WEBVTT

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<v Sarah>A <00:00:00.187>three <00:00:00.387>point <00:00:00.740>two <00:00:00.880>six <00:00:01.180>billion <00:00:01.657>dollar <00:00:02.050>federal <00:00:02.449>transmission <00:00:03.120>loan <00:00:03.543>closes <00:00:04.200>for <00:00:04.480>AEP <00:00:05.067>Texas

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<v Sarah>the <00:00:06.128>same <00:00:06.368>week <00:00:06.610>private <00:00:07.020>capital <00:00:07.520>is <00:00:07.740>quietly <00:00:08.230>walking <00:00:08.853>AI <00:00:09.173>infrastructure <00:00:09.980>out <00:00:10.180>the <00:00:10.288>back <00:00:10.576>door.

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<v Sarah>If <00:00:12.500>you're <00:00:12.672>just <00:00:12.850>joining <00:00:13.307>us: <00:00:13.987>local <00:00:14.368>data <00:00:14.606>center <00:00:14.937>fights <00:00:15.296>have <00:00:15.427>moved <00:00:15.840>past <00:00:16.180>the <00:00:16.307>broad <00:00:16.700>moratoriums <00:00:17.640>and <00:00:17.840>land-use <00:00:18.460>battles <00:00:19.008>into <00:00:19.580>project-level <00:00:20.320>scraps

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<v Sarah>over <00:00:21.099>infrastructure <00:00:22.286>public <00:00:22.640>notice

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<v Sarah>water <00:00:24.120>and <00:00:24.296>community <00:00:24.891>impact.

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<v Sarah>We <00:00:26.210>watched <00:00:26.594>Prince <00:00:26.840>William <00:00:27.177>County's <00:00:27.730>Digital <00:00:28.150>Gateway <00:00:28.697>appeal <00:00:29.120>collapse

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<v Sarah>and <00:00:30.400>Doña <00:00:30.880>Ana <00:00:31.166>County <00:00:31.504>officials <00:00:32.160>say <00:00:32.470>Project <00:00:33.020>Jupiter <00:00:33.520>is <00:00:33.740>out <00:00:33.973>of <00:00:34.138>compliance

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<v Sarah>with <00:00:35.347>water-supply <00:00:36.150>worries <00:00:36.720>still <00:00:37.160>hanging <00:00:37.504>over <00:00:37.840>it.

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<v Matt>This <00:00:39.200>is <00:00:39.440>The <00:00:39.648>Data <00:00:39.886>Center <00:00:40.227>Daily.

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<v Matt>Today: <00:00:41.480>a <00:00:41.600>Carlyle <00:00:42.240>flip

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<v Matt>a <00:00:42.949>Kansas <00:00:43.420>project <00:00:43.872>that <00:00:44.070>doubled <00:00:44.627>after <00:00:44.980>the <00:00:45.080>neighbors <00:00:45.488>said <00:00:45.780>yes

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<v Matt>and <00:00:46.780>who's <00:00:47.170>holding <00:00:47.568>this <00:00:47.824>loan <00:00:48.160>if <00:00:48.340>the <00:00:48.464>load <00:00:48.791>forecast <00:00:49.427>doesn't <00:00:49.952>show <00:00:50.160>up.

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<v Sarah>Let's <00:00:51.400>start <00:00:51.632>with <00:00:51.808>that <00:00:52.120>DOE <00:00:52.576>loan.

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<v Sarah>Sonal <00:00:54.583>C. <00:00:54.983>Patel, <00:00:55.383>writing <00:00:55.716>in <00:00:55.876>Power <00:00:56.214>Magazine:

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<v Quote>The <00:00:57.662>U.S.

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<v Quote>Department <00:00:58.449>of <00:00:58.559>Energy <00:00:58.962>has <00:00:59.188>closed <00:00:59.502>a <00:00:59.606>loan <00:00:59.889>of <00:00:59.995>up <00:01:00.155>to <00:01:00.302>$3.26 <00:01:01.412>billion <00:01:02.235>to <00:01:02.462>AEP <00:01:02.915>Texas <00:01:03.515>to <00:01:03.832>finance <00:01:04.262>a <00:01:04.406>portfolio <00:01:05.035>of <00:01:05.188>nearly <00:01:05.622>100 <00:01:06.065>transmission <00:01:06.644>projects

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<v Quote>the <00:01:07.679>agency’s <00:01:08.159>Office <00:01:08.555>of <00:01:08.708>Energy <00:01:09.049>Dominance <00:01:09.606>Financing <00:01:10.302>(EDF) <00:01:11.270>said <00:01:11.489>on <00:01:11.622>July <00:01:12.022>8.

