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1-2.5 GW","ticker":"MARA"},{"52w_high":23.61,"52w_low":8.0,"category":"btc_to_ai_pivots","company":"CleanSpark","market_cap_b":4.064680448,"pe":null,"price":15.84,"return_1y_pct":63.3,"sector":"Financial Services","thesis":"WY site from Microsoft; 100 MW initial","ticker":"CLSK"},{"52w_high":598.84,"52w_low":70.77,"category":"fiber_and_interconnect","company":"Ciena","market_cap_b":78.976679936,"pe":355.75793,"price":558.54,"return_1y_pct":589.1,"sector":"Technology","thesis":"DCI optical (data-center interconnect) \u2014 Lumen + hyperscaler buildouts","ticker":"CIEN"},{"52w_high":11.95,"52w_low":3.37,"category":"fiber_and_interconnect","company":"Lumen","market_cap_b":9.514921984,"pe":null,"price":9.235,"return_1y_pct":131.5,"sector":"Communication Services","thesis":"Fiber backbone; Corning + AI optical demand","ticker":"LUMN"},{"52w_high":211.79,"52w_low":47.67,"category":"fiber_and_interconnect","company":"Corning","market_cap_b":157.161078784,"pe":88.21739,"price":182.61,"return_1y_pct":286.3,"sector":"Technology","thesis":"Optical fiber for hyperscaler 800G/1.6T fabrics","ticker":"GLW"}],"source":"yfinance / Yahoo Finance (no API key)"},"dc_equity_tickers":{"_fetched_at":"2026-05-20T15:30:00.699288+00:00","as_of":"2026-05-20","categories":{"ai_chips":[{"company":"NVIDIA","thesis":"H100 \u2192 B200 \u2192 GB200 \u2192 GB300; entire AI capex flows through them","ticker":"NVDA"},{"company":"AMD","thesis":"MI300X/MI355X \u2014 Riot Corsicana, others","ticker":"AMD"},{"company":"Broadcom","thesis":"Custom ASICs (TPU, Trainium, Maia, MTIA) + AI networking","ticker":"AVGO"},{"company":"Marvell","thesis":"AI networking + custom silicon","ticker":"MRVL"},{"company":"Arm Holdings","thesis":"Datacenter CPUs \u2014 Nvidia Grace, AWS Graviton, MS Cobalt","ticker":"ARM"},{"company":"Micron","thesis":"HBM3e bottleneck \u2014 TSMC CoWoS-paired","ticker":"MU"}],"ai_clouds_pure_play":[{"company":"CoreWeave","thesis":"Pure-play AI cloud; Microsoft/OpenAI workloads","ticker":"CRWV"},{"company":"Nebius","thesis":"Ex-Yandex; Kansas City build","ticker":"NBIS"},{"company":"Applied Digital","thesis":"Ellendale ND CoreWeave anchor","ticker":"APLD"}],"backup_power_engines":[{"company":"Cummins","thesis":"Backup generators \u2014 24+ month lead times","ticker":"CMI"},{"company":"Caterpillar","thesis":"Same as CMI; also power systems segment growth","ticker":"CAT"},{"company":"Rockwell Automation","thesis":"Switchgear + automation","ticker":"ROK"}],"btc_to_ai_pivots":[{"company":"Core Scientific","thesis":"$8.7B CoreWeave master; ex-BTC capacity","ticker":"CORZ"},{"company":"Iris Energy","thesis":"$9.7B Microsoft Childress deal","ticker":"IREN"},{"company":"Hut 8","thesis":"$7B Fluidstack (Google-backed) Vega site","ticker":"HUT"},{"company":"Riot Platforms","thesis":"Corsicana TX, AMD anchor, 600 MW AI assessment","ticker":"RIOT"},{"company":"Cipher Mining","thesis":"$5.5B AWS direct lease","ticker":"CIFR"},{"company":"MARA Holdings","thesis":"Starwood Digital JV; 1-2.5 GW","ticker":"MARA"},{"company":"CleanSpark","thesis":"WY site from Microsoft; 100 MW initial","ticker":"CLSK"}],"dc_reits_and_colos":[{"company":"Equinix","thesis":"Interconnection-focused; 110 US IBXs","ticker":"EQIX"},{"company":"Digital Realty","thesis":"Hyperscale wholesale; 140+ US sites","ticker":"DLR"},{"company":"Iron Mountain","thesis":"DC arm growing fast; Manassas + underground PA","ticker":"IRM"},{"company":"American Tower","thesis":"Owns CoreSite ($10B acquisition)","ticker":"AMT"}],"electrical_equipment":[{"company":"Vertiv Holdings","thesis":"Critical-power + thermal infrastructure for DCs \u2014 purest play","ticker":"VRT"},{"company":"Eaton","thesis":"Switchgear + power distribution; DC backlog 25%+ YoY","ticker":"ETN"},{"company":"GE Vernova","thesis":"Large gas turbines (9HA), grid solutions, transformer demand","ticker":"GEV"},{"company":"Schneider Electric","thesis":"EU listed; rack PDUs + UPS \u2014 top 2 globally","ticker":"SU"},{"company":"ABB Ltd","thesis":"Transformers + low/medium voltage","ticker":"ABB"},{"company":"Emerson","thesis":"Liquid cooling (Aspen acquisition); industrial automation","ticker":"EMR"},{"company":"Trane Technologies","thesis":"Liquid + air cooling at scale","ticker":"TT"},{"company":"Johnson Controls","thesis":"DC HVAC; recent capacity expansions","ticker":"JCI"}],"fiber_and_interconnect":[{"company":"Ciena","thesis":"DCI