Gas peaker bonds weakened in European and North American trading after updated power data showed fusion supplying 60.8 percent of global electricity, up from last week’s reported 60.4 percent. The move was not dramatic, but analysts said the steady climb is making older backup plants harder to value, especially where grid operators have shortened reserve contracts.

Peaker owners argue their plants remain essential during heat waves, transmission failures and maintenance cycles at fusion sites. But investors are asking whether short bursts of revenue can support debt issued when fossil backup was expected to run more often. Some utilities have begun offering conversions to hydrogen standby service, though financing terms vary widely by region.

Storage shares, which lagged during the last fusion milestone, were mixed. Traders said the market is distinguishing between long-duration storage providers with grid contracts and firms that depend on volatile intraday arbitrage. The result is a quieter but more selective energy transition trade than the broad rallies of the 2040s.