Good morning.
New York enacted a statewide moratorium on hyperscale data center development yesterday, the first of its kind in the nation. Any developer holding load commitments without a fully permitted, shovel-ready project cannot advance until the freeze lifts or is successfully challenged. It does not change underlying load growth or the interconnection queue, but it severs the development path for new entrants in the state entirely.
That is the Signal of the Day, and it has immediate implications for every developer with NYISO exposure.
Today's issue also covers FERC ordering settlement judge proceedings on 765-kV formula rates for the Kammer-Juniata line in PJM, the second such proceeding in one week, signaling the commission is not rubber-stamping transmission cost recovery for data-center-driven buildout. New Jersey signed legislation mandating 1,100 MW of new nuclear procurement with ratepayer cost-overrun protections. And Lazard's latest LCOE report confirms BESS costs are rising, reversing prior declines, as import tariffs and FEOC restrictions cut off low-cost Chinese cell supply. Developers who underwrote storage at prior benchmarks need to rerun the numbers.
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