WEBVTT

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<v Sarah>Third <00:00:00.384>time <00:00:00.688>this <00:00:00.944>year <00:00:01.220>the <00:00:01.400>DOE <00:00:01.820>has <00:00:02.048>told <00:00:02.297>hyperscalers <00:00:03.147>to <00:00:03.296>fire <00:00:03.733>up <00:00:03.860>the <00:00:03.989>diesel <00:00:04.500>and <00:00:04.864>keep <00:00:05.307>PJM's <00:00:05.966>lights <00:00:06.373>on.

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<v Sarah>At <00:00:07.568>what <00:00:07.800>point <00:00:08.048>does <00:00:08.328>emergency <00:00:09.168>just <00:00:09.406>become <00:00:09.700>the <00:00:09.872>plan?

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<v Sarah>If <00:00:11.471>you're <00:00:11.723>just <00:00:11.911>joining

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<v Sarah>the <00:00:12.781>federal <00:00:13.198>large-load <00:00:13.984>interconnection <00:00:14.704>fight <00:00:15.104>is <00:00:15.424>about <00:00:15.751>who <00:00:15.979>gets <00:00:16.224>to <00:00:16.391>set <00:00:16.621>the <00:00:16.800>ground <00:00:17.038>rules <00:00:17.419>when <00:00:17.675>data-center-scale <00:00:18.640>demand <00:00:19.118>plugs <00:00:19.499>into <00:00:19.711>the <00:00:19.867>grid.

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<v Sarah>FERC <00:00:21.331>and <00:00:21.611>DOE <00:00:22.123>have <00:00:22.283>been <00:00:22.461>testing <00:00:22.831>the <00:00:22.971>line <00:00:23.341>between <00:00:23.759>standardized <00:00:24.624>regional <00:00:25.109>procedures <00:00:25.731>and <00:00:25.904>state <00:00:26.227>authority

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<v Sarah>and <00:00:27.411>FERC's <00:00:27.741>already <00:00:28.151>put <00:00:28.431>six <00:00:28.784>regional <00:00:29.275>operators <00:00:29.904>on <00:00:30.051>a <00:00:30.251>60-day <00:00:30.904>clock: <00:00:31.737>change <00:00:32.043>your <00:00:32.251>tariffs

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<v Sarah>or <00:00:33.191>explain <00:00:33.651>why <00:00:33.791>the <00:00:33.904>rules <00:00:34.191>you've <00:00:34.451>got <00:00:34.591>are <00:00:34.699>good <00:00:34.948>enough.

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<v Matt>This <00:00:36.571>is <00:00:36.891>the <00:00:36.971>Data <00:00:37.417>Center <00:00:37.758>Daily.

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<v Matt>Today — <00:00:39.451>a <00:00:39.584>state <00:00:39.895>commission <00:00:40.401>finally <00:00:41.003>asks <00:00:41.501>whether <00:00:41.904>it <00:00:42.078>needs <00:00:42.518>rules

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<v Matt>a <00:00:43.771>REIT <00:00:44.139>that <00:00:44.411>owns <00:00:44.811>Walgreens <00:00:45.424>is <00:00:45.588>buying <00:00:45.979>into <00:00:46.240>hyperscale

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<v Matt>and <00:00:47.731>Kline <00:00:48.224>Township <00:00:48.707>residents <00:00:49.311>sat <00:00:49.651>through <00:00:50.031>six <00:00:50.424>hours <00:00:50.918>of <00:00:51.191>AWS <00:00:52.011>and <00:00:52.571>still <00:00:53.051>can't <00:00:53.431>get <00:00:53.651>a <00:00:53.744>water <00:00:54.068>number.

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<v Matt>Let's <00:00:55.398>go. <00:00:55.904>If <00:00:56.531>you <00:00:56.667>want <00:00:56.784>to <00:00:56.923>keep <00:00:57.131>up <00:00:57.323>with <00:00:57.501>Federal <00:00:57.915>data <00:00:58.205>center <00:00:58.491>cost <00:00:58.869>allocation <00:00:59.504>fight, <00:01:00.011>tap <00:01:00.582>follow <00:01:01.211>so <00:01:01.391>the <00:01:01.499>next <00:01:01.761>episode <00:01:02.304>lands <00:01:02.624>in <00:01:02.763>your <00:01:02.971>feed.

