WEBVTT

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<v Sarah>The <00:00:00.304>grid <00:00:00.630>finally <00:00:01.166>handed <00:00:01.493>us <00:00:01.640>a <00:00:01.726>number <00:00:02.060>for <00:00:02.272>what <00:00:02.440>all <00:00:02.600>these <00:00:02.857>permit <00:00:03.246>fights <00:00:03.564>actually <00:00:04.048>cost: <00:00:05.120>sixty <00:00:05.610>percent.

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<v Sarah>If <00:00:07.300>you're <00:00:07.488>just <00:00:07.730>joining <00:00:08.160>us, <00:00:08.880>PJM's <00:00:09.493>capacity <00:00:09.977>market <00:00:10.360>was <00:00:10.533>flashing <00:00:11.060>red <00:00:11.440>long <00:00:11.806>before <00:00:12.173>today.

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<v Sarah>The <00:00:13.250>auction <00:00:13.640>has <00:00:13.794>missed <00:00:14.060>its <00:00:14.286>supply <00:00:14.629>target <00:00:15.093>three <00:00:15.427>years <00:00:15.810>running, <00:00:16.592>with <00:00:16.740>the <00:00:16.844>clearing <00:00:17.280>price <00:00:17.737>pinned <00:00:18.107>at <00:00:18.180>the <00:00:18.320>$325-per-MW-day <00:00:21.080>cap.

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<v Sarah>The <00:00:22.137>stress <00:00:22.537>traces <00:00:22.928>back <00:00:23.173>to <00:00:23.360>fast-rising <00:00:24.224>load — <00:00:25.067>AI <00:00:25.344>data <00:00:25.650>centers <00:00:26.051>especially — <00:00:27.140>and <00:00:27.240>a <00:00:27.331>generation <00:00:27.911>pipeline <00:00:28.512>that <00:00:28.720>can't <00:00:29.107>interconnect <00:00:29.840>fast <00:00:30.217>enough.

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<v Matt>This <00:00:31.520>is <00:00:31.680>The <00:00:31.840>Data <00:00:32.206>Center <00:00:32.547>Daily.

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<v Matt>Today <00:00:33.493>we're <00:00:33.716>starting <00:00:34.027>in <00:00:34.120>New <00:00:34.320>York

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<v Matt>where <00:00:35.120>50 <00:00:35.420>megawatts <00:00:36.133>is <00:00:36.260>the <00:00:36.400>line; <00:00:37.347>Texas <00:00:37.733>is <00:00:37.900>arguing <00:00:38.352>over <00:00:38.540>who <00:00:38.816>pays; <00:00:39.380>and <00:00:39.749>Google <00:00:40.208>says <00:00:40.427>it <00:00:40.540>has <00:00:40.740>the <00:00:40.870>biggest <00:00:41.427>solar <00:00:41.824>deal <00:00:42.107>in <00:00:42.180>the <00:00:42.300>country.

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<v Matt>We'll <00:00:43.580>see <00:00:43.813>whose <00:00:44.200>PPA <00:00:44.720>is <00:00:44.951>actually <00:00:45.589>signed.

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<v Sarah>This <00:00:47.226>one's <00:00:47.458>from <00:00:47.658>Bloomberg:

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<v Quote>PJM <00:00:50.908>Interconnection <00:00:51.815>LLC

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<v Quote>which <00:00:52.821>serves <00:00:53.175>13 <00:00:53.632>states <00:00:53.995>and <00:00:54.106>Washington

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<v Quote>DC <00:00:55.479>said <00:00:55.785>Tuesday <00:00:56.151>that <00:00:56.275>its <00:00:56.505>auction <00:00:56.882>to <00:00:56.985>procure <00:00:57.402>power <00:00:57.775>for <00:00:57.935>the <00:00:58.103>year <00:00:58.331>starting <00:00:58.695>June <00:00:59.095>2028 <00:01:00.295>tied <00:01:00.655>a <00:01:00.735>$16.4 <00:01:02.005>billion <00:01:02.832>record <00:01:03.235>set <00:01:03.468>in <00:01:03.607>late <00:01:03.895>2025.