optical (data-center interconnect) \u2014 Lumen + hyperscaler buildouts","ticker":"CIEN"},{"company":"Lumen","thesis":"Fiber backbone; Corning + AI optical demand","ticker":"LUMN"},{"company":"Corning","thesis":"Optical fiber for hyperscaler 800G/1.6T fabrics","ticker":"GLW"}],"power_gen_unregulated":[{"company":"Constellation Energy","thesis":"TMI restart + Clinton Meta PPA + largest nuclear fleet","ticker":"CEG"},{"company":"Vistra Corp","thesis":"Comanche Peak nuclear + TX gas \u2014 hyperscaler PPA discussions","ticker":"VST"},{"company":"Talen Energy","thesis":"Susquehanna AWS BTM deal \u2014 direct DC nuclear comp","ticker":"TLN"},{"company":"NRG Energy","thesis":"TX gas + retail; AI-adjacent ERCOT exposure","ticker":"NRG"},{"company":"Public Service Enterprise Grp","thesis":"NJ nuclear (Salem/Hope Creek) \u2014 co-location candidate","ticker":"PEG"}],"regulated_utilities_with_dc_growth":[{"company":"Dominion Energy","thesis":"NoVA's monopoly utility; 2024 IRP +14 GW DC load by 2039","ticker":"D"},{"company":"Duke Energy","thesis":"NC/SC growth; Google Lenoir + Apple Maiden + future","ticker":"DUK"},{"company":"Southern Co","thesis":"GA Power (Vogtle 3/4 nuclear) + $26.5B DOE loan","ticker":"SO"},{"company":"American Electric Power","thesis":"Ohio (us-east-2, Project Rainier) + TX + IN","ticker":"AEP"},{"company":"Entergy","thesis":"LA Hyperion + MS Madison Co AWS; building 5.2 GW gas for Meta","ticker":"ETR"},{"company":"Exelon","thesis":"ComEd (Meta DeKalb), BGE (Maryland), PECO (PA)","ticker":"EXC"}]},"source":"Curated from each company's investor disclosures + sell-side primers"},"dcd_news":{"_fetched_at":"2026-05-20T15:29:59.283588+00:00","items":[{"date":"Wed, 20 May 2026 14:00:31 +0000","title":"PJM granted emergency approval to curtail data centers due to hot weather concerns","url":"https://www.datacenterdynamics.com/en/news/pjm-granted-emergency-approval-to-curtail-data-centers-due-to-hot-weather-concerns/"},{"date":"Wed, 20 May 2026 13:30:34 +0000","title":"Venezuela bets on XGS-PON fiber to accelerate 5G transition","url":"https://www.datacenterdynamics.com/en/news/venezuela-bets-on-xgs-pon-fiber-to-accelerate-5g-transition/"},{"date":"Wed, 20 May 2026 13:13:00 +0000","title":"HiCloud's offshore wind-powered underwater data center up and running off coast of Shanghai, China","url":"https://www.datacenterdynamics.com/en/news/hiclouds-offshore-wind-powered-underwater-data-center-up-and-running-off-coast-of-shanghai-china/"},{"date":"Wed, 20 May 2026 13:00:30 +0000","title":"Lightpath expands New York fiber network across more than 2,400 tower locations","url":"https://www.datacenterdynamics.com/en/news/lightpath-expands-new-york-fiber-network-across-more-than-2400-tower-locations/"},{"date":"Wed, 20 May 2026 12:19:41 +0000","title":"Jersey Telecom finalizes acquisition of Manx Telecom","url":"https://www.datacenterdynamics.com/en/news/jersey-telecom-finalizes-acquisition-of-manx-telecom/"},{"date":"Wed, 20 May 2026 12:15:11 +0000","title":"Mike Brinker becomes latest Googler to join Anthropic's data center team","url":"https://www.datacenterdynamics.com/en/news/mike-brinker-becomes-latest-googler-to-join-anthropics-data-center-team/"},{"date":"Wed, 20 May 2026 10:11:00 +0000","title":"Stak Energy proposes 3GW natural gas-powered data center in Alaska's North Slope","url":"https://www.datacenterdynamics.com/en/news/stak-energy-proposes-3gw-natural-gas-powered-data-center-in-alaskas-north-slope/"},{"date":"Wed, 20 May 2026 10:07:15 +0000","title":"Stack commits $73.5bn investment into data center campus in Berry Hill, Virginia","url":"https://www.datacenterdynamics.com/en/news/stack-commits-735bn-investment-into-data-center-campus-in-berry-hill-virginia/"},{"date":"Wed, 20 May 2026 10:04:51 +0000","title":"Microsoft signs 650,000 ton carbon removal deal with BioCirc in Denmark","url":"https://www.datacenterdynamics.com/en/news/microsoft-signs-650000-ton-carbon-removal-deal-with-biocirc-in-denmark/"},{"date":"Wed, 20 May 2026 10:04:41 +0000","title":"DataBank CEO Raul Martynek to step down after ten years","url":"https://www.datacenterdynamics.com/en/news/databank-ceo-raul-martynek-to-step-down-after-ten-years/"},{"date":"Wed, 20 May 2026 10:00:01 +0000","title":"Lumos appoints former Frontier exec Scott Mispagel as new CEO","url":"https://www.datacenterdynamics.com/en/news/lumos-appoints-former-frontier-exec-scott-mispagel-as-new-ceo/"},{"date":"Wed, 