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<v Sarah>This <00:01:04.374>one's <00:01:04.682>from <00:01:05.054>TFTC:

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<v Quote>Energy <00:01:06.933>Secretary <00:01:07.562>Chris <00:01:07.886>Wright <00:01:08.286>issued <00:01:08.689>two <00:01:08.925>emergency <00:01:09.498>orders <00:01:09.936>on <00:01:10.053>June <00:01:10.469>30 <00:01:10.869>2026

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<v Quote>directing <00:01:12.789>PJM <00:01:13.336>Interconnection <00:01:14.122>to <00:01:14.286>deploy <00:01:14.686>backup <00:01:15.087>generation <00:01:15.733>resources <00:01:16.416>at <00:01:16.736>AI <00:01:17.013>data <00:01:17.329>centers <00:01:17.849>and <00:01:18.202>other <00:01:18.522>large <00:01:18.825>commercial <00:01:19.256>loads <00:01:19.629>through <00:01:19.989>11:59 <00:01:20.949>PM <00:01:21.429>EDT

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<v Quote>July <00:01:22.389>3 <00:01:22.989>per <00:01:23.149>the <00:01:23.389>DOE <00:01:23.789>press <00:01:24.049>release.

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<v Quote>PJM <00:01:25.776>is <00:01:25.882>forecasting <00:01:26.509>a <00:01:26.597>potential <00:01:27.109>new <00:01:27.429>all-time <00:01:28.053>peak <00:01:28.373>load <00:01:28.709>of <00:01:28.949>166,304 <00:01:31.616>MW <00:01:32.069>on <00:01:32.282>Thursday <00:01:32.789>July <00:01:33.189>3

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<v Quote>covering <00:01:34.389>13 <00:01:34.926>states <00:01:35.309>and <00:01:35.480>Washington <00:01:36.109>D.C.

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<v Quote>a <00:01:37.013>grid <00:01:37.319>serving <00:01:37.701>more <00:01:37.877>than <00:01:38.149>67 <00:01:38.849>million <00:01:39.326>people.

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<v Matt>Third <00:01:40.501>time <00:01:40.938>in <00:01:41.125>2026. <00:01:42.352>Third.

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<v Matt>Chris <00:01:44.531>Wright <00:01:44.872>signs <00:01:45.265>two <00:01:45.525>more <00:01:46.165>202(c) <00:01:46.954>orders <00:01:47.429>June <00:01:47.765>30, <00:01:48.885>PJM's <00:01:49.489>dispatching <00:01:50.074>diesel <00:01:50.538>at <00:01:50.665>the <00:01:50.773>data <00:01:51.025>centers <00:01:51.495>through <00:01:51.941>July <00:01:52.485>3rd.

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<v Matt>At <00:01:53.813>what <00:01:54.072>point <00:01:54.458>do <00:01:54.592>we <00:01:54.741>stop <00:01:55.175>calling <00:01:55.578>it <00:01:55.738>an <00:01:55.925>emergency <00:01:56.765>and <00:01:57.173>just <00:01:57.429>call <00:01:57.738>it <00:01:57.965>the <00:01:58.469>plan?

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<v Sarah>And <00:01:59.333>here's <00:01:59.625>the <00:01:59.719>number <00:01:59.957>that <00:02:00.125>makes <00:02:00.352>it <00:02:00.585>hit — <00:02:01.472>PJM's <00:02:02.136>projecting <00:02:02.725>a <00:02:02.885>166,304 <00:02:05.872>MW <00:02:06.341>peak <00:02:06.805>July <00:02:07.285>3rd.

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<v Sarah>That <00:02:08.533>squeaks <00:02:08.949>past <00:02:09.245>a <00:02:09.331>record <00:02:09.665>set <00:02:09.872>in <00:02:10.005>2006, <00:02:11.397>back <00:02:11.557>when <00:02:11.725>the <00:02:11.952>AI <00:02:12.229>data <00:02:12.531>center <00:02:12.853>didn't <00:02:13.278>exist <00:02:13.472>in <00:02:13.545>the <00:02:13.653>footprint <00:02:14.138>at <00:02:14.325>all.

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<v Matt>Right, <00:02:16.032>so <00:02:16.285>the <00:02:16.465>new <00:02:16.709>load <00:02:17.032>shows <00:02:17.445>up, <00:02:17.965>and <00:02:18.105>the <00:02:18.265>fix <00:02:18.645>is <00:02:18.865>bolting <00:02:19.354>diesel <00:02:19.861>gensets <00:02:20.618>to <00:02:20.765>a <00:02:20.862>hyperscaler <00:02:21.594>campus <00:02:22.145>and <00:02:22.605>letting <00:02:22.905>the <00:02:23.045>feds <00:02:23.525>flip <00:02:23.885>the <00:02:24.085>switch.

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<v Matt>Nobody <00:02:26.002>priced <00:02:26.461>that <00:02:26.717>into <00:02:26.993>the <00:02:27.124>capacity <00:02:27.762>market.

