Kinder Morgan appears in our briefs as the pair-partner to Williams Companies in the natural gas pipeline / gas-to-power thesis.
The trade-call thesis. In the May 12 brief: "Long WMB, KMI: Both are named natural gas pipeline suppliers to AI data centers with direct BTM revenue… KMI confirmed in Liberty County, TX." The Liberty County reference establishes a specific operational anchor for Kinder Morgan's data centre exposure rather than relying on cohort-level inference.
The structural context. Per the same brief and broader May 12 analysis: with ERCOT facing 198 GW of large-load applications in Q1 2026 — equal to its entire current peak load — and PJM advancing three curtailment / pricing frameworks for new grid-connected loads, behind-the-meter natural gas generation becomes the practical path for new AI data centre capacity in many regions. Pipeline operators delivering directly to BTM gas turbines capture revenue that would otherwise have flowed through utility tariff structures.
The "long bias" grouping. In the May 19 weekly: "select pipeline operators (Williams, Kinder Morgan) with gas-to-power exposure" are named within the long-bias thesis. The two-name pipeline grouping is consistent across briefs.
Coverage depth note. Kinder Morgan-specific commentary in our briefs has been less detailed than for Williams. Future briefs that surface specific KMI capex commitments, additional confirmed data centre sites beyond Liberty County, or M&A activity in the gas pipeline space would substantially upgrade the company-specific depth.
The composite picture: a credible second name in the gas-to-power thesis, with one confirmed operational anchor (Liberty County, TX) and structural tailwinds shared with Williams Companies.