20 May 2026 10:00:00 +0000","title":"Sponsored: AI has a power delivery problem. Superconductivity offers a path forward","url":"https://www.datacenterdynamics.com/en/opinions/ai-has-a-power-delivery-problem-superconductivity-offers-a-path-forward/"},{"date":"Wed, 20 May 2026 09:58:12 +0000","title":"DCD>Survey Report: Mission Critical Power","url":"https://www.datacenterdynamics.com/en/research/dcdsurvey-report-mission-critical-power/"},{"date":"Wed, 20 May 2026 09:57:59 +0000","title":"Meta expands clean energy partnership with Enbridge, inks solar + storage deal in Wyoming","url":"https://www.datacenterdynamics.com/en/news/meta-expands-clean-energy-partnership-with-enbridge-inks-solar-storage-deal-in-wyoming/"},{"date":"Wed, 20 May 2026 09:55:20 +0000","title":"DCD>Survey Report: Mission Critical Power","url":"https://www.datacenterdynamics.com/en/whitepapers/dcdsurvey-report-mission-critical-power/"},{"date":"Wed, 20 May 2026 09:00:00 +0000","title":"Sponsored: Huawei unveils its grid-interactive AIDC strategy, shaping the future of the industry","url":"https://www.datacenterdynamics.com/en/product-news/huawei-unveils-its-grid-interactive-aidc-strategy-shaping-the-future-of-the-industry/"},{"date":"Wed, 20 May 2026 07:00:00 +0000","title":"Sponsored: The future of data center power is agile","url":"https://www.datacenterdynamics.com/en/marketwatch/the-future-of-data-center-power-is-agile/"},{"date":"Tue, 19 May 2026 17:00:34 +0000","title":"Dell announces PowerStore Elite storage platform, unveils 18th generation of PowerEdge servers","url":"https://www.datacenterdynamics.com/en/news/dell-announces-powerstore-elite-storage-platform-unveils-18th-generation-of-poweredge-servers/"},{"date":"Tue, 19 May 2026 16:00:35 +0000","title":"A building concern","url":"https://www.datacenterdynamics.com/en/analysis/construction-worker-shortage-us-data-center/"},{"date":"Tue, 19 May 2026 15:58:32 +0000","title":"Real estate developer Panattoni takes over Meta-backed data center proposal in southern Wisconsin","url":"https://www.datacenterdynamics.com/en/news/real-estate-developer-panattoni-takes-over-meta-backed-data-center-proposal-in-southern-wisconsin/"}],"source":"DataCenter Dynamics RSS"},"doe_lpo_loans":{"_fetched_at":"2026-05-20T15:29:48.980368+00:00","active_pipeline_notes":["DOE Oak Ridge land-lease RFP (Sept 2025) for AI data centers + co-located nuclear/geothermal.","Speed-to-Power initiative \u2014 multi-GW grid projects prioritized for AI buildouts."],"loan_authority_$B":289,"recent_deals":[{"amount_$B":1.5,"borrower":"Constellation Energy","closed":"2025-Q4","dc_implication":"Direct hyperscaler nuclear PPA financing","purpose":"Crane (TMI Unit 1) Restart \u2014 restart 835 MW nuclear unit for Microsoft 20-year PPA"},{"amount_$B":26.5,"borrower":"Southern Company (Georgia Power)","closed":"2025-Q4","dc_implication":"Largest LPO loan ever; supports Georgia AI data center growth (Meta, Google, MS, Quality Tech)","purpose":"Gas, nuclear (Vogtle 3/4 follow-on), and grid investments"},{"amount_$B":1.6,"borrower":"American Electric Power (AEP) subsidiary","closed":"2025-Q4","dc_implication":"AEP serves Ohio (AWS us-east-2, Project Rainier in IN via MISO-AEP), Indiana, parts of TX","purpose":"Grid reconductoring + transmission rebuilding"},{"amount_$B":1.0,"borrower":"Wabash Valley Resources","closed":"2025-Q4","dc_implication":"Adjacent capacity reuse \u2014 same pattern as bitcoin miner pivots","purpose":"Coal plant \u2192 fertilizer with carbon capture"}],"source":"DOE EDF / LPO closing announcements","url":"https://www.energy.gov/edf"},"doe_oe417_events":{"_fetched_at":"2026-05-20T15:30:22.058246+00:00","note":"Monthly XLSX requires DOL credentials in some cases; we use the public summary on energy.gov.","recent_categories":[{"DC_relevance":"low","event_type":"Distribution interruption"},{"DC_relevance":"HIGH \u2014 load shed candidate","event_type":"Public appeal for conservation"},{"DC_relevance":"HIGH \u2014 system stress","event_type":"Voltage reduction"},{"DC_relevance":"medium","event_type":"Loss of monitoring/control center"},{"DC_relevance":"HIGH \u2014 direct capacity shortage","event_type":"Generation inadequacy"}],"source":"DOE OE-417 Electric Emergency Incident and Disturbance Report","url":"https://www.oe.netl.doe.gov/oe417.aspx","what_to_look_for":"Forced shutdowns, voltage reductions, public appeals for conservation, fuel supply emergencies. DC-heavy areas should have rising counts."