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<v Sarah>DOE <00:01:13.370>closed <00:01:13.684>a <00:01:13.788>loan <00:01:14.071>of <00:01:14.177>up <00:01:14.337>to <00:01:14.484>$3.26 <00:01:15.764>billion <00:01:16.657>to <00:01:16.884>AEP <00:01:17.511>Texas <00:01:18.097>on <00:01:18.268>July <00:01:18.684>8 — <00:01:19.450>nearly <00:01:19.884>100 <00:01:20.487>transmission <00:01:21.075>projects

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<v Sarah>roughly <00:01:22.524>2,800 <00:01:23.377>miles <00:01:23.697>of <00:01:23.874>rebuilds

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<v Sarah>reconductoring <00:01:25.784>and <00:01:26.044>new <00:01:26.337>build <00:01:26.661>across <00:01:27.057>south <00:01:27.364>and <00:01:27.532>west <00:01:27.831>Texas.

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<v Sarah>And <00:01:29.218>it <00:01:29.394>closed <00:01:29.845>under <00:01:30.065>the <00:01:30.205>newly <00:01:30.685>rebranded <00:01:31.394>Office <00:01:31.858>of <00:01:32.022>Energy <00:01:32.432>Dominance <00:01:33.005>Financing.

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<v Sarah>Same <00:01:34.573>loan <00:01:34.834>office, <00:01:35.392>punchier <00:01:35.942>letterhead.

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<v Matt>Yeah, <00:01:37.437>that <00:01:37.629>name <00:01:37.931>change <00:01:38.265>isn't <00:01:38.845>cosmetic.

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<v Matt>This <00:01:39.938>is <00:01:40.085>$3.26 <00:01:41.395>billion <00:01:42.498>of <00:01:42.655>federal <00:01:43.069>debt, <00:01:43.905>and <00:01:43.985>the <00:01:44.096>collateral <00:01:44.662>behind <00:01:45.058>it <00:01:45.245>is <00:01:45.445>a <00:01:45.549>load <00:01:45.876>forecast.

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<v Matt>AEP <00:01:47.869>says <00:01:48.165>letters <00:01:48.472>of <00:01:48.581>agreement <00:01:49.125>for <00:01:49.298>up <00:01:49.485>to <00:01:49.725>41 <00:01:50.385>gigawatts <00:01:51.218>of <00:01:51.385>new <00:01:51.661>load <00:01:52.085>through <00:01:52.366>2030.

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<v Matt>Letters. <00:01:54.792>Of. <00:01:55.809>Agreement.

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<v Matt>Not <00:01:57.131>signed <00:01:57.458>interconnection <00:01:58.176>agreements, <00:01:58.985>not <00:01:59.218>energized — <00:02:00.405>a <00:02:00.525>stack <00:02:00.978>of <00:02:01.218>LOAs <00:02:01.965>backstopping <00:02:02.765>billions <00:02:03.432>in <00:02:03.547>transmission.

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<v Sarah>Right <00:02:05.445>and <00:02:05.613>that's <00:02:05.905>the <00:02:06.032>split <00:02:06.405>worth <00:02:06.645>pulling <00:02:07.005>apart — <00:02:07.865>how <00:02:08.093>many <00:02:08.312>of <00:02:08.405>these <00:02:08.765>100 <00:02:09.227>projects <00:02:09.765>are <00:02:09.931>really <00:02:10.265>for <00:02:10.509>data <00:02:10.834>center <00:02:11.285>and <00:02:11.469>Permian <00:02:11.949>load <00:02:12.262>growth

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<v Sarah>versus <00:02:13.474>legacy <00:02:13.952>reliability <00:02:14.733>work <00:02:14.957>that <00:02:15.145>was <00:02:15.375>already <00:02:15.778>on <00:02:15.905>the <00:02:16.058>books?

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<v Matt>And <00:02:17.139>if <00:02:17.294>that <00:02:17.566>41 <00:02:18.106>gigawatts <00:02:18.739>shows <00:02:19.059>up <00:02:19.273>as, <00:02:19.666>say, <00:02:20.275>twelve — <00:02:21.446>who <00:02:21.630>eats <00:02:21.906>the <00:02:22.019>stranded <00:02:22.526>lines?

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<v Matt>The <00:02:23.710>ratepayer <00:02:24.286>in <00:02:24.486>a <00:02:24.593>deregulated <00:02:25.393>Texas <00:02:25.783>retail <00:02:26.195>market.

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<v Matt>That's <00:02:27.586>the <00:02:27.699>implicit <00:02:28.177>collateral <00:02:28.755>nobody's <00:02:29.303>naming.

