{
  "as_of": "2026-10-23",
  "records": [
    {
      "market": "India",
      "source": "Coal",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Ready",
          "text": "Domestic mines"
        },
        {
          "rating": "Ready",
          "text": "Made in India"
        },
        {
          "rating": "Stretched",
          "text": "Land, approvals"
        },
        {
          "rating": "Stretched",
          "text": "Rail freight"
        },
        {
          "rating": "Ready",
          "text": "Stockpiles"
        },
        {
          "rating": "Ready",
          "text": "Long contracts"
        }
      ],
      "weakest": 3,
      "why": "Rail capacity sets how fast coal reaches plants in a heatwave."
    },
    {
      "market": "India",
      "source": "Oil",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Bottleneck",
          "text": "Mostly imported"
        },
        {
          "rating": "Ready",
          "text": "Refineries"
        },
        {
          "rating": "Ready",
          "text": "Refineries"
        },
        {
          "rating": "Stretched",
          "text": "Gulf sea lanes"
        },
        {
          "rating": "Stretched",
          "text": "Limited reserves"
        },
        {
          "rating": "Ready",
          "text": "Growing"
        }
      ],
      "weakest": 0,
      "why": "Most crude is imported, much of it through the Strait of Hormuz."
    },
    {
      "market": "India",
      "source": "Gas and LNG",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Bottleneck",
          "text": "About half imported"
        },
        {
          "rating": "Ready",
          "text": "Terminals"
        },
        {
          "rating": "Stretched",
          "text": "Pipelines lag"
        },
        {
          "rating": "Stretched",
          "text": "Gulf sea lanes"
        },
        {
          "rating": "Missing",
          "text": "No storage"
        },
        {
          "rating": "Stretched",
          "text": "Price-sensitive"
        }
      ],
      "weakest": 4,
      "why": "No underground storage to ride out a supply shock."
    },
    {
      "market": "India",
      "source": "Nuclear",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Stretched",
          "text": "Imported uranium"
        },
        {
          "rating": "Stretched",
          "text": "Few forgers"
        },
        {
          "rating": "Bottleneck",
          "text": "Decade-long builds"
        },
        {
          "rating": "Ready",
          "text": "Grid-ready"
        },
        {
          "rating": "Ready",
          "text": "Not needed"
        },
        {
          "rating": "Ready",
          "text": "Firm demand"
        }
      ],
      "weakest": 2,
      "why": "Long builds; private builders only now allowed under the SHANTI Act."
    },
    {
      "market": "India",
      "source": "Large hydro",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Ready",
          "text": "Himalayan rivers"
        },
        {
          "rating": "Ready",
          "text": "Made in India"
        },
        {
          "rating": "Bottleneck",
          "text": "Geology, consent"
        },
        {
          "rating": "Stretched",
          "text": "Remote lines"
        },
        {
          "rating": "Ready",
          "text": "Reservoirs"
        },
        {
          "rating": "Ready",
          "text": "Peak demand"
        }
      ],
      "weakest": 2,
      "why": "Difficult sites, displacement and slow approvals."
    },
    {
      "market": "India",
      "source": "Solar",
      "kind": "Modular",
      "links": [
        {
          "rating": "Ready",
          "text": "Sunshine"
        },
        {
          "rating": "Stretched",
          "text": "Cells imported"
        },
        {
          "rating": "Ready",
          "text": "Fast"
        },
        {
          "rating": "Bottleneck",
          "text": "Transmission"
        },
        {
          "rating": "Stretched",
          "text": "Batteries needed"
        },
        {
          "rating": "Stretched",
          "text": "Unsigned deals"
        }
      ],
      "weakest": 3,
      "why": "Lines from Rajasthan and Gujarat lag the panels they connect."
    },
    {
      "market": "India",
      "source": "Wind",
      "kind": "Modular",
      "links": [
        {
          "rating": "Ready",
          "text": "Coastal states"
        },
        {
          "rating": "Ready",
          "text": "Indian makers"
        },
        {
          "rating": "Stretched",
          "text": "Land"
        },
        {
          "rating": "Stretched",
          "text": "Transmission"
        },
        {
          "rating": "Stretched",
          "text": "Batteries needed"
        },
        {
          "rating": "Ready",
          "text": "Hybrid auctions"
        }
      ],
      "weakest": 2,
      "why": "The best sites are taken; land and approvals slow new farms."