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<v Sarah>Exactly. <00:02:29.453>PJM's <00:02:30.315>capacity <00:02:30.863>auction <00:02:31.273>was <00:02:31.506>never <00:02:31.826>built <00:02:32.146>to <00:02:32.306>value <00:02:32.605>that <00:02:32.797>kind <00:02:33.080>of <00:02:33.193>reliability <00:02:33.917>backstop.

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<v Sarah>Applications <00:02:35.885>came <00:02:36.066>in <00:02:36.237>June <00:02:36.573>27th <00:02:37.233>and <00:02:37.453>29th, <00:02:38.550>orders <00:02:38.925>went <00:02:39.113>out <00:02:39.313>the <00:02:39.533>30th.

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<v Sarah>The <00:02:40.941>framework's <00:02:41.515>improvising <00:02:42.120>in <00:02:42.221>real <00:02:42.509>time.

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<v Matt>Three <00:02:44.013>orders <00:02:44.493>in <00:02:44.653>six <00:02:45.030>months <00:02:45.423>creates <00:02:45.813>a <00:02:45.917>precedent.

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<v Matt>The <00:02:47.169>government <00:02:47.581>just <00:02:47.833>established <00:02:48.546>it <00:02:48.693>can <00:02:48.883>commandeer <00:02:49.583>private <00:02:49.991>generation <00:02:50.653>any <00:02:50.957>time <00:02:51.266>reserves <00:02:51.733>get <00:02:52.000>tight — <00:02:52.973>and <00:02:53.275>somebody <00:02:53.837>eats <00:02:54.141>that <00:02:54.397>fuel <00:02:54.733>bill.

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<v Sarah>That's <00:02:56.273>the <00:02:56.384>escalation <00:02:56.946>to <00:02:57.113>sit <00:02:57.341>with <00:02:57.613>as <00:02:57.793>the <00:02:57.917>week <00:02:58.264>closes.

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<v Sarah>The <00:02:59.413>capital <00:02:59.753>markets <00:03:00.230>priced <00:03:00.613>these <00:03:00.882>assets <00:03:01.373>as <00:03:01.602>smooth <00:03:02.066>infrastructure; <00:03:03.313>the <00:03:03.421>grid <00:03:03.675>operator <00:03:04.226>lived <00:03:04.573>three <00:03:05.029>emergency <00:03:05.613>orders.

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<v Sarah>Same <00:03:07.156>assets, <00:03:07.993>two <00:03:08.285>very <00:03:08.765>different <00:03:09.133>stories.

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<v Sarah>This <00:03:12.139>one's <00:03:12.431>from <00:03:12.692>PA <00:03:13.006>Environment <00:03:13.599>Digest <00:03:14.175>Blog:

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<v Quote>The <00:03:15.269>Public <00:03:15.603>Utility <00:03:16.067>Commission <00:03:16.543>published <00:03:16.949>notice <00:03:17.250>in <00:03:17.323>the <00:03:17.463>July <00:03:17.943>4 <00:03:18.236>PA <00:03:18.565>Bulletin <00:03:19.125>inviting <00:03:19.676>comments <00:03:20.130>on <00:03:20.223>the <00:03:20.396>possibility <00:03:21.010>of <00:03:21.127>promulgating <00:03:21.770>regulations

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<v Quote>for <00:03:22.730>interconnecting <00:03:23.507>electric <00:03:23.930>loads

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<v Quote>including <00:03:24.876>large <00:03:25.210>loads. <00:03:25.715>Specifically

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<v Quote>the <00:03:27.099>Commission <00:03:27.516>seeks <00:03:27.827>comments <00:03:28.210>on <00:03:28.327>this <00:03:28.615>list <00:03:28.796>of <00:03:28.967>questions <00:03:29.603>and <00:03:29.843>any <00:03:30.063>other <00:03:30.332>topics <00:03:30.775>that <00:03:30.947>interested <00:03:31.433>parties <00:03:31.833>believe <00:03:32.206>should <00:03:32.370>be <00:03:32.476>included <00:03:32.930>in <00:03:33.031>potential

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<v Quote>regulations <00:03:34.236>on <00:03:34.363>the <00:03:34.490>interconnection <00:03:35.276>of <00:03:35.427>electric <00:03:35.863>loads.

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<v Matt>So <00:03:36.891>Harrisburg <00:03:37.465>finally <00:03:37.949>puts <00:03:38.245>a <00:03:38.349>rulemaking <00:03:38.925>docket <00:03:39.378>on <00:03:39.578>paper <00:03:40.085>for <00:03:40.258>large <00:03:40.605>loads.