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<v Sarah>Bloomberg <00:02:31.015>Law, <00:02:31.383>with <00:02:31.682>Aysha <00:02:32.135>Diallo:

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<v Quote>Carlyle <00:02:33.791>is <00:02:33.938>set <00:02:34.111>to <00:02:34.266>sell <00:02:34.522>data <00:02:34.812>center <00:02:35.085>power <00:02:35.458>and <00:02:35.621>infrastructure <00:02:36.289>platform <00:02:36.958>Copia <00:02:37.498>Power <00:02:38.005>to <00:02:38.378>EQT

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<v Quote>Financial <00:02:39.631>Times <00:02:39.958>reports

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<v Quote>citing <00:02:41.073>unidentified <00:02:41.784>people <00:02:42.111>familiar <00:02:42.570>with <00:02:42.718>the <00:02:42.835>matter.

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<v Quote>- <00:02:44.026>Deal <00:02:44.275>values <00:02:44.698>Copia <00:02:45.098>Power <00:02:45.551>at <00:02:45.685>at <00:02:45.798>$2.6b - <00:02:47.565>Carlyle <00:02:48.031>is <00:02:48.178>set <00:02:48.351>to <00:02:48.490>make <00:02:48.658>a <00:02:48.730>more <00:02:48.890>than <00:02:49.114>fivefold <00:02:49.795>return <00:02:50.170>from <00:02:50.318>the <00:02:50.458>sale

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<v Quote>one <00:02:51.384>person <00:02:51.698>briefed <00:02:52.005>on <00:02:52.078>the <00:02:52.184>matter <00:02:52.511>tells <00:02:52.938>FT

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<v Sarah>Carlyle's <00:02:54.203>selling <00:02:54.583>Copia <00:02:55.030>Power <00:02:55.416>to <00:02:55.683>EQT <00:02:56.403>at <00:02:56.603>$2.6 <00:02:57.403>billion

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<v Sarah>per <00:02:58.523>the <00:02:58.963>FT — <00:02:59.783>and <00:02:59.863>the <00:02:59.969>number <00:03:00.296>to <00:03:00.463>sit <00:03:00.707>with <00:03:01.016>is <00:03:01.163>the <00:03:01.379>exit <00:03:01.816>multiple: <00:03:02.523>a <00:03:02.755>more <00:03:02.931>than <00:03:03.219>fivefold <00:03:04.003>return.

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<v Sarah>That's <00:03:05.243>why <00:03:05.390>we're <00:03:05.563>talking <00:03:05.896>about <00:03:06.216>it.

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<v Matt>Fivefold. <00:03:08.216>On <00:03:08.443>a <00:03:08.550>power <00:03:08.963>platform.

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<v Matt>Not <00:03:10.350>on <00:03:10.463>new <00:03:10.703>megawatts, <00:03:11.583>not <00:03:11.790>on <00:03:11.898>transmission <00:03:12.670>built — <00:03:13.491>just <00:03:13.703>the <00:03:13.830>price <00:03:14.263>tag <00:03:14.611>went <00:03:14.851>from <00:03:15.243>X <00:03:15.550>to <00:03:15.923>5X.

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<v Sarah>EQT's <00:03:17.923>a <00:03:18.053>Swedish <00:03:18.456>infrastructure <00:03:19.267>long-hold <00:03:19.830>buyer

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<v Sarah>so <00:03:20.923>I'm <00:03:21.171>less <00:03:21.407>interested <00:03:21.896>in <00:03:22.033>whether <00:03:22.323>$2.6 <00:03:23.153>billion <00:03:24.003>is <00:03:24.243>rich <00:03:24.675>than <00:03:25.150>in <00:03:25.251>what <00:03:25.475>they <00:03:25.643>think <00:03:25.875>they <00:03:26.060>bought: <00:03:26.763>a <00:03:27.105>platform <00:03:27.630>to <00:03:27.747>keep <00:03:28.056>building

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<v Sarah>or <00:03:29.203>a <00:03:29.348>stabilized <00:03:30.083>asset <00:03:30.536>to <00:03:30.691>clip <00:03:30.953>coupons <00:03:31.550>on.

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<v Matt>And <00:03:32.463>put <00:03:32.691>that <00:03:32.963>fivefold <00:03:33.667>next <00:03:33.950>to <00:03:34.043>the <00:03:34.263>ISO-NE <00:03:35.030>queue <00:03:35.443>math <00:03:35.809>coming <00:03:36.163>up — <00:03:36.843>under <00:03:37.123>5,000 <00:03:37.870>of <00:03:38.003>14,541 <00:03:40.223>megawatts <00:03:40.901>actually <00:03:41.750>built <00:03:42.190>by <00:03:42.483>2029.

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<v Matt>The <00:03:44.536>PE <00:03:44.894>return <00:03:45.483>and <00:03:45.623>the <00:03:45.747>real <00:03:46.070>build <00:03:46.467>rate <00:03:46.823>are <00:03:47.173>running <00:03:47.576>in <00:03:47.745>opposite <00:03:48.316>directions.