},"dol_lca_summary":{"_fetched_at":"2026-05-20T15:29:48.980941+00:00","data_status":"manual quarterly refresh recommended; offline scripts/dol_lca_filter.py is the place to wire this","download_root":"https://www.dol.gov/agencies/eta/foreign-labor/performance","high_signal_employers":["AMAZON DATA SERVICES INC","MICROSOFT CORPORATION","GOOGLE LLC","META PLATFORMS INC","ORACLE AMERICA INC","CRUSOE ENERGY SYSTEMS LLC","COREWEAVE INC","X.AI CORP","LAMBDA LABS INC","APPLIED DIGITAL CORPORATION","NEBIUS GROUP"],"source":"DOL OFLC LCA disclosure data (H-1B / E-3 / H-1B1)","what_to_look_for":"EMPLOYER_NAME + WORKSITE_CITY/STATE \u2014 pre-announces new DC sites by 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recent XBRL data found across tag 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EDGAR XBRL \u2014 multi-tag with fallback"},"eia_860m_summary":{"_fetched_at":"2026-05-20T15:29:48.980499+00:00","known_buildouts":[{"for":"Meta Hyperion","fuel":"Natural gas CCGT","location":"Richland Parish LA","mw":2260,"owner":"Entergy LA","status":"construction"},{"for":"AI DC load growth (Meta + AWS + Google + QTS)","fuel":"Mix (gas + solar + storage)","location":"Georgia (various)","mw":3000,"owner":"Georgia Power","status":"IRP commitment"},{"for":"AI/HPC + crypto loads","fuel":"Gas peaker + CCGT","location":"Texas (Houston + Dallas + Far West)","mw":7000,"owner":"various IPPs","status":"construction or planned"}],"latest_release":"2026-04-23","next_release":"2026-05-22","source":"EIA-860M Preliminary Monthly Electric Generator Inventory","url":"https://www.eia.gov/electricity/data/eia860m/","what_to_look_for":"Track new gas peakers + CCGT additions in TX, OH, VA, GA, IA, NE, AZ. Hyperscaler-adjacent gas builds (e.g. Entergy's 2,260 MW for Meta Hyperion) appear here."},"eia_ba_load":{"_fetched_at":"2026-05-20T15:29:48.034301+00:00","balancing_authorities":["PJM","ERCO","MISO","CISO","BPAT","TVA","SWPP","AZPS","DUK","SOCO","NEVP","PACE"],"note":"Set EIA_API_KEY env var to enable live ingestion. Free signup: https://www.eia.gov/opendata/register.php","source":"EIA Form 930 (api.eia.gov/v2/electricity/rto/region-data)"},"ercot_fuel_mix":{"_fetched_at":"2026-05-20T15:30:22.057824+00:00","installed_capacity_mw":{"Coal and Lignite":13705,"Hydro":579,"Natural Gas":69425,"Nuclear":5268,"Other":643,"Power Storage":18914,"Solar":38563,"Wind":40736},"last_updated":"2026-05-20 10:26:00-0500","source":"ERCOT public dashboard (fuel-mix)","total_installed_gw":187.8},"ercot_queue":{"_fetched_at":"2026-05-20T15:29:48.034551+00:00","known_summary":{"as_of":"2026-Q1","share_data_center_pct":70,"source_quote":"Grid planners assessing >233 GW in queue (~70% data centers); separate batch adds another ~140 GW.","total_queue_gw":380},"latest_briefing_pdf":"https://www.ercot.com/files/docs/2026/04/01/ERCOT_LargeLoad_Update_April2026_B-C_-Hearing.pdf","source":"ERCOT Large Load Integration","url":"https://www.ercot.com/services/rq/large-load-integration"},"ercot_supply_demand_live":{"_fetched_at":"2026-05-20T15:35:47.015471+00:00","current_capacity_mw":74143,"current_demand_mw":53149,"current_reserve_margin_mw":20994,"current_utilization_pct":71.7,"last_updated":"2026-05-20 10:35:00-0500","points_collected":289,"source":"ERCOT public dashboard (supply-demand)","todays_min_reserve_mw":14967,"todays_peak_demand_mw":65157},"faa_oeaaa_meta":{"_fetched_at":"2026-05-20T15:29:48.980842+00:00","api_doc":"https://oeaaa.faa.gov/oeaaa/downloads/external/content/External%20Web%20Services%20Guide%20V_2022-NOV.pdf","search_url":"https://oeaaa.faa.gov/oeaaa/external/searchAction.jsp?action=showSearchArchivedCasesForm","source":"FAA Obstruction Evaluation / Airport Airspace Analysis (Form 7460)","what_to_look_for":"Cooling tower / generator stack height filings. Required before construction."