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<v Quote>Data <00:01:05.615>centers <00:01:05.943>accounted <00:01:06.395>for <00:01:06.505>roughly <00:01:06.935>$6.3 <00:01:07.835>billion <00:01:08.588>of <00:01:08.711>that <00:01:08.842>total

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<v Quote>said <00:01:09.632>Joseph <00:01:10.035>Bowring <00:01:10.655>president <00:01:11.042>of <00:01:11.146>Monitoring <00:01:11.711>Analytics

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<v Quote>the <00:01:12.599>grid’s <00:01:12.988>independent <00:01:13.621>market <00:01:13.955>monitor.

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<v Sarah>PJM's <00:01:15.534>2028 <00:01:16.384>auction <00:01:16.794>cleared <00:01:17.241>at <00:01:17.334>a <00:01:17.443>record-tying <00:01:18.294>$16.4 <00:01:19.584>billion

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<v Sarah>and <00:01:21.074>the <00:01:21.191>market <00:01:21.594>monitor — <00:01:22.374>Joe <00:01:22.574>Bowring <00:01:23.081>at <00:01:23.185>Monitoring <00:01:23.766>Analytics — <00:01:24.862>puts <00:01:25.174>$6.3 <00:01:26.124>billion <00:01:26.921>of <00:01:27.038>that <00:01:27.356>squarely <00:01:27.907>on <00:01:28.078>data <00:01:28.404>centers.

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<v Matt>Six-point-three <00:01:31.034>billion.

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<v Matt>Add <00:01:32.994>the <00:01:33.094>three <00:01:33.338>auctions <00:01:33.751>before <00:01:34.147>it, <00:01:34.534>and <00:01:34.714>Bowring <00:01:35.182>says <00:01:35.438>data <00:01:35.744>centers <00:01:36.126>have <00:01:36.300>loaded <00:01:36.643>almost <00:01:37.134>thirty <00:01:37.704>billion <00:01:38.414>onto <00:01:38.867>PJM <00:01:39.262>ratepayers.

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<v Matt>That's <00:01:41.034>the <00:01:41.294>invoice <00:01:41.924>landing.

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<v Sarah>And <00:01:43.001>it <00:01:43.107>still <00:01:43.438>fell <00:01:43.774>6.8 <00:01:44.614>gigawatts <00:01:45.267>short <00:01:45.561>of <00:01:45.687>reliability.

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<v Sarah>Third <00:01:47.418>straight <00:01:47.824>auction <00:01:48.214>missing <00:01:48.514>the <00:01:48.654>target.

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<v Sarah>Record <00:01:50.030>cost, <00:01:50.754>and <00:01:50.867>it <00:01:51.027>still <00:01:51.326>didn't <00:01:51.594>buy <00:01:51.808>enough <00:01:52.081>power.

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<v Matt>Bowring's <00:01:53.634>fix <00:01:54.014>is <00:01:54.214>the <00:01:54.382>part <00:01:54.654>I'd <00:01:54.878>underline: <00:01:56.074>run <00:01:56.334>a <00:01:56.450>separate <00:01:56.794>auction <00:01:57.294>just <00:01:57.654>for <00:01:57.838>data <00:01:58.154>centers

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<v Matt>so <00:01:59.074>the <00:01:59.194>guy <00:01:59.401>in <00:01:59.566>Ohio <00:02:00.074>who <00:02:00.294>never <00:02:00.547>asked <00:02:00.854>for <00:02:01.014>a <00:02:01.111>server <00:02:01.518>hall <00:02:01.881>stops <00:02:02.471>eating <00:02:02.834>the <00:02:02.945>difference.

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<v Matt>The <00:02:04.396>watchdog <00:02:04.947>is <00:02:05.100>saying <00:02:05.394>the <00:02:05.521>quiet <00:02:05.918>part <00:02:06.254>out <00:02:06.590>loud.