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<v Sarah>That <00:03:49.732>appreciation <00:03:50.376>is <00:03:50.531>real, <00:03:50.837>though — <00:03:51.499>Bloomberg <00:03:52.063>Law <00:03:52.300>frames <00:03:52.696>it <00:03:52.883>as <00:03:53.123>how <00:03:53.443>fast <00:03:53.803>these <00:03:54.056>power <00:03:54.379>platforms <00:03:54.915>have <00:03:55.103>run <00:03:55.363>up <00:03:55.563>since <00:03:55.843>Carlyle <00:03:56.383>got <00:03:56.670>in.

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<v Sarah>The <00:03:57.670>asset <00:03:58.070>class <00:03:58.483>repriced <00:03:59.070>in <00:03:59.163>a <00:03:59.263>few <00:03:59.523>years.

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<v Matt>Sure, <00:04:01.187>repriced. <00:04:02.136>On <00:04:02.583>the <00:04:02.693>promise <00:04:03.096>of <00:04:03.267>load <00:04:03.571>that <00:04:03.843>mostly <00:04:04.387>hasn't <00:04:04.776>energized <00:04:05.443>yet.

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<v Matt>Somebody's <00:04:07.159>buying <00:04:07.385>the <00:04:07.525>forecast, <00:04:08.465>not <00:04:08.665>the <00:04:08.805>plant.

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<v Sarah>From <00:04:10.319>Margaret <00:04:10.739>Mellott <00:04:11.208>at <00:04:11.502>KCUR:

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<v Quote>Work <00:04:13.304>on <00:04:13.491>Beale <00:04:13.864>Infrastructure’s <00:04:14.744>De <00:04:14.891>Soto <00:04:15.235>data <00:04:15.548>center <00:04:15.944>is <00:04:16.095>officially <00:04:16.584>underway

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<v Quote>and <00:04:17.619>much <00:04:17.864>to <00:04:18.019>many <00:04:18.259>residents’ <00:04:18.851>dismay

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<v Quote>the <00:04:19.701>project <00:04:20.104>scope <00:04:20.411>has <00:04:20.588>nearly <00:04:20.981>doubled <00:04:21.358>in <00:04:21.507>size <00:04:21.931>since <00:04:22.158>it <00:04:22.251>was <00:04:22.411>announced <00:04:22.835>last <00:04:23.160>August.

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<v Matt>De <00:04:24.222>Soto, <00:04:24.702>Kansas. <00:04:25.555>Beale <00:04:26.350>Infrastructure <00:04:27.102>sold <00:04:27.442>the <00:04:27.566>town <00:04:27.942>a <00:04:28.092>project <00:04:28.366>last <00:04:28.691>August

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<v Matt>and <00:04:29.742>by <00:04:29.982>April <00:04:30.569>it <00:04:30.662>was <00:04:30.846>four <00:04:31.150>buildings

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<v Matt>2.9 <00:04:32.602>million <00:04:33.068>square <00:04:33.422>feet — <00:04:34.727>nearly <00:04:34.851>double <00:04:35.302>the <00:04:35.470>footprint <00:04:35.942>the <00:04:36.110>neighbors <00:04:36.604>actually <00:04:37.148>signed <00:04:37.502>off <00:04:37.822>on.

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<v Matt>One <00:04:39.066>resident <00:04:39.456>called <00:04:39.715>it <00:04:39.902>a <00:04:40.062>breach <00:04:40.569>of <00:04:40.679>understanding <00:04:41.454>with <00:04:41.602>the <00:04:41.710>community.

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<v Matt>Yeah, <00:04:43.582>no <00:04:43.782>kidding — <00:04:44.582>you <00:04:44.742>approve <00:04:45.082>one <00:04:45.302>thing, <00:04:45.842>you <00:04:45.942>get <00:04:46.115>built <00:04:46.414>something <00:04:46.782>else.

62
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<v Matt>Same <00:04:48.289>local-permitting <00:04:49.173>backlash <00:04:49.795>we <00:04:49.950>keep <00:04:50.182>hitting, <00:04:50.910>just <00:04:51.134>with <00:04:51.302>a <00:04:51.422>Kansas <00:04:51.982>twist.

63
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<v Sarah>The <00:04:53.466>Planning <00:04:53.866>Commission <00:04:54.364>approved <00:04:54.882>the <00:04:54.995>scope <00:04:55.308>change <00:04:55.635>in <00:04:55.809>April — <00:04:56.642>the <00:04:56.766>same <00:04:57.075>month <00:04:57.391>construction <00:04:58.042>started.

