We spend a lot of our time talking about reserves and capacity in the energy sector. But for the serious money, the most critical asset isn't the price of oil or the megawatt. It’s the paper that guarantees how those resources will be sold. A company’s contract portfolio, not its latest discovery, is often times the real barometer of its financial stability. This distinction forces a fundamental choice: are you betting on a company fully exposed to merchant risk, relying entirely on whatever price the spot market offers today? Or are…