},"ferc_co_location_order":{"_fetched_at":"2026-05-20T15:30:00.698590+00:00","implications":["Speeds up AWS-Talen Susquehanna, MSFT-Constellation TMI, Meta-Constellation Clinton, Amazon-X-energy WA, Google-Kairos all of which are co-located deals.","Opens path for new nuclear-DC pairings (NuScale, TerraPower) without full grid-impact studies.","Pulls forward 2027-2030 commercial operation dates by ~12-18 months."],"order_summary":{"filing_deadlines":[{"date":"2026-01-20","what":"PJM tariff revisions for new generating facilities serving co-located load + informational report"},{"date":"2026-02-16","what":"PJM tariff revisions for GIA, common service provisions, 3 new transmission services, BTMG rules"}],"issued":"2025-12-18","key_principle":"BTMG evaluated only to the extent of actual intended grid injection. A 1 GW gen with 900 MW serving co-located DC + 100 MW to grid = PJM studies 100 MW only.","ruling":"Existing PJM rules for behind-the-meter generation (BTMG) co-located with load are unjust and unreasonable; must be revised.","scope":"PJM Interconnection"},"source":"FERC eLibrary","url":"https://elibrary.ferc.gov/eLibrary/filelist?accession_num=20251218-3081"},"github_aws_region_codes":{"_fetched_at":"2026-05-20T15:29:59.192144+00:00","source":"boto3 endpoints.json (AWS SDK)","us_regions":[{"code":"us-east-1","description":"US East (N. Virginia)"},{"code":"us-east-2","description":"US East (Ohio)"},{"code":"us-west-1","description":"US West (N. California)"},{"code":"us-west-2","description":"US West (Oregon)"},{"code":"us-gov-east-1","description":"AWS GovCloud (US-East)"},{"code":"us-gov-west-1","description":"AWS GovCloud (US-West)"},{"code":"us-iso-east-1","description":"US ISO East"},{"code":"us-iso-west-1","description":"US ISO WEST"},{"code":"us-isob-east-1","description":"US ISOB East (Ohio)"},{"code":"us-isob-west-1","description":"US ISOB West"},{"code":"us-isof-east-1","description":"US ISOF EAST"},{"code":"us-isof-south-1","description":"US ISOF SOUTH"}]},"gpu_cloud_pricing":{"_fetched_at":"2026-05-20T15:30:00.697913+00:00","as_of":"2026-05-20","gpus":[{"coreweave_$":6.16,"hyperscaler_$":6.98,"lambda_$":3.29,"note":"Floor falling; H100 supply finally catching up to demand.","runpod_$":2.49,"sku":"H100 80GB","spot_floor_$":1.49},{"coreweave_$":3.89,"hyperscaler_$":null,"lambda_$":4.49,"note":"Replacing H100 as workhorse.","runpod_$":3.79,"sku":"H200 141GB","spot_floor_$":2.4},{"coreweave_$":5.5,"hyperscaler_$":null,"lambda_$":4.99,"note":"Constrained; reservation-only at many providers.","runpod_$":null,"sku":"B200 180GB","spot_floor_$":4.2},{"coreweave_$":"contract","hyperscaler_$":null,"lambda_$":"contract","note":"Sold in 72-GPU racks under long contracts; no public spot.","runpod_$":null,"sku":"GB200 NVL72","spot_floor_$":null},{"coreweave_$":1.99,"hyperscaler_$":null,"lambda_$":1.4,"note":"Workhorse for inference.","runpod_$":1.19,"sku":"L40S 48GB","spot_floor_$":0.8}],"source":"CoreWeave, Lambda, RunPod public pricing pages + Spheron/Silicon Analysts aggregators","what_to_look_for":"Spread between hyperscaler ($) and CoreWeave/Lambda ($): narrowing = capacity tightening; widening = capacity easing. Spot floors falling = oversupply. Compare quarter-over-quarter for utilization signal."},"grid_strain_by_region":{"_fetched_at":"2026-05-20T15:30:18.762945+00:00","regions":[{"capacity_price_$_per_mw_day":217,"capacity_price_yoy_change_pct":"+650%","dc_share_of_growth_pct":60,"nerc_risk_2025":"ELEVATED","nerc_risk_2030":"HIGH","notes":"MISO went from years of surplus to capacity-constrained in 2024 capacity auction; data-center driven. Hyperion + Project Rainier are massive new loads.","peak_load_growth_pct_yoy":1.2,"region":"MISO","required_pct":17.7,"reserve_margin_pct_2026":17.7,"shortfall_status":"at minimum","states":["IA","IL","IN","MN","ND","SD","MS","LA","AR","WI","MO","MI"]},{"capacity_price_$_per_mw_day":329.17,"capacity_price_yoy_change_pct":"+22%","dc_share_of_growth_pct":85,"nerc_risk_2025":"ELEVATED","nerc_risk_2030":"HIGH","notes":"Highest-strain region. Wood Mackenzie: +55 GW large-load by 2030, mostly hyperscale. NoVA DOM sub-zone is the eye of the storm.","peak_load_growth_pct_yoy":2.4,"region":"PJM (RTO)","required_pct":17.7,"reserve_margin_pct_2026":16.6,"shortfall_status":"below required (-1.1%)","states":["VA","WV","MD","DE","DC","PA","NJ","OH","KY","TN","MI","IL","IN","NC"]},{"capacity_price_$_per_mw_day":null,"capacity_price_yoy_change_pct":"energy-only market","dc_share_of_growth_pct":75,"nerc_risk_2025":"HIGH","nerc_risk_2030":"HIGH","notes":"233 GW \u2192 380 GW large-load queue (70% DC); ORDC scarcity pricing has triggered repeatedly in 2025.","peak_load_growth_pct_yoy":5.8,"region":"ERCOT (TX)","required_pct":13.75,"reserve_margin_pct_2026":11.5,"shortfall_status":"below required (-2.25%)","states":["TX"]},{"capacity_price_$_per_mw_day":null,"capacity_price_yoy_change_pct":"RA market \u2014 bilateral","dc_share_of_growth_pct":45,"nerc_risk_2025":"ELEVATED","nerc_risk_2030":"ELEVATED","notes":"Storage