64
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<v Sarah>So <00:04:59.122>the <00:04:59.246>paperwork <00:04:59.856>caught <00:05:00.089>up <00:05:00.195>to <00:05:00.322>the <00:05:00.435>shovels, <00:05:01.302>which <00:05:01.555>is <00:05:01.702>the <00:05:01.862>wrong <00:05:02.129>order.

65
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<v Sarah>$3 <00:05:03.552>billion, <00:05:04.942>300 <00:05:05.262>acres, <00:05:05.849>right <00:05:06.430>next <00:05:06.649>to <00:05:06.722>the <00:05:06.846>Panasonic <00:05:07.502>plant.

66
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<v Sarah>When <00:05:08.642>you <00:05:08.759>double <00:05:09.142>the <00:05:09.326>load <00:05:09.609>on <00:05:09.702>a <00:05:09.806>site <00:05:10.094>like <00:05:10.286>that

67
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<v Sarah>I'd <00:05:11.150>like <00:05:11.369>to <00:05:11.454>know <00:05:11.635>if <00:05:11.799>anyone <00:05:12.249>re-ran <00:05:12.809>an <00:05:12.929>interconnection <00:05:13.742>study — <00:05:14.782>or <00:05:15.022>if <00:05:15.222>the <00:05:15.386>original <00:05:15.802>numbers <00:05:16.270>just <00:05:16.522>got <00:05:16.782>waved <00:05:17.232>through <00:05:17.635>at <00:05:17.795>twice <00:05:18.082>the <00:05:18.270>size.

68
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<v Matt>That's <00:05:19.652>exactly <00:05:20.249>it. <00:05:20.862>The <00:05:21.158>approvals <00:05:21.702>get <00:05:21.862>written <00:05:22.182>for <00:05:22.382>one <00:05:22.675>thing, <00:05:23.302>and <00:05:23.442>the <00:05:23.582>build <00:05:24.062>gets <00:05:24.451>bigger.

69
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<v Matt>Who <00:05:25.982>re-reviewed <00:05:26.722>the <00:05:26.835>power <00:05:27.150>draw <00:05:27.374>when <00:05:27.555>it <00:05:27.712>doubled?

70
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<v Matt>Because <00:05:28.894>that's <00:05:29.202>the <00:05:29.308>ground-level <00:05:29.882>version <00:05:30.355>of <00:05:30.529>every <00:05:30.924>stranded-cost <00:05:31.809>story <00:05:32.195>we've <00:05:32.414>been <00:05:32.592>chewing <00:05:32.995>on <00:05:33.182>all <00:05:33.486>week.

71
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<v Sarah>Tia <00:05:35.080>Pappas, <00:05:35.640>writing <00:05:35.973>in <00:05:36.140>Modo <00:05:36.560>Energy:

72
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<v Quote>ISO-NE's <00:05:38.780>interconnection <00:05:39.500>queue <00:05:39.847>holds <00:05:40.327>127 <00:05:41.596>active <00:05:42.063>generator <00:05:42.647>projects <00:05:43.367>totaling <00:05:44.087>14,541 <00:05:46.380>MW.

73
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<v Quote>Less <00:05:47.879>than <00:05:48.167>5,000 <00:05:49.020>MW <00:05:49.527>is <00:05:49.733>likely <00:05:50.060>to <00:05:50.207>get <00:05:50.380>built <00:05:50.700>by <00:05:50.887>2029.

74
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<v Quote>Just <00:05:52.887>57 <00:05:53.527>projects, <00:05:54.647>5,952 <00:05:56.594>MW <00:05:56.994>at <00:05:57.111>nameplate, <00:05:58.039>have <00:05:58.238>executed <00:05:58.874>interconnection <00:05:59.592>agreements <00:06:00.407>(IAs) <00:06:01.267>and <00:06:01.744>target <00:06:02.123>commercial <00:06:02.551>operation <00:06:03.180>by <00:06:03.447>2029.

75
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<v Sarah>Modo <00:06:04.918>Energy's <00:06:05.381>got <00:06:05.541>the <00:06:05.781>ISO-NE <00:06:06.754>queue <00:06:07.091>numbers: <00:06:08.061>127 <00:06:09.158>active <00:06:09.572>projects, <00:06:10.541>14,541 <00:06:12.681>megawatts <00:06:13.314>on <00:06:13.501>paper.

76
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<v Sarah>Less <00:06:14.653>than <00:06:14.941>5,000 <00:06:15.608>of <00:06:15.709>that <00:06:15.958>likely <00:06:16.341>built <00:06:16.594>by <00:06:16.781>2029.

77
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<v Sarah>And <00:06:18.349>even <00:06:18.561>the <00:06:18.690>signed <00:06:19.197>tier <00:06:19.661>flatters <00:06:20.241>the <00:06:20.358>number.