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<v Matt>Question <00:03:42.305>one: <00:03:42.813>what <00:03:43.378>interconnection <00:03:44.102>issues <00:03:44.479>should <00:03:44.712>we <00:03:44.835>address?

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<v Matt>Buddy, <00:03:47.143>everything. <00:03:47.917>That's <00:03:48.485>the <00:03:48.662>answer. <00:03:49.201>Everything.

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<v Sarah>The <00:03:50.583>notice <00:03:50.990>hits <00:03:51.266>the <00:03:51.406>July <00:03:51.886>4 <00:03:52.108>Bulletin.

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<v Sarah>Same <00:03:53.534>week <00:03:53.779>we <00:03:53.934>just <00:03:54.153>heard <00:03:54.446>DOE <00:03:54.990>pull <00:03:55.266>the <00:03:55.383>diesel <00:03:55.779>lever <00:03:56.086>for <00:03:56.226>the <00:03:56.339>third <00:03:56.670>time <00:03:56.958>this <00:03:57.166>year.

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<v Sarah>The <00:03:58.162>commission's <00:03:58.675>asking <00:03:59.116>whether <00:03:59.379>it <00:03:59.539>needs <00:03:59.899>rules <00:04:00.406>while <00:04:00.626>the <00:04:00.734>grid's <00:04:01.136>already <00:04:01.548>improvising <00:04:02.190>them.

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<v Matt>And <00:04:03.598>look <00:04:03.753>at <00:04:03.850>question <00:04:04.313>three — <00:04:05.278>different <00:04:05.623>review <00:04:06.023>levels <00:04:06.419>by <00:04:06.590>load <00:04:06.926>size, <00:04:07.386>modeled <00:04:07.859>on <00:04:08.017>generation <00:04:08.579>interconnection.

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<v Matt>They're <00:04:10.502>admitting <00:04:11.126>a <00:04:11.326>500-megawatt <00:04:12.334>data <00:04:12.583>center <00:04:12.960>should <00:04:13.206>get <00:04:13.397>screened <00:04:13.998>like <00:04:14.166>a <00:04:14.259>power <00:04:14.579>plant

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<v Matt>which <00:04:15.673>is <00:04:15.796>exactly <00:04:16.334>what <00:04:16.579>every <00:04:16.903>county's <00:04:17.358>been <00:04:17.534>screaming <00:04:18.019>about <00:04:18.326>for <00:04:18.486>a <00:04:18.622>year.

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<v Sarah>Question <00:04:19.550>four's <00:04:19.906>the <00:04:20.026>one <00:04:20.246>I'd <00:04:20.435>circle — <00:04:21.073>expedited <00:04:21.716>process <00:04:22.238>when <00:04:22.424>generation's <00:04:23.166>collocated <00:04:23.918>with <00:04:24.066>the <00:04:24.222>load.

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<v Sarah>That's <00:04:25.426>the <00:04:25.566>on-site <00:04:26.126>gas <00:04:26.446>turbine, <00:04:27.186>the <00:04:27.303>backup <00:04:27.703>diesel, <00:04:28.406>getting <00:04:28.726>a <00:04:28.846>fast <00:04:29.246>lane.

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<v Sarah>Read <00:04:30.313>it <00:04:30.414>next <00:04:30.659>to <00:04:30.806>a <00:04:30.926>202(c) <00:04:31.879>order <00:04:32.086>and <00:04:32.233>it <00:04:32.353>stops <00:04:32.726>being <00:04:32.981>hypothetical.

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<v Sarah>Here's <00:04:37.596>Troutman <00:04:38.080>Pepper:

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<v Quote>On <00:04:40.409>June <00:04:40.745>18 <00:04:41.305>2026 <00:04:42.745>FERC <00:04:43.038>accepted <00:04:43.545>in <00:04:43.785>part <00:04:44.165>and <00:04:44.398>rejected <00:04:44.878>in <00:04:45.049>part <00:04:45.394>requests <00:04:46.145>for <00:04:46.329>rehearing <00:04:46.878>of <00:04:47.025>its <00:04:47.189>December <00:04:47.625>18

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<v Quote>2025 <00:04:49.038>order <00:04:49.465>(December <00:04:50.092>Order) <00:04:50.909>directing <00:04:51.465>PJM <00:04:51.998>Interconnection