buildout has eased Aug evening shortfalls; DC load growth concentrated in Bay Area and Sacramento Delta.","peak_load_growth_pct_yoy":1.5,"region":"CAISO (CA)","required_pct":17.0,"reserve_margin_pct_2026":17.0,"shortfall_status":"at minimum","states":["CA"]},{"capacity_price_$_per_mw_day":null,"capacity_price_yoy_change_pct":"energy-only","dc_share_of_growth_pct":40,"nerc_risk_2025":"ELEVATED","nerc_risk_2030":"ELEVATED","notes":"Adequate now but transmission constraints. Crusoe Wyoming + Nebius KC.","peak_load_growth_pct_yoy":2.0,"region":"SPP","required_pct":12.0,"reserve_margin_pct_2026":14.5,"shortfall_status":"above required","states":["KS","OK","NE","SD","ND","TX (Panhandle)","NM (east)","AR","LA (small)","MO","IA (west)"]},{"dc_share_of_growth_pct":70,"nerc_risk_2025":"LOW","nerc_risk_2030":"ELEVATED","notes":"xAI Colossus in Memphis pulling MS expansion. TVA IRP 2025 reset upward.","peak_load_growth_pct_yoy":1.8,"region":"TVA","required_pct":17.0,"reserve_margin_pct_2026":22.0,"shortfall_status":"comfortable","states":["TN","AL","MS (north)","KY (west)","GA (north)","NC (extreme west)","VA (extreme southwest)"]},{"dc_share_of_growth_pct":55,"nerc_risk_2025":"ELEVATED","nerc_risk_2030":"ELEVATED","notes":"Hillsboro / Prineville / Quincy DC growth. Hydro variability is the wild card.","peak_load_growth_pct_yoy":1.6,"region":"BPAT / Northwest","required_pct":16.0,"reserve_margin_pct_2026":16.5,"shortfall_status":"near minimum","states":["WA","OR","ID","MT (west)"]},{"dc_share_of_growth_pct":60,"nerc_risk_2025":"LOW","nerc_risk_2030":"ELEVATED","notes":"Georgia Power IRP load forecast 17\u00d7 upward revision in 2024. Vogtle 3+4 adds 2.2 GW nuclear.","peak_load_growth_pct_yoy":2.6,"region":"Southeast (SOCO/Duke/Santee)","required_pct":15.0,"reserve_margin_pct_2026":25.0,"shortfall_status":"comfortable","states":["GA","AL","SC","NC","FL"]},{"dc_share_of_growth_pct":65,"nerc_risk_2025":"LOW","nerc_risk_2030":"ELEVATED","notes":"Phoenix metro is top growth market. SRP IRP forecasts strong DC ramp.","peak_load_growth_pct_yoy":3.0,"region":"Arizona (AZPS/SRP)","required_pct":15.0,"reserve_margin_pct_2026":16.0,"shortfall_status":"above required","states":["AZ"]},{"dc_share_of_growth_pct":70,"nerc_risk_2025":"ELEVATED","nerc_risk_2030":"ELEVATED","notes":"Tract Storey (1.7 GW), Switch, Google Henderson all in one BA. 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Generating","operator":"Southern","state":"GA"},{"ba":"MISO","fuel":"coal","lat":38.366,"lon":-87.764,"mw":3340,"name":"Gibson Generating","operator":"Duke","state":"IN"},{"ba":"MISO","fuel":"coal","lat":41.892,"lon":-83.351,"mw":3300,"name":"Monroe Power Plant","operator":"DTE","state":"MI"},{"ba":"PJM","fuel":"coal","lat":37.916,"lon":-87.044,"mw":2600,"name":"Rockport Generating","operator":"AEP/AEGCO","state":"IN"},{"ba":"CISO","fuel":"battery","lat":36.802,"lon":-121.789,"mw":750,"name":"Moss Landing Battery","operator":"Vistra","state":"CA"},{"ba":"CISO","fuel":"battery","lat":35.03,"lon":-117.937,"mw":875,"name":"Edwards Sanborn Battery","operator":"Terra-Gen","state":"CA"},{"ba":"CISO","fuel":"battery","lat":33.622,"lon":-114.866,"mw":350,"name":"Crimson Battery Storage","operator":"Axium","state":"CA"},{"ba":"WAUW","fuel":"nuclear future","lat":41.793,"lon":-110.53,"mw":345,"name":"Kemmerer (Natrium SMR, future)","notes":"Construction permit H1 2026","operator":"TerraPower","state":"WY"},{"ba":"TVA","fuel":"nuclear future","lat":36.018,"lon":-84.234,"mw":35,"name":"Kairos Hermes (TN, future)","notes":"Google PPA for 1st 50 MW","operator":"Kairos Power","state":"TN"},{"ba":"BPAT","fuel":"nuclear future","lat":46.561,"lon":-119.602,"mw":320,"name":"X-energy / Energy NW Xe-100 (WA, future)","notes":"Amazon PPA","operator":"Energy NW + X-energy","state":"WA"}],"source":"EIA Form 860 + plant operator disclosures + NRC PRIS"},"semianalysis_news":{"_fetched_at":"2026-05-20T15:29:59.384641+00:00","items":[{"date":"Tue, 16 Sep 2025 17:38:01 +0000","title":"xAI\u2019s Colossus 2 \u2013 First Gigawatt Datacenter In The World, Unique RL Methodology, Capital Raise","url":"https://semianalysis.com/2025/09/16/xais-colossus-2-first-gigawatt-datacenter/"},{"date":"Wed, 10 Sep 2025 19:57:18 +0000","title":"Another Giant Leap: The Rubin CPX Specialized Accelerator & Rack","url":"https://semianalysis.com/2025/09/10/another-giant-leap-the-rubin-cpx-specialized-accelerator-rack/"},{"date":"Mon, 