    },
    {
      "market": "India",
      "source": "Batteries",
      "kind": "Modular",
      "links": [
        {
          "rating": "Bottleneck",
          "text": "Lithium imported"
        },
        {
          "rating": "Bottleneck",
          "text": "Cells imported"
        },
        {
          "rating": "Ready",
          "text": "Fast"
        },
        {
          "rating": "Ready",
          "text": "Grid-ready"
        },
        {
          "rating": "Ready",
          "text": "It is storage"
        },
        {
          "rating": "Stretched",
          "text": "Early market"
        }
      ],
      "weakest": 1,
      "why": "Few cell factories yet; most cells are imported."
    },
    {
      "market": "India",
      "source": "Electric vehicles",
      "kind": "Modular",
      "links": [
        {
          "rating": "Bottleneck",
          "text": "Magnets, cells"
        },
        {
          "rating": "Stretched",
          "text": "Assembled here"
        },
        {
          "rating": "Ready",
          "text": "Fast"
        },
        {
          "rating": "Stretched",
          "text": "Chargers thin"
        },
        {
          "rating": "Ready",
          "text": "In the battery"
        },
        {
          "rating": "Ready",
          "text": "Two-wheelers"
        }
      ],
      "weakest": 0,
      "why": "Rare-earth magnets and cells come mostly from China, which controls their export."
    },
    {
      "market": "India",
      "source": "Green hydrogen",
      "kind": "Modular",
      "links": [
        {
          "rating": "Ready",
          "text": "Sun and water"
        },
        {
          "rating": "Stretched",
          "text": "Electrolysers"
        },
        {
          "rating": "Stretched",
          "text": "First plants"
        },
        {
          "rating": "Missing",
          "text": "No pipelines"
        },
        {
          "rating": "Missing",
          "text": "No storage"
        },
        {
          "rating": "Missing",
          "text": "No buyers at price"
        }
      ],
      "weakest": 5,
      "why": "Few customers will pay over twice what industry can afford."
    },
    {
      "market": "World",
      "source": "Coal",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Ready",
          "text": "Plentiful"
        },
        {
          "rating": "Ready",
          "text": "Mature"
        },
        {
          "rating": "Stretched",
          "text": "Finance drying up"
        },
        {
          "rating": "Ready",
          "text": "Sea and rail"
        },
        {
          "rating": "Ready",
          "text": "Stockpiles"
        },
        {
          "rating": "Stretched",
          "text": "Shrinking in the West"
        }
      ],
      "weakest": 2,
      "why": "Lenders and insurers are withdrawing outside Asia."
    },
    {
      "market": "World",
      "source": "Oil",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Ready",
          "text": "Plentiful"
        },
        {
          "rating": "Ready",
          "text": "Mature"
        },
        {
          "rating": "Ready",
          "text": "Mature"
        },
        {
          "rating": "Bottleneck",
          "text": "Hormuz, 2026"
        },
        {
          "rating": "Ready",
          "text": "Strategic stocks"
        },
        {
          "rating": "Ready",
          "text": "Slowing growth"
        }
      ],
      "weakest": 3,
      "why": "Gulf exports were disrupted in 2026 and prices rose a third."
    },
    {
      "market": "World",
      "source": "Gas and LNG",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Ready",
          "text": "Plentiful"
        },
        {
          "rating": "Stretched",
          "text": "Turbine backlog"
        },
        {
          "rating": "Stretched",
          "text": "New LNG late"
        },
        {
          "rating": "Stretched",
          "text": "Qatar via Hormuz"
        },
        {
          "rating": "Ready",
          "text": "European storage"
        },
        {
          "rating": "Stretched",
          "text": "Price-sensitive Asia"
        }
      ],
      "weakest": 3,
      "why": "Qatar's LNG passes the Strait of Hormuz."
