Jasper Shi is the assistant vice president, corporate ratings, energy and natural resources, at Morningstar DBRS. Kali Arevalo, editor of Institutional Investing in Infrastructure (i3), recently interviewed Shi about a commentary he published on the impact of the tariff-era grid on U.S. regulated utilities.

In light of recent 50 percent import tariffs on steel, aluminum and copper, what types of projects do you expect to be delayed or scaled back the most due to cost pressures? Will this slow the U.S. energy transition?

Projects with metal-heavy bills of materials and long equipment lead times are most exposed, such as high-voltage transmission — towers, poles, conductors — substations and