78
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<v Sarah>57 <00:06:21.883>projects <00:06:22.413>with <00:06:22.612>executed <00:06:23.248>interconnection <00:06:23.959>agreements, <00:06:25.181>5,952 <00:06:26.981>megawatts <00:06:27.565>nameplate — <00:06:28.754>apply <00:06:29.061>the <00:06:29.221>build-through <00:06:29.728>rates <00:06:30.101>and <00:06:30.241>you're <00:06:30.429>down <00:06:30.648>to <00:06:30.861>4,395.

79
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<v Sarah>A <00:06:34.094>quarter <00:06:34.357>of <00:06:34.484>the <00:06:34.601>signed <00:06:34.997>queue <00:06:35.328>just <00:06:35.664>evaporates <00:06:36.437>on <00:06:36.564>the <00:06:36.664>way <00:06:36.811>to <00:06:36.917>steel <00:06:37.211>in <00:06:37.284>the <00:06:37.424>ground.

80
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<v Matt>Sit <00:06:38.624>with <00:06:38.864>that <00:06:39.161>spread <00:06:39.524>for <00:06:39.624>a <00:06:39.733>second.

81
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<v Matt>Fourteen <00:06:41.064>and <00:06:41.224>a <00:06:41.312>half <00:06:41.548>thousand <00:06:41.984>queued, <00:06:42.837>forty-four <00:06:43.394>hundred <00:06:43.806>actually <00:06:44.371>built.

82
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<v Matt>That's <00:06:45.524>the <00:06:45.618>number <00:06:45.904>I <00:06:46.016>keep <00:06:46.201>coming <00:06:46.592>back <00:06:46.837>to <00:06:46.997>after <00:06:47.284>the <00:06:47.424>Copia <00:06:47.792>deal <00:06:48.037>we <00:06:48.192>just <00:06:48.544>hit — <00:06:49.264>Carlyle <00:06:49.797>flips <00:06:50.144>a <00:06:50.264>power <00:06:50.535>platform <00:06:51.144>for <00:06:51.344>a <00:06:51.504>fivefold <00:06:52.110>return <00:06:52.904>while <00:06:53.124>the

83
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<v Matt>actual <00:06:53.731>build <00:06:54.112>rate <00:06:54.357>is <00:06:54.504>running <00:06:54.811>at <00:06:54.928>what

84
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<v Matt>thirty <00:06:55.824>percent? <00:06:56.804>The <00:06:57.237>PE <00:06:57.548>multiple <00:06:57.944>doesn't <00:06:58.288>care <00:06:58.574>whether <00:06:58.824>the <00:06:58.984>megawatts <00:06:59.536>show <00:06:59.771>up.

85
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<v Matt>The <00:07:00.544>ratepayer <00:07:01.162>eventually <00:07:01.840>does.

86
00:07:02.530 --> 00:07:10.064
<v Sarah>One <00:07:02.971>thing <00:07:03.136>that <00:07:03.317>jumps <00:07:03.664>out — <00:07:04.464>97% <00:07:05.371>of <00:07:05.456>that <00:07:05.637>expected <00:07:06.131>build <00:07:06.544>is <00:07:06.800>wind, <00:07:07.664>solar, <00:07:08.454>storage, <00:07:09.051>or <00:07:09.197>hydro.

87
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<v Sarah>AI <00:07:10.608>load <00:07:10.933>barely <00:07:11.397>explains <00:07:11.872>this <00:07:12.131>queue.

88
00:07:12.864 --> 00:07:16.850
<v Sarah>New <00:07:13.144>England's <00:07:13.548>building <00:07:13.936>what <00:07:14.121>Massachusetts <00:07:14.884>and <00:07:14.964>the <00:07:15.144>RPS <00:07:15.728>told <00:07:16.011>it <00:07:16.117>to <00:07:16.277>build.

89
00:07:16.850 --> 00:07:21.664
<v Matt>Right <00:07:17.477>so <00:07:17.600>when <00:07:17.744>a <00:07:17.881>hyperscaler <00:07:18.611>waves <00:07:18.984>a <00:07:19.088>load-growth <00:07:19.726>forecast <00:07:20.251>at <00:07:20.384>a <00:07:20.504>queue <00:07:20.736>like <00:07:20.944>this

90
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<v Matt>what <00:07:21.884>matters <00:07:22.357>is <00:07:22.504>which <00:07:22.731>of <00:07:22.824>these <00:07:23.104>127 <00:07:24.354>survive <00:07:24.724>the <00:07:24.834>cluster <00:07:25.251>study

91
00:07:25.964 --> 00:07:27.824
<v Matt>not <00:07:26.204>how <00:07:26.432>fast <00:07:26.664>you <00:07:26.844>process <00:07:27.312>them.