    },
    {
      "market": "World",
      "source": "Nuclear",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Stretched",
          "text": "Enrichment concentrated"
        },
        {
          "rating": "Stretched",
          "text": "Few forgers"
        },
        {
          "rating": "Bottleneck",
          "text": "Cost overruns"
        },
        {
          "rating": "Ready",
          "text": "Grid-ready"
        },
        {
          "rating": "Ready",
          "text": "Not needed"
        },
        {
          "rating": "Ready",
          "text": "Tech firms buying"
        }
      ],
      "weakest": 2,
      "why": "Builds outside China run late and over budget."
    },
    {
      "market": "World",
      "source": "Large hydro",
      "kind": "Lumpy",
      "links": [
        {
          "rating": "Stretched",
          "text": "Droughts"
        },
        {
          "rating": "Ready",
          "text": "Mature"
        },
        {
          "rating": "Stretched",
          "text": "Few new sites"
        },
        {
          "rating": "Stretched",
          "text": "Remote lines"
        },
        {
          "rating": "Ready",
          "text": "Reservoirs"
        },
        {
          "rating": "Ready",
          "text": "Peak demand"
        }
      ],
      "weakest": 0,
      "why": "Droughts cut output in dry years."
    },
    {
      "market": "World",
      "source": "Solar",
      "kind": "Modular",
      "links": [
        {
          "rating": "Ready",
          "text": "Sunshine"
        },
        {
          "rating": "Bottleneck",
          "text": "Over 80% in China"
        },
        {
          "rating": "Ready",
          "text": "Fast"
        },
        {
          "rating": "Stretched",
          "text": "Grid queues"
        },
        {
          "rating": "Stretched",
          "text": "Batteries needed"
        },
        {
          "rating": "Stretched",
          "text": "Midday price collapse"
        }
      ],
      "weakest": 1,
      "why": "China holds over 80% of every manufacturing stage."
    },
    {
      "market": "World",
      "source": "Wind",
      "kind": "Modular",
      "links": [
        {
          "rating": "Ready",
          "text": "Plentiful"
        },
        {
          "rating": "Stretched",
          "text": "Makers under strain"
        },
        {
          "rating": "Stretched",
          "text": "Offshore vessels"
        },
        {
          "rating": "Stretched",
          "text": "Grid queues"
        },
        {
          "rating": "Stretched",
          "text": "Batteries needed"
        },
        {
          "rating": "Ready",
          "text": "Long contracts"
        }
      ],
      "weakest": 1,
      "why": "Western turbine makers are under financial strain."
    },
    {
      "market": "World",
      "source": "Batteries",
      "kind": "Modular",
      "links": [
        {
          "rating": "Bottleneck",
          "text": "Refining in China"
        },
        {
          "rating": "Bottleneck",
          "text": "Cells in China"
        },
        {
          "rating": "Ready",
          "text": "Fast"
        },
        {
          "rating": "Ready",
          "text": "Grid-ready"
        },
        {
          "rating": "Ready",
          "text": "It is storage"
        },
        {
          "rating": "Ready",
          "text": "Booming"
        }
      ],
      "weakest": 0,
      "why": "Mineral refining is concentrated in one country."
    },
    {
      "market": "World",
      "source": "Electric vehicles",
      "kind": "Modular",
      "links": [
        {
          "rating": "Bottleneck",
          "text": "Export controls"
        },
        {
          "rating": "Stretched",
          "text": "Tariffs"
        },
        {
          "rating": "Ready",
          "text": "Fast"
        },
        {
          "rating": "Stretched",
          "text": "Chargers uneven"
        },
        {
          "rating": "Ready",
          "text": "In the battery"
        },
        {
          "rating": "Ready",
          "text": "A quarter of sales"
        }
      ],
      "weakest": 0,
      "why": "Export licences for rare-earth magnets can stop car lines."
    },
    {
      "market": "World",
      "source": "Green hydrogen",
      "kind": "Modular",
      "links": [
        {
          "rating": "Ready",
          "text": "Sun and wind"
        },
        {
          "rating": "Stretched",
          "text": "Makers shaky"
        },
        {
          "rating": "Stretched",
          "text": "Projects cancelled"
        },
        {
          "rating": "Missing",
          "text": "Few pipelines"
        },
        {
          "rating": "Missing",
          "text": "Few caverns"
        },
        {
          "rating": "Missing",
          "text": "No buyers at price"
        }
      ],
      "weakest": 5,
      "why": "Most projects lack a buyer willing to pay the cost."
    }
  ]
}