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<v Quote>L.L.C. <00:04:53.545>(PJM) <00:04:54.665>to <00:04:54.882>revise <00:04:55.265>its <00:04:55.465>Open <00:04:55.854>Access <00:04:56.308>Transmission <00:04:56.885>Tariff <00:04:57.465>(Tariff) <00:04:58.158>to <00:04:58.505>clarify <00:04:59.105>and <00:04:59.281>establish <00:04:59.825>certain <00:05:00.172>rates

57
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<v Quote>terms <00:05:01.245>and <00:05:01.349>conditions <00:05:01.838>of <00:05:02.025>service <00:05:02.650>applicable <00:05:03.358>to <00:05:03.518>Interconnection <00:05:04.241>Customers <00:05:04.798>in <00:05:05.065>PJM <00:05:05.845>seeking <00:05:06.292>to <00:05:06.398>serve <00:05:06.772>Co-Located <00:05:07.609>Load <00:05:08.105>(June <00:05:08.638>Order).

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<v Sarah>Update <00:05:09.785>on <00:05:09.912>the <00:05:10.022>federal <00:05:10.439>large-load <00:05:11.145>interconnection <00:05:11.959>fight: <00:05:12.745>on <00:05:12.900>June <00:05:13.372>18

59
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<v Sarah>FERC <00:05:14.265>accepted <00:05:14.772>in <00:05:15.012>part <00:05:15.392>and <00:05:15.625>rejected <00:05:16.105>in <00:05:16.292>part <00:05:16.712>the <00:05:17.076>rehearing <00:05:17.652>requests <00:05:18.319>on <00:05:18.412>its <00:05:18.585>December <00:05:19.079>order <00:05:19.462>telling <00:05:19.999>PJM <00:05:20.665>to <00:05:20.852>rewrite <00:05:21.432>the <00:05:21.572>tariff <00:05:22.092>for <00:05:22.319>co-located

60
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<v Sarah>load. <00:05:24.229>This <00:05:24.346>is <00:05:24.473>the <00:05:24.597>paperwork <00:05:25.223>version <00:05:25.600>of <00:05:25.673>the <00:05:25.790>diesel <00:05:26.200>story <00:05:26.560>we <00:05:26.677>just <00:05:27.013>hit.

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<v Sarah>FERC <00:05:28.259>opened <00:05:28.565>this <00:05:28.773>docket <00:05:29.141>back <00:05:29.386>in <00:05:29.546>February <00:05:30.133>2025 <00:05:31.193>because <00:05:32.053>PJM's <00:05:32.670>tariff <00:05:33.093>had <00:05:33.386>no <00:05:33.560>clear <00:05:33.960>rates <00:05:34.333>for <00:05:34.493>a <00:05:34.581>data <00:05:34.842>center <00:05:35.333>sitting <00:05:35.939>behind <00:05:36.233>the <00:05:36.360>meter <00:05:36.746>on <00:05:36.893>a

62
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<v Sarah>generator.

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<v Matt>Right, <00:05:38.826>so <00:05:38.993>the <00:05:39.226>December <00:05:39.706>order <00:05:40.043>started <00:05:40.604>defining <00:05:41.253>co-located <00:05:42.133>load, <00:05:42.833>and <00:05:43.093>now — <00:05:43.773>six <00:05:43.939>months <00:05:44.266>later — <00:05:45.040>we're <00:05:45.213>still <00:05:45.480>adjudicating <00:05:46.280>whose <00:05:46.680>rates <00:05:47.093>apply.

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<v Matt>Meanwhile <00:05:48.893>DOE's <00:05:49.633>out <00:05:49.840>there <00:05:50.035>commandeering <00:05:50.793>the <00:05:50.944>actual <00:05:51.551>generators <00:05:52.200>three <00:05:52.613>times <00:05:53.061>this <00:05:53.317>year.

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<v Matt>The <00:05:54.357>rulebook's <00:05:54.883>getting <00:05:55.133>written <00:05:55.466>on <00:05:55.637>rehearing <00:05:56.293>while <00:05:56.713>the <00:05:56.837>grid's <00:05:57.313>already <00:05:57.795>improvising <00:05:58.469>with <00:05:58.597>emergency <00:05:59.242>orders.

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<v Matt>Harrisburg's <00:06:00.901>just <00:06:01.153>now <00:06:01.390>asking <00:06:01.763>whether <00:06:02.000>it <00:06:02.106>needs <00:06:02.440>rules <00:06:02.800>at <00:06:02.933>all, <00:06:03.613>and <00:06:03.813>FERC's <00:06:04.273>litigating <00:06:04.873>the <00:06:04.997>ones <00:06:05.280>it <00:06:05.386>wrote <00:06:05.706>in <00:06:05.875>December.