92
00:07:28.289 --> 00:07:30.304
<v Matt>You <00:07:28.344>can <00:07:28.508>automate <00:07:28.884>the <00:07:28.992>paperwork <00:07:29.484>all <00:07:29.684>you <00:07:29.840>want.

93
00:07:30.384 --> 00:07:31.984
<v Matt>Doesn't <00:07:30.912>pour <00:07:31.144>a <00:07:31.249>foundation.

94
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<v Sarah>Here's <00:07:32.922>Morningstar:

95
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<v Quote>The <00:07:34.359>private <00:07:34.699>capital <00:07:35.176>giants <00:07:35.535>that <00:07:35.645>helped <00:07:35.979>finance <00:07:36.459>America’s <00:07:37.010>artificial <00:07:37.568>intelligence <00:07:38.223>data <00:07:38.525>center <00:07:38.879>boom <00:07:39.279>have <00:07:39.639>spent <00:07:39.879>the <00:07:40.063>past <00:07:40.346>eight <00:07:40.543>days <00:07:40.839>doing <00:07:41.103>more

96
00:07:41.409 --> 00:07:43.759
<v Quote>selling <00:07:42.111>shelving <00:07:42.739>and <00:07:42.892>refinancing.

97
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<v Quote>On <00:07:44.687>June <00:07:44.959>29 <00:07:45.972>Blackstone <00:07:46.639>BK <00:07:47.023>sold <00:07:47.348>stakes <00:07:47.839>in <00:07:48.052>three <00:07:48.386>fully <00:07:48.776>leased <00:07:49.163>Northern <00:07:49.572>Virginia <00:07:50.063>data <00:07:50.379>centers <00:07:50.906>to <00:07:51.169>Digital <00:07:51.576>Realty <00:07:51.999>Trust <00:07:52.599>DLR <00:07:53.439>for <00:07:53.719>$3.5 <00:07:54.749>billion

98
00:07:56.045 --> 00:07:58.799
<v Quote>taking <00:07:56.359>$1.2 <00:07:57.159>billion <00:07:57.466>in <00:07:57.615>cash <00:07:58.039>off <00:07:58.199>the <00:07:58.372>table.

99
00:07:59.092 --> 00:08:04.532
<v Sarah>Morningstar's <00:07:59.772>got <00:07:59.912>the <00:08:00.012>whole <00:08:00.265>eight <00:08:00.612>days <00:08:00.985>in <00:08:01.152>one <00:08:01.412>line: <00:08:02.192>selling, <00:08:02.900>shelving, <00:08:03.639>refinancing.

100
00:08:04.665 --> 00:08:10.372
<v Sarah>Blackstone <00:08:05.639>sells <00:08:06.029>stakes <00:08:06.399>to <00:08:06.502>Digital <00:08:06.909>Realty <00:08:07.292>for <00:08:07.492>$3.5 <00:08:08.402>billion <00:08:09.225>on <00:08:09.380>June <00:08:09.652>29

101
00:08:10.479 --> 00:08:13.572
<v Sarah>pulls <00:08:11.092>$1.2 <00:08:11.832>billion <00:08:12.559>in <00:08:12.724>cash

102
00:08:13.620 --> 00:08:17.685
<v Sarah>then <00:08:13.932>QTS <00:08:14.519>walks <00:08:14.884>from <00:08:15.032>the <00:08:15.142>Digital <00:08:15.542>Gateway <00:08:15.961>campus <00:08:16.412>three <00:08:16.676>days <00:08:16.999>later.

103
00:08:17.685 --> 00:08:20.372
<v Matt>That's <00:08:18.392>the <00:08:18.498>answer <00:08:18.825>to <00:08:19.012>who <00:08:19.316>eats <00:08:19.652>it.

104
00:08:20.440 --> 00:08:29.492
<v Matt>You <00:08:20.532>monetize <00:08:21.212>the <00:08:21.378>leased-up <00:08:21.865>Virginia <00:08:22.372>assets, <00:08:23.212>you <00:08:23.412>strand <00:08:23.932>the <00:08:24.132>2,100-acre <00:08:25.312>megaproject <00:08:26.012>the <00:08:26.172>neighbors <00:08:26.566>fought <00:08:26.812>for <00:08:27.025>years, <00:08:27.852>and <00:08:27.992>the <00:08:28.088>difference <00:08:28.548>just...

105
00:08:29.572 --> 00:08:31.723
<v Matt>evaporates <00:08:30.352>off <00:08:30.552>the <00:08:30.662>balance <00:08:31.065>sheet.