08 Sep 2025 09:54:57 +0000","title":"Huawei Ascend Production Ramp: Die Banks, TSMC Continued Production, HBM is The Bottleneck","url":"https://semianalysis.com/2025/09/08/huawei-ascend-production-ramp/"},{"date":"Wed, 03 Sep 2025 20:55:46 +0000","title":"Amazon\u2019s AI Resurgence: AWS & Anthropic\u2019s Multi-Gigawatt Trainium Expansion","url":"https://semianalysis.com/2025/09/03/amazons-ai-resurgence-aws-anthropics-multi-gigawatt-trainium-expansion/"},{"date":"Wed, 20 Aug 2025 04:56:35 +0000","title":"H100 vs GB200 NVL72 Training Benchmarks \u2013 Power, TCO, and Reliability Analysis, Software Improvement Over Time","url":"https://semianalysis.com/2025/08/20/h100-vs-gb200-nvl72-training-benchmarks/"},{"date":"Wed, 13 Aug 2025 00:27:14 +0000","title":"GPT-5 Set the Stage for Ad Monetization and the SuperApp","url":"https://semianalysis.com/2025/08/13/gpt-5-ad-monetization-and-the-superapp/"},{"date":"Tue, 12 Aug 2025 01:16:06 +0000","title":"Scaling the Memory Wall: The Rise and Roadmap of HBM","url":"https://semianalysis.com/2025/08/12/scaling-the-memory-wall-the-rise-and-roadmap-of-hbm/"},{"date":"Wed, 30 Jul 2025 17:02:25 +0000","title":"Robotics Levels of Autonomy","url":"https://semianalysis.com/2025/07/30/robotics-levels-of-autonomy/"},{"date":"Mon, 21 Jul 2025 14:23:37 +0000","title":"Intel 18A Details & Cost, Future of DRAM 4F2 vs 3D, Backside Power Adoption (or Not), China\u2019s FlipFET, Digital Twins from Atoms to Fabs, and More","url":"https://semianalysis.com/2025/07/21/vlsi2025/"},{"date":"Fri, 11 Jul 2025 20:12:19 +0000","title":"Meta Superintelligence \u2013 Leadership Compute, Talent, and Data","url":"https://semianalysis.com/2025/07/11/meta-superintelligence-leadership-compute-talent-and-data/"}],"source":"SemiAnalysis RSS"},"state_dc_tax_exemptions":{"_fetched_at":"2026-05-20T15:30:00.698284+00:00","as_of":"2025-fiscal-year","exemptions":[{"fy24_$B":1.6,"fy25_$B":1.6,"implied_dc_capex_$B_per_yr":9.6,"notes":"16x initial projections; $3.2B total claimed FY24-25. State budget fight in 2026.","state":"VA"},{"fy24_$B":0.5,"fy25_$B":1.0,"implied_dc_capex_$B_per_yr":6.0,"notes":"State initially estimated $130M; actual >$1B in FY25.","state":"TX"},{"fy24_$B":0.3,"fy25_$B":0.625,"implied_dc_capex_$B_per_yr":3.7,"notes":"From $10M in 2020 to $625M in 2025 \u2014 62\u00d7 growth.","state":"GA"},{"fy24_$B":null,"fy25_$B":0.151,"implied_dc_capex_$B_per_yr":0.9,"notes":"$151M sales + property tax exemptions (Meta Altoona, Google Council Bluffs).","state":"IA"}],"source":"State revenue reports + Good Jobs First analysis","what_to_look_for":"FY exemption $ is a strong proxy for actual IT equipment capex deployed in-state. Multiplier ~5-7x to estimate underlying IT spend."},"state_dc_tax_per_site_map":{"_fetched_at":"2026-05-20T15:30:22.058636+00:00","methodology":"For each state: (state's fiscal year exemption $M) / (sum of MW of all DCs in that state in our dataset) = implied $/MW-year tax break.","note":"Real $/MW varies per site by IT spend ratio; this is a state-average benchmark.","source":"Derived: state tax exemption $ / sum of DC MW in our dataset, by state","states":[{"biggest_beneficiaries":["AWS us-east-1","Equinix Ashburn","Vantage Ashburn","QTS Manassas","Iron Mountain VA-1"],"fy25_exemption_$M":1600,"implied_$_per_mw_per_year":246000,"state":"VA","total_dc_mw_in_dataset":"~6500"},{"biggest_beneficiaries":["Stargate Abilene","Iris Energy Childress","Riot Corsicana","Compass Red Oak","Cipher Mining"],"fy25_exemption_$M":1000,"implied_$_per_mw_per_year":185000,"state":"TX","total_dc_mw_in_dataset":"~5400"},{"biggest_beneficiaries":["QTS Atlanta","Digital Realty Atlanta","T5 Atlanta","DataBank Atlanta","CoreWeave Douglasville"],"fy25_exemption_$M":625,"implied_$_per_mw_per_year":1330000,"state":"GA","total_dc_mw_in_dataset":"~470"},{"biggest_beneficiaries":["Meta Altoona","Google Council Bluffs"],"fy25_exemption_$M":151,"implied_$_per_mw_per_year":216000,"state":"IA","total_dc_mw_in_dataset":"~700"}]},"state_puc_dockets":{"_fetched_at":"2026-05-20T15:29:48.980674+00:00","source":"State Public Utility Commission docket search portals","states":[{"docket_url":"https://scc.virginia.gov/casemgmt/","high_signal_keyword":"data center","notes":"Dominion Energy 2024 IRP + sub-cases. Every special large-customer tariff (SCS-D) filed here.","puc":"Virginia State Corporation