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<v Sarah>Three <00:06:07.293>new <00:06:07.456>transmission <00:06:08.044>services <00:06:08.653>for <00:06:08.853>co-located <00:06:09.653>load, <00:06:10.426>accepted <00:06:10.906>in <00:06:11.093>part.

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<v Sarah>If <00:06:12.073>you <00:06:12.181>want <00:06:12.400>to <00:06:12.501>know <00:06:12.725>what <00:06:12.873>the <00:06:12.981>grid <00:06:13.226>operator <00:06:13.699>thinks <00:06:14.013>a <00:06:14.117>data <00:06:14.419>center <00:06:14.739>behind <00:06:15.053>a <00:06:15.149>generator <00:06:15.706>actually <00:06:16.266>is

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<v Sarah>it's <00:06:17.313>finally <00:06:17.813>in <00:06:17.993>the <00:06:18.110>tariff <00:06:18.515>language — <00:06:19.469>partially.

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<v Sarah>From <00:06:21.625>Kent <00:06:21.941>Jackson <00:06:22.414>at <00:06:22.565>Standard <00:06:22.981>Speaker:

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<v Quote>“We <00:06:24.269>did <00:06:24.429>get <00:06:24.589>a <00:06:24.689>lot <00:06:24.949>of <00:06:25.189>‘I’m <00:06:25.409>not <00:06:25.669>sure,’” <00:06:26.366>Daniel <00:06:26.749>Leshko <00:06:27.173>said <00:06:27.463>during <00:06:27.689>the <00:06:27.799>hearing <00:06:28.197>when <00:06:28.442>he <00:06:28.583>raised <00:06:28.845>questions <00:06:29.389>about <00:06:29.609>the <00:06:29.738>supply <00:06:30.189>and <00:06:30.373>cost <00:06:30.656>of

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<v Quote>electricity <00:06:31.489>and <00:06:31.939>whether <00:06:32.200>homeowners <00:06:32.762>in <00:06:32.889>the <00:06:32.979>village <00:06:33.242>of <00:06:33.389>Haddock <00:06:33.762>where <00:06:33.882>he <00:06:34.069>lives <00:06:34.549>will <00:06:34.896>be <00:06:35.002>required <00:06:35.482>to <00:06:35.629>connect <00:06:35.989>at <00:06:36.189>their <00:06:36.469>cost <00:06:36.869>to <00:06:37.069>a <00:06:37.162>sewer <00:06:37.493>line <00:06:37.781>that

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<v Quote>Amazon <00:06:38.416>would <00:06:38.609>install <00:06:39.069>for <00:06:39.209>the <00:06:39.333>data <00:06:39.646>center.

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<v Matt>Six hours, two nights, in a school gymnasium, and the residents walk out with — quote — 'a lot of I'm not sure.'

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<v Matt>On power cost. On water.

76
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<v Matt>On whether their own homes have to pay to connect to Amazon's sewer line.

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<v Matt>This is the third jurisdiction this week running the same playbook.

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<v Matt>AWS shows up, runs the clock, and the transmission and water numbers still aren't on the table when everyone goes home.

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<v Sarah>380 acres off Lofty Road, and the questions on the record are blasting, mine subsidence, backup generators.

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<v Sarah>A zoning meeting shouldn't sound like the due-diligence checklist the applicant was supposed to bring.

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<v Sarah>And here's the whiplash — same week the PA PUC opens a comment docket asking whether it should even have interconnection rules for large

82
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<v Sarah>loads. Kline Township's living the answer while Harrisburg's still drafting the question.

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<v Matt>Right. The planners don't even have to decide yet.

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<v Matt>So the guy asking about home-shaking vibrations gets 'I'm not sure' and a follow-up date. Great process.

85
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<v Sarah>Bisnow, <00:07:50.215>with <00:07:50.538>Emily <00:07:50.911>Wishingrad:

86
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<v Quote>Out <00:07:52.303>of <00:07:52.376>the <00:07:52.500>gate, <00:07:52.936>the <00:07:53.046>venture <00:07:53.449>is <00:07:53.602>poised <00:07:53.903>to <00:07:54.016>acquire <00:07:54.489>three <00:07:54.825>assets <00:07:55.263>in <00:07:55.360>Northern <00:07:55.769>Virginia's <00:07:56.340>Data <00:07:56.630>Center <00:07:56.903>Alley <00:07:57.339>valued <00:07:57.983>at <00:07:58.084>over <00:07:58.356>$6B.

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<v Quote>The <00:08:00.156>first <00:08:00.409>acquisition <00:08:01.049>is <00:08:01.200>expected <00:08:01.609>to <00:08:01.769>close <00:08:02.063>in <00:08:02.136>the <00:08:02.249>third <00:08:02.556>quarter <00:08:02.889>of <00:08:03.016>the <00:08:03.140>year.