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<v Sarah>Which <00:02:07.507>is <00:02:07.674>notable, <00:02:08.254>because <00:02:08.864>vendors <00:02:09.262>keep <00:02:09.494>telling <00:02:09.854>us <00:02:10.072>efficiency <00:02:10.711>solves <00:02:11.134>this.

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<v Sarah>A <00:02:12.144>monitor <00:02:12.542>with <00:02:12.774>a <00:02:12.860>thirty-billion-dollar <00:02:13.974>tab <00:02:14.394>isn't <00:02:14.710>persuaded <00:02:15.267>by <00:02:15.427>performance-per-watt <00:02:16.654>slides.

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<v Sarah>From <00:02:18.011>Markus <00:02:18.482>Kasanmascheff <00:02:19.382>at <00:02:19.622>WinBuzzer:

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<v Quote>New <00:02:21.128>York <00:02:21.364>Governor <00:02:21.787>Kathy <00:02:22.184>Hochul <00:02:22.580>has <00:02:22.806>signed <00:02:23.107>an <00:02:23.213>order <00:02:23.507>to <00:02:23.640>halt <00:02:24.018>incomplete <00:02:24.651>environmental <00:02:25.380>permits <00:02:25.840>for <00:02:26.020>new <00:02:26.280>data <00:02:26.650>centers <00:02:27.053>using <00:02:27.480>50 <00:02:27.780>megawatts <00:02:28.307>or <00:02:28.440>more

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<v Quote>a <00:02:29.389>cutoff <00:02:29.853>aimed <00:02:30.173>at <00:02:30.331>facilities <00:02:30.872>that <00:02:31.020>can <00:02:31.149>impose <00:02:31.613>large <00:02:31.933>water <00:02:32.260>demands

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<v Quote>for <00:02:33.160>up <00:02:33.347>to <00:02:33.460>one <00:02:33.704>year. <00:02:34.240>The <00:02:34.907>pause <00:02:35.297>leaves <00:02:35.700>already-approved <00:02:36.569>developments <00:02:37.220>outside <00:02:37.680>its <00:02:37.853>scope.

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<v Sarah>New <00:02:38.638>York's <00:02:38.950>put <00:02:39.110>a <00:02:39.196>number <00:02:39.523>on <00:02:39.650>the <00:02:39.790>pause: <00:02:40.670>50 <00:02:40.970>megawatts <00:02:41.610>and <00:02:41.897>up

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<v Sarah>incomplete <00:02:43.130>permits <00:02:43.607>frozen <00:02:44.010>for <00:02:44.243>up <00:02:44.377>to <00:02:44.510>a <00:02:44.654>year <00:02:45.003>while <00:02:45.528>regulators <00:02:46.163>write <00:02:46.510>grid

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<v Sarah>water <00:02:47.710>air <00:02:48.090>and <00:02:48.318>community <00:02:48.843>rules.

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<v Sarah>It's <00:02:50.150>the <00:02:50.323>floor <00:02:50.636>number <00:02:50.963>we <00:02:51.102>didn't <00:02:51.390>have <00:02:51.726>when <00:02:51.854>Executive <00:02:52.483>Order <00:02:52.910>62 <00:02:53.530>dropped.

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<v Matt>And <00:02:54.798>here's <00:02:55.190>why <00:02:55.363>it <00:02:55.530>matters: <00:02:56.710>12 <00:02:56.950>gigawatts <00:02:57.523>of <00:02:57.697>large <00:02:58.094>load <00:02:58.410>was <00:02:58.620>sitting <00:02:58.857>in <00:02:58.950>the <00:02:59.123>interconnection <00:02:59.843>queue <00:03:00.190>as <00:03:00.403>of <00:03:00.610>May.