Commission","state":"VA"},{"docket_url":"https://interchange.puc.texas.gov/","high_signal_keyword":"large load","notes":"ERCOT large load + AEP Texas tariff cases. Stargate Abilene under AEP Texas.","puc":"Texas Public Utility Commission","state":"TX"},{"docket_url":"https://dis.puc.state.oh.us/CaseRecord.aspx","high_signal_keyword":"data center tariff","notes":"AEP Ohio (AWS us-east-2 + DLR Columbus). Hot venue 2025.","puc":"Public Utilities Commission of Ohio","state":"OH"},{"docket_url":"https://psc.ga.gov/search/facts-document-search/","high_signal_keyword":"Georgia Power 2025 IRP","notes":"17x increase in DC load forecast. Meta/AWS/Google/Microsoft activity.","puc":"Georgia Public Service Commission","state":"GA"},{"docket_url":"https://www.ncuc.gov/Docket_Search/dockets","high_signal_keyword":"Duke Energy data center","notes":"Duke Carolinas \u2014 Google Lenoir, Apple Maiden, future builds.","puc":"North Carolina Utilities Commission","state":"NC"},{"docket_url":"https://iurc.portal.in.gov/_entity/casenumber","high_signal_keyword":"AEP Indiana data center","notes":"Project Rainier (AWS + Anthropic) interconnection here.","puc":"Indiana Utility Regulatory Commission","state":"IN"},{"docket_url":"https://edocket.azcc.gov/search/docket-search","high_signal_keyword":"APS SRP data center","notes":"Phoenix is a top growth market. Salt River Project (Apple Mesa) is a public power district.","puc":"Arizona Corporation Commission","state":"AZ"},{"docket_url":"https://www.lpsc.louisiana.gov/CaseHistory.aspx","high_signal_keyword":"Entergy Louisiana","notes":"Meta Hyperion + 2,260 MW Entergy generation buildout.","puc":"Louisiana Public Service Commission","state":"LA"}]},"submarine_cable_landings":{"_fetched_at":"2026-05-20T15:29:59.193003+00:00","recent_hyperscaler_cables":[{"cable":"Bifrost","endpoints":["Singapore","Los Angeles"],"live":2024,"owners":["Meta","Telin","Keppel"]},{"cable":"Echo","endpoints":["Singapore","Los Angeles"],"live":2025,"owners":["Google","Meta"]},{"cable":"Marea","endpoints":["VA","Spain"],"live":2018,"owners":["Microsoft","Meta","Telxius"]},{"cable":"PLCN (Pacific Light)","endpoints":["LA","Taiwan"],"live":2022,"owners":["Google","Meta"]},{"cable":"Anjana","endpoints":["NC","Spain"],"live":2024,"owners":["Meta","Telxius"]}],"source":"FCC International Bureau cable landing filings","url":"https://licensing.fcc.gov/cgi-bin/ws.exe/prod/ib/forms/reports/swr031b.hts?set="},"transformer_lead_times":{"_fetched_at":"2026-05-20T15:29:59.193256+00:00","current_lead_times":{"backup_diesel_generator_3MW":{"trend":"stable-high","weeks":"100+"},"distribution_transformer":{"trend":"rising","weeks":"80-120"},"large_power_transformer_230kV":{"trend":"rising","weeks":"100-150"},"large_power_transformer_500kV":{"trend":"rising","weeks":"150-200"}},"note":"Pre-2020 lead times were ~50 weeks for LPT. Current backlogs primarily DC-driven.","source":"ASCE / EEI / Hitachi Energy / Siemens Energy investor calls (compiled)"},"transmission_buildouts":{"_fetched_at":"2026-05-20T15:30:22.058957+00:00","projects":[{"for":"Meta Hyperion","kv":500,"miles":100,"name":"Entergy LA \u2014 Hyperion 500kV+230kV buildout","notes":"100 miles of 500kV + 8 new 230kV lines; 2 Entergy substations + 6 customer-owned","owner":"Entergy Louisiana","status":"construction"},{"for":"Loudoun + Prince William DCs","kv":500,"miles":200,"name":"Dominion Energy \u2014 NoVA grid expansion","notes":"Multiple new 500kV substations approved 2024-2025 in PJM RTEP","owner":"Dominion VA","status":"approved/construction"},{"for":"Meta Hyperion (5.2 GW gas + DC)","kv":500,"miles":240,"name":"Meta-funded LA transmission","notes":"Meta funding ~240 miles of 500kV directly; novel cost structure","owner":"Entergy (Meta-funded)","status":"construction"},{"for":"ERCOT large load growth","kv":765,"miles":500,"name":"ERCOT West-East / 765kV upgrades","notes":"765kV upgrade studies for Permian-to-Houston corridor","owner":"Oncor / AEP Texas / Various","status":"RTEP study"},{"for":"Wind + DC corridor","kv":600,"miles":800,"name":"Grain Belt Express (KS-MO-IL-IN)","notes":"FERC-approved long-haul DC link to deliver wind to MISO DC clusters","owner":"Invenergy","status":"construction"},{"for":"MISO-to-PJM","kv":525,"miles":350,"name":"SOO Green HVDC (IA-IL)","notes":"Buried HVDC; eligibility for DC + wind","owner":"DirectConnect/Copenhagen Infra","status":"permitting"}],"source":"FERC, RTO RTEP/MTEP/LRTP filings, utility press releases"}}