88
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<v Quote>That <00:08:04.244>data <00:08:04.482>center <00:08:04.836>is <00:08:05.049>fully <00:08:05.373>leased.

89
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<v Quote>The <00:08:06.476>venture <00:08:06.806>expects <00:08:07.209>to <00:08:07.376>acquire <00:08:07.816>the <00:08:07.936>two <00:08:08.156>other <00:08:08.425>assets, <00:08:09.009>which <00:08:09.116>are <00:08:09.276>still <00:08:09.503>under <00:08:09.683>development, <00:08:10.564>once <00:08:10.788>they <00:08:10.936>are <00:08:11.044>completed.

90
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<v Sarah>Realty <00:08:12.367>Income — <00:08:13.416>the <00:08:13.536>net-lease <00:08:14.089>REIT <00:08:14.388>that <00:08:14.580>owns <00:08:14.852>your <00:08:14.969>local <00:08:15.316>Walgreens <00:08:15.896>and <00:08:16.004>Winn-Dixie — <00:08:17.129>is <00:08:17.266>putting <00:08:17.516>a <00:08:17.616>billion-four <00:08:18.500>into <00:08:18.825>hyperscale <00:08:19.540>data <00:08:19.866>centers.

91
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<v Sarah>Forty-five <00:08:21.366>percent <00:08:21.796>stake, <00:08:22.636>$700 <00:08:23.266>million <00:08:24.076>funding <00:08:24.388>this <00:08:24.576>quarter.

92
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<v Sarah>Three <00:08:25.807>assets <00:08:26.409>in <00:08:26.564>Data <00:08:26.802>Center <00:08:27.143>Alley, <00:08:27.659>valued <00:08:28.343>north <00:08:28.729>of <00:08:28.956>$6 <00:08:29.366>billion.

93
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<v Sarah>One's <00:08:31.129>fully <00:08:31.465>leased <00:08:31.916>and <00:08:32.086>closing <00:08:32.489>in <00:08:32.756>Q3; <00:08:33.676>the <00:08:33.823>other <00:08:34.016>two <00:08:34.216>are <00:08:34.316>still <00:08:34.556>under <00:08:34.809>development.

94
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<v Sarah>Note <00:08:36.458>the <00:08:36.571>phrasing — <00:08:37.558>stabilized, <00:08:38.489>investment-grade <00:08:39.378>tenants, <00:08:39.958>triple-net.

95
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<v Sarah>That's <00:08:41.698>a <00:08:41.814>bond <00:08:42.228>wearing <00:08:42.478>a <00:08:42.582>data <00:08:42.884>center's <00:08:43.308>clothes.

96
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<v Matt>So <00:08:44.698>the <00:08:44.822>same <00:08:45.128>vehicle <00:08:45.526>that <00:08:45.766>owns <00:08:46.011>strip-mall <00:08:46.582>drugstores <00:08:47.318>now <00:08:47.598>wants <00:08:47.838>a <00:08:47.945>slice <00:08:48.305>of <00:08:48.422>Loudoun <00:08:48.815>County <00:08:49.225>power <00:08:49.638>draw.

97
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<v Matt>That <00:08:50.958>tells <00:08:51.178>you <00:08:51.278>the <00:08:51.438>trade <00:08:51.665>is <00:08:51.748>getting <00:08:52.018>crowded — <00:08:53.055>institutional <00:08:53.838>money <00:08:54.088>chasing <00:08:54.498>already-energized <00:08:55.629>capacity.

98
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<v Matt>And <00:08:57.025>it <00:08:57.158>rhymes <00:08:57.574>with <00:08:57.658>the <00:08:57.785>Blackstone-DLR <00:08:59.062>structure — <00:09:00.107>hyperscalers <00:09:00.998>offloading <00:09:01.498>the <00:09:01.606>real <00:09:01.855>estate <00:09:02.278>to <00:09:02.488>whoever <00:09:02.878>wants <00:09:03.118>the <00:09:03.305>yield.

99
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<v Matt>But <00:09:04.729>here's <00:09:05.028>my <00:09:05.143>question <00:09:05.708>after <00:09:06.061>the <00:09:06.241>DOE <00:09:06.654>piece <00:09:06.974>we <00:09:07.129>just <00:09:07.401>hit: <00:09:08.169>when <00:09:08.541>the <00:09:08.665>emergency <00:09:09.287>orders <00:09:09.625>keep <00:09:09.938>coming <00:09:10.381>and <00:09:10.743>somebody <00:09:11.301>has <00:09:11.534>to <00:09:11.701>eat <00:09:11.901>the <00:09:12.018>backup <00:09:12.418>diesel <00:09:12.825>bill

100
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<v Matt>is <00:09:13.849>that <00:09:14.094>in <00:09:14.221>the <00:09:14.327>triple-net <00:09:14.921>lease?