106
00:08:31.723 --> 00:08:33.972
<v Sarah>And <00:08:32.072>the <00:08:32.185>Brookfield <00:08:32.679>piece <00:08:33.092>is <00:08:33.272>the <00:08:33.428>tell.

107
00:08:34.100 --> 00:08:39.972
<v Sarah>That <00:08:34.652>$1.35 <00:08:35.982>billion <00:08:36.732>Csquare <00:08:37.512>IPO — <00:08:38.472>the <00:08:38.594>proceeds <00:08:39.124>aren't <00:08:39.372>for <00:08:39.549>growth.

108
00:08:40.105 --> 00:08:48.548
<v Sarah>It's <00:08:40.486>paying <00:08:40.740>down <00:08:41.012>a <00:08:41.172>$734 <00:08:42.222>million <00:08:42.914>revolver <00:08:43.552>and <00:08:44.020>part <00:08:44.265>of <00:08:44.412>$4.3 <00:08:45.352>billion <00:08:46.105>in <00:08:46.292>securitized <00:08:47.188>debt.

109
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<v Matt>A <00:08:48.674>company <00:08:48.829>losing <00:08:49.292>$66 <00:08:50.242>million <00:08:51.052>a <00:08:51.152>quarter <00:08:51.759>on <00:08:52.212>$270 <00:08:53.522>million <00:08:54.345>in <00:08:54.552>revenue <00:08:55.332>is <00:08:55.532>going <00:08:55.823>public <00:08:56.452>to <00:08:56.662>service <00:08:57.072>its <00:08:57.316>debt.

110
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<v Matt>They're <00:08:58.582>raising <00:08:58.985>money <00:08:59.332>so <00:08:59.524>they <00:08:59.692>can <00:08:59.876>keep <00:09:00.196>breathing, <00:09:01.138>before <00:09:01.444>they <00:09:01.620>even <00:09:01.876>talk <00:09:02.185>about <00:09:02.505>building.

111
00:09:03.125 --> 00:09:09.972
<v Sarah>Set <00:09:03.380>that <00:09:03.620>next <00:09:03.839>to <00:09:03.912>the <00:09:04.072>Copia <00:09:04.612>exit <00:09:04.985>we <00:09:05.152>hit <00:09:05.432>earlier — <00:09:06.292>Carlyle <00:09:06.816>clipping <00:09:07.212>a <00:09:07.348>fivefold <00:09:07.972>return <00:09:08.492>selling <00:09:08.825>to <00:09:09.092>EQT.

112
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<v Sarah>Same <00:09:10.596>week: <00:09:11.092>one <00:09:11.636>shop <00:09:11.972>cashes <00:09:12.432>out <00:09:12.692>rich, <00:09:13.382>another <00:09:13.780>goes <00:09:14.041>public <00:09:14.500>just <00:09:14.745>to <00:09:14.900>feed <00:09:15.132>the <00:09:15.296>interest <00:09:15.719>meter.

113
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<v Matt>And <00:09:16.812>the <00:09:16.989>public <00:09:17.399>story <00:09:17.812>is <00:09:18.052>still <00:09:18.585>build, <00:09:19.479>build, <00:09:20.119>build.

114
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<v Matt>The <00:09:21.225>smart <00:09:21.532>money's <00:09:21.844>been <00:09:22.025>trimming <00:09:22.472>for <00:09:22.585>eight <00:09:22.896>straight <00:09:23.396>days <00:09:24.012>while <00:09:24.232>the <00:09:24.372>megawatt <00:09:24.919>press <00:09:25.305>releases <00:09:25.796>keep <00:09:26.121>flying.

115
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<v Host>If <00:09:27.971>you <00:09:28.125>follow <00:09:28.371>the <00:09:28.534>infrastructure <00:09:29.188>behind <00:09:29.691>AI

116
00:09:30.451 --> 00:09:36.651
<v Host>check <00:09:30.691>out <00:09:30.859>Anthropic <00:09:31.424>Pentagon <00:09:31.918>Watch — <00:09:32.851>a <00:09:32.931>daily <00:09:33.175>briefing <00:09:33.584>on <00:09:33.739>Anthropic’s <00:09:34.371>fight <00:09:34.603>with <00:09:34.751>the <00:09:34.918>DoD <00:09:35.355>over <00:09:35.691>Claude

117
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<v Host>military <00:09:37.264>AI <00:09:37.651>use <00:09:38.360>autonomous <00:09:38.721>weapons

118
00:09:39.411 --> 00:09:41.531
<v Host>and <00:09:39.904>AI <00:09:40.211>procurement <00:09:40.718>blacklisting.

119
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<v Host>Find <00:09:42.464>it <00:09:42.607>wherever <00:09:42.911>you <00:09:43.005>listen <00:09:43.238>to <00:09:43.380>podcasts.

120
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