Good morning.
OpenAI is putting $20 billion into a 3.2 GW campus in Effingham County, Georgia and contracting Georgia Power for staged delivery from 2028 through 2032. It is not leasing colocation capacity or chasing merchant power. It is self-developing at utility scale and owning its compute supply chain outright. That is the template now, and it resets greenfield campus economics for any developer who can bring a creditworthy anchor and a utility willing to serve the load.
The White House is simultaneously threatening governance intervention at PJM, pressing board and stakeholder reform with all 13 governors aligned and citing a January Statement of Principles that PJM has not implemented. Political pressure on grid governance moves faster and less predictably than FERC rulemaking. Developers with active queue positions in PJM should watch whether this escalates to an actual filing, because a governance restructuring mid-cycle creates real procedural risk in active transmission planning.
Today's issue also covers xAI exploring gigawatt-scale sites across Austin, Bastrop, and Conroe in ERCOT, three very different transmission pockets with three very different interconnection timelines. ISO-NE filed a bring-your-own-generation proposal for large loads that would exclude them from the regional capacity market entirely, the most restrictive posture any RTO has taken so far. And TECfusions is going public via SPAC at a $4 billion valuation with $35 million in PIPE, a capital structure worth scrutinizing closely.
If someone in your network follows power, interconnection, or data center development, forward this along. They can Subscribe here
The Morning Read