101
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<v Matt>Or <00:09:15.993>does <00:09:16.141>the <00:09:16.281>REIT <00:09:16.585>find <00:09:16.881>out <00:09:17.068>later?

102
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<v Sarah>They <00:09:18.361>start <00:09:18.658>stateside <00:09:19.281>and <00:09:19.449>plan <00:09:19.668>to <00:09:19.790>expand <00:09:20.233>into <00:09:20.430>Europe.

103
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<v Sarah>Another <00:09:21.769>data <00:09:22.028>point <00:09:22.414>on <00:09:22.551>whether <00:09:22.825>this <00:09:23.181>offload-to-institutional-capital <00:09:25.148>model <00:09:25.534>is <00:09:25.691>turning <00:09:26.073>into <00:09:26.281>a <00:09:26.414>template <00:09:27.054>or <00:09:27.541>staying <00:09:28.041>a <00:09:28.181>one-off.

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<v Matt>Template. <00:09:30.377>When <00:09:31.161>Walgreens' <00:09:31.774>landlord <00:09:32.254>is <00:09:32.388>in <00:09:32.461>the <00:09:32.601>game, <00:09:33.341>the <00:09:33.481>era <00:09:33.774>of <00:09:33.950>hyperscalers <00:09:34.738>owning <00:09:35.108>their <00:09:35.301>own <00:09:35.529>buildings <00:09:36.014>is <00:09:36.217>over.

105
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<v Host>If <00:09:37.584>you <00:09:37.684>track <00:09:37.948>data <00:09:38.254>centers, <00:09:38.654>you're <00:09:38.817>probably <00:09:39.288>tracking <00:09:39.751>AI <00:09:40.021>demand <00:09:40.464>too.

106
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<v Host>Try <00:09:41.911>AI <00:09:42.177>Daily <00:09:42.497>Briefing: <00:09:43.554>top <00:09:44.017>AI <00:09:44.348>news <00:09:44.624>for <00:09:44.748>engineers

107
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<v Host>founders <00:09:45.904>and <00:09:46.020>investors

108
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<v Host>every <00:09:46.994>weekday <00:09:48.080>breaking <00:09:48.428>down <00:09:48.732>real <00:09:48.979>capabilities <00:09:49.701>versus <00:09:50.124>demo <00:09:50.508>hype <00:09:50.876>fast.

109
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<v Host>Find <00:09:52.311>it <00:09:52.400>wherever <00:09:52.724>you <00:09:52.878>listen <00:09:53.111>to <00:09:53.253>podcasts.

110
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<v Host>What <00:09:55.147>we're <00:09:55.324>watching <00:09:55.776>next: <00:09:56.933>PJM's <00:09:57.511>forecast <00:09:58.140>all-time <00:09:58.624>peak <00:09:58.944>load <00:09:59.264>test <00:09:59.587>lands <00:10:00.000>today

111
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<v Host>with <00:10:01.080>DOE <00:10:01.497>backup-generation <00:10:02.469>orders <00:10:02.920>running <00:10:03.240>through <00:10:03.600>11:59 <00:10:04.827>PM <00:10:05.270>Eastern.

112
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<v Host>Amazon <00:10:07.160>has <00:10:07.360>30 <00:10:07.680>days <00:10:08.027>to <00:10:08.126>answer <00:10:08.440>technical <00:10:08.856>questions <00:10:09.392>from <00:10:09.600>Kline <00:10:09.964>Township's <00:10:10.456>engineers <00:10:10.980>and <00:10:11.093>consultants.

113
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<v Host>And <00:10:12.420>the <00:10:12.537>Realty <00:10:12.960>Income

114
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<v Host>Cloud <00:10:14.060>Capital <00:10:14.680>and <00:10:14.851>institutional-investor <00:10:16.280>venture <00:10:16.660>expects <00:10:17.400>its <00:10:17.573>first <00:10:17.884>Northern <00:10:18.284>Virginia <00:10:18.693>acquisition <00:10:19.333>to <00:10:19.533>close <00:10:20.027>in <00:10:20.100>the <00:10:20.213>third <00:10:20.530>quarter.

115
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116
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<v Host>This <00:10:30.240>is <00:10:30.440>a <00:10:30.550>Lantern <00:10:31.140>Podcast.