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<v Matt>New <00:03:01.790>York <00:03:02.174>just <00:03:02.478>told <00:03:02.750>a <00:03:02.870>chunk <00:03:03.097>of <00:03:03.198>that <00:03:03.470>to <00:03:03.742>stop <00:03:04.270>and <00:03:04.563>prove <00:03:04.883>it <00:03:05.083>first.

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<v Sarah>Note <00:03:06.318>what's <00:03:06.830>exempt: <00:03:07.240>already-approved <00:03:08.341>projects <00:03:08.970>and <00:03:09.220>smaller <00:03:09.767>institutional <00:03:10.603>sites.

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<v Sarah>The <00:03:11.676>freeze <00:03:12.014>hits <00:03:12.321>incomplete <00:03:12.890>permits <00:03:13.406>only; <00:03:14.217>there's <00:03:14.483>no <00:03:14.654>claw-back.

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<v Sarah>The <00:03:15.750>stuff <00:03:16.003>in <00:03:16.160>the <00:03:16.339>ground <00:03:16.563>keeps <00:03:16.910>going.

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<v Matt>Put <00:03:17.870>it <00:03:18.030>next <00:03:18.377>to <00:03:18.470>the <00:03:18.670>60% <00:03:19.470>cost <00:03:19.836>figure <00:03:20.163>we <00:03:20.334>just <00:03:20.650>hit, <00:03:21.250>and <00:03:21.337>it's <00:03:21.530>the <00:03:21.750>other <00:03:22.030>end <00:03:22.323>of <00:03:22.450>the <00:03:22.590>same <00:03:22.990>problem.

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<v Matt>PJM <00:03:24.739>prices <00:03:25.190>the <00:03:25.410>gap; <00:03:26.150>New <00:03:26.334>York <00:03:26.670>slams <00:03:27.170>the <00:03:27.294>door <00:03:27.603>on <00:03:27.770>new <00:03:28.014>entrants <00:03:28.577>while <00:03:28.937>it <00:03:29.047>writes <00:03:29.430>the <00:03:29.630>rulebook.

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<v Sarah>And <00:03:30.737>water <00:03:31.140>quality <00:03:31.683>is <00:03:31.830>one <00:03:31.977>of <00:03:32.070>the <00:03:32.238>four <00:03:32.523>areas <00:03:33.006>they're <00:03:33.270>now <00:03:33.461>required <00:03:34.057>to <00:03:34.190>define.

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<v Sarah>Somebody's <00:03:35.670>finally <00:03:35.990>going <00:03:36.243>to <00:03:36.377>do <00:03:36.470>the <00:03:36.650>two-billion-gallon <00:03:37.768>arithmetic <00:03:38.407>before <00:03:38.770>the <00:03:38.910>permit, <00:03:39.770>not <00:03:40.030>after.

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<v Sarah>Mark <00:03:41.703>Segal <00:03:42.107>over <00:03:42.416>at <00:03:42.643>ESG <00:03:43.083>Today <00:03:43.563>has <00:03:43.893>the <00:03:44.208>details.

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<v Sarah>Google's <00:03:45.460>signed <00:03:45.835>what <00:03:46.123>ESG <00:03:46.683>Today <00:03:47.136>is <00:03:47.293>calling <00:03:47.703>the <00:03:47.963>largest <00:03:48.603>solar <00:03:49.073>project <00:03:49.590>in <00:03:49.663>the <00:03:49.910>US.

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<v Sarah>And <00:03:50.816>it <00:03:50.990>lands <00:03:51.343>the <00:03:51.467>same <00:03:51.773>morning <00:03:52.310>PJM <00:03:52.900>prints <00:03:53.283>the <00:03:53.563>60% <00:03:54.352>supply-cost <00:03:55.163>jump <00:03:55.536>we <00:03:55.700>opened <00:03:56.123>with.

