petrol",
      "source_name": "BloombergNEF Energy Transition Investment Trends 2026",
      "source_url": "https://about.bnef.com/insights/clean-energy/bloombergnef-finds-global-energy-transition-investment-reached-record-2-3-trillion-in-2025-up-8-from-2024",
      "tier": 2
    },
    {
      "jurisdiction": "World",
      "name": "Hydrogen project spending",
      "value_label": "$7bn \u2192 $10bn",
      "date": "2026-06-01",
      "direction": "Toward clean",
      "why": "About double 2024 in 2025, and nearly $10bn expected in 2026, while venture interest falls.",
      "source_name": "IEA Global Hydrogen Review 2026",
      "source_url": "https://www.iea.org/reports/global-hydrogen-review-2026/investment-and-innovation",
      "tier": 1
    },
    {
      "jurisdiction": "United States",
      "name": "Gas turbines for onsite power",
      "value_label": "$28bn",
      "date": "2026-06-01",
      "direction": "Toward fossil",
      "why": "Nearly all of the $28bn of gas turbines ordered for onsite generation is tied to US tech-sector demand.",
      "hypothesis": "data-centre-demand",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "China",
      "name": "Clean manufacturing share",
      "value_label": "~75%",
      "date": "2025-12-31",
      "direction": "Toward clean",
      "why": "China made around 75% of the world's clean energy manufacturing investment in 2025.",
      "hypothesis": "chinese-overcapacity",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "China",
      "name": "Share of nuclear spending",
      "value_label": "1/3",
      "date": "2026-06-01",
      "direction": "Toward clean",
      "why": "China's domestic reactor programme is a third of global nuclear investment.",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "China",
      "name": "Share of coal supply spending",
      "value_label": "~70%",
      "date": "2026-06-01",
      "direction": "Toward fossil",
      "why": "China's steam coal investment alone is set to pass $100bn in 2026.",
      "source_name": "IEA World Energy Investment 2026",
      "source_url": "https://iea.blob.core.windows.net/assets/64594543-cf6e-4fd9-8238-d3cae35daf48/WorldEnergyInvestment2026.pdf",
      "tier": 1
    },
    {
      "jurisdiction": "European Union",
      "name": "Share of hydrogen investment",
      "value_label": "45%",
      "date": "2026-06-01",
      "direction": "Toward clean",
      "why": "Europe has under 20% of committed electrolyser capacity but 45% of investment, because each unit costs more to build.",
      "source_name": "IEA Global Hydrogen Review 2026",
      "source_url": "https://www.iea.org/reports/global-hydrogen-review-2026/investment-and-innovation",
      "tier": 1
    },
    {
      "jurisdiction": "United States",
      "name": "Fusion companies",
      "value_label": "28 of 56",
      "date": "2026-07-13",
      "direction": "Toward clean",
      "why": "Half the world's fusion companies are American, as are all five that have raised over $1bn.",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    },
    {
      "jurisdiction": "Japan",
      "name": "Fusion companies",
      "value_label": "3",
      "date": "2026-07-13",
      "direction": "Toward clean",
      "why": "Japan has three fusion companies, as do India and France. The IEA's free investment figures do not report Japan separately.",
      "source_name": "Fusion Industry Association",
      "source_url": "https://www.fusionindustryassociation.org/fusion-industry-attracts-record-annual-funding-of-4-48bn-raising-total-to-14-24bn/",
      "tier": 2
    }
  ]
}