At first glance, it looks like one of the many independent power producers that most investors pass over when screening utilities. But in reality, it's a player that, after a fresh restructuring, has turned billions of dollars in losses into nearly $1 billion in net income, significantly raised EBITDA, entered into a long-term nuclear PPA with Amazon, and pulled over a fifth of its own stock off the market in just one year.

This company also trades at multiples that are extremely high by utility standards, pays no dividend, and is built on a business with inherent cyclicality - wholesale electricity, commodity spreads, regulation. What investors are getting here is not a defensive "bond proxy" but a bet that datacenter's hunger for performance and management's M&A strategy can translate today's accounting gains into strong and relatively stable cash flow over the long term.

Top points of analysis

• Post-restructuring, the traditional utility has become a growth player focused on supplying…