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<v Sarah>Google's <00:03:57.609>buying <00:03:57.940>itself <00:03:58.343>out <00:03:58.536>of <00:03:58.573>the <00:03:58.667>grid-cost <00:03:59.305>exposure <00:03:59.843>the <00:04:00.011>rest <00:04:00.256>of <00:04:00.383>the <00:04:00.496>queue <00:04:00.816>is <00:04:00.963>about <00:04:01.216>to <00:04:01.423>eat.

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<v Matt>Largest <00:04:03.056>in <00:04:03.183>the <00:04:03.456>US — <00:04:04.430>great <00:04:04.816>headline.

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<v Matt>Is <00:04:06.083>the <00:04:06.323>PPA <00:04:06.774>signed <00:04:07.343>and <00:04:07.470>power <00:04:07.873>flowing, <00:04:08.816>or <00:04:08.976>is <00:04:09.147>this <00:04:09.483>contracted-someday <00:04:11.207>capacity <00:04:11.613>dressed <00:04:12.016>up <00:04:12.163>for <00:04:12.323>a <00:04:12.416>press <00:04:12.750>cycle?

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<v Sarah>ESG <00:04:14.191>Today <00:04:14.572>says <00:04:14.844>signed.

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<v Sarah>What <00:04:16.004>I <00:04:16.084>don't <00:04:16.364>see <00:04:16.684>is <00:04:16.871>an <00:04:17.004>in-service <00:04:17.708>date <00:04:18.017>or <00:04:18.164>the <00:04:18.380>term.

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<v Sarah>Announced <00:04:19.844>and <00:04:20.031>energized <00:04:20.864>are <00:04:20.964>different <00:04:21.404>animals.

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<v Matt>Right — <00:04:23.604>and <00:04:23.781>Google <00:04:24.188>self-insuring <00:04:25.044>against <00:04:25.404>a <00:04:25.564>60% <00:04:26.204>cost <00:04:26.588>bump <00:04:26.924>is <00:04:27.148>fine <00:04:27.444>for <00:04:27.633>Google.

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<v Matt>The <00:04:28.908>ratepayer <00:04:29.457>in <00:04:29.724>PJM <00:04:30.180>territory <00:04:30.724>doesn't <00:04:31.044>get <00:04:31.191>to <00:04:31.292>sign <00:04:31.564>a <00:04:31.697>solar <00:04:32.012>deal <00:04:32.257>to <00:04:32.444>opt <00:04:32.724>out <00:04:32.871>of <00:04:32.956>that <00:04:33.174>invoice.

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<v Sarah>Here's <00:04:35.153>Matt <00:04:35.385>Boms <00:04:35.798>at <00:04:35.972>Texas <00:04:36.362>Energy <00:04:36.725>and <00:04:36.865>Power:

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<v Quote>The <00:04:38.141>scale <00:04:38.461>explains <00:04:38.988>why.

59
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<v Quote>ERCOT <00:04:40.464>estimates <00:04:41.021>up <00:04:41.181>to <00:04:41.368>110 <00:04:42.308>gigawatts <00:04:42.941>of <00:04:43.148>new <00:04:43.528>large <00:04:44.008>loads <00:04:44.448>could <00:04:44.696>seek <00:04:44.915>to <00:04:45.018>connect <00:04:45.416>over <00:04:45.628>the <00:04:45.736>next <00:04:45.976>five <00:04:46.248>years

60
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<v Quote>more <00:04:47.240>than <00:04:47.425>double <00:04:47.835>today’s <00:04:48.294>system <00:04:48.632>peak <00:04:48.915>of <00:04:49.021>about <00:04:49.368>86 <00:04:49.888>gigawatts.

61
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<v Quote>Before <00:04:51.748>any <00:04:51.955>of <00:04:52.040>that <00:04:52.219>generation <00:04:52.798>arrives

62
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<v Quote>about <00:04:54.028>$37 <00:04:54.668>billion <00:04:55.395>in <00:04:55.491>transmission <00:04:56.088>costs <00:04:56.548>are <00:04:56.768>already <00:04:57.101>baked <00:04:57.416>into <00:04:57.628>the <00:04:57.745>system

63
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<v Quote>pushing <00:04:58.848>rates <00:04:59.128>up <00:04:59.328>roughly <00:04:59.768>3.5 <00:05:00.608>percent <00:05:00.968>a <00:05:01.112>year <00:05:01.428>for <00:05:01.648>every <00:05:01.919>customer.

64
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<v Matt>After <00:05:03.108>that <00:05:03.284>Bloomberg <00:05:03.762>number — <00:05:04.623>PJM <00:05:05.145>supply <00:05:05.649>costs <00:05:06.169>up <00:05:06.596>60% — <00:05:07.796>Texas <00:05:08.276>is <00:05:08.489>going <00:05:08.796>the <00:05:08.956>other <00:05:09.212>direction.

65
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<v Matt>The <00:05:10.743>Texas <00:05:11.133>Energy <00:05:11.533>Buyers <00:05:11.929>Alliance <00:05:12.413>walked <00:05:12.809>in <00:05:12.936>and <00:05:13.076>said, <00:05:13.762>charge <00:05:14.116>us.

66
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<v Matt>Tie <00:05:15.336>the <00:05:15.445>transmission <00:05:16.116>bill <00:05:16.463>to <00:05:16.576>our <00:05:16.809>approved <00:05:17.307>capacity.

67
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<v Sarah>And <00:05:18.376>the <00:05:18.516>scale <00:05:18.996>is <00:05:19.276>why.

68
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<v Sarah>ERCOT's <00:05:20.863>modeling <00:05:21.129>up <00:05:21.316>to <00:05:21.636>110 <00:05:22.596>gigawatts <00:05:23.209>of <00:05:23.376>new <00:05:23.636>large-load <00:05:24.347>requests <00:05:24.964>over <00:05:25.236>five <00:05:25.636>years — <00:05:26.536>the <00:05:26.653>system <00:05:27.060>peak <00:05:27.396>today <00:05:27.876>is <00:05:28.089>about <00:05:28.436>86.

69
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<v Sarah>You're <00:05:29.996>talking <00:05:30.324>more <00:05:30.548>than <00:05:30.756>double, <00:05:31.602>before <00:05:31.916>a <00:05:32.025>single <00:05:32.496>new <00:05:32.732>generator <00:05:33.289>shows <00:05:33.663>up.

70
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<v Matt>And <00:05:34.303>there's <00:05:34.656>already <00:05:35.156>$37 <00:05:35.996>billion <00:05:36.863>in <00:05:36.971>transmission <00:05:37.703>baked <00:05:38.116>in, <00:05:38.436>pushing <00:05:39.049>rates <00:05:39.369>up <00:05:39.636>3.5% <00:05:40.716>a <00:05:40.820>year <00:05:41.116>for <00:05:41.316>everyone — <00:05:42.426>grandma <00:05:42.987>included.

71
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<v Matt>The <00:05:44.573>buyers <00:05:44.956>group <00:05:45.209>is <00:05:45.369>at <00:05:45.516>least <00:05:45.750>saying <00:05:45.996>the <00:05:46.156>new <00:05:46.345>demand <00:05:46.790>should <00:05:47.049>carry <00:05:47.336>the <00:05:47.436>new <00:05:47.652>bill.

72
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<v Sarah>One <00:05:48.649>state <00:05:48.966>freezes <00:05:49.356>the <00:05:49.508>door <00:05:49.700>shut <00:05:50.009>at <00:05:50.196>50 <00:05:50.556>megawatts; <00:05:51.616>another <00:05:52.089>tries <00:05:52.383>to <00:05:52.489>price <00:05:52.776>the <00:05:52.884>door <00:05:53.140>correctly.

73
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<v Sarah>Same <00:05:54.660>week, <00:05:55.378>opposite <00:05:55.948>instincts.

74
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<v Sarah>I'll <00:05:57.268>take <00:05:57.416>the <00:05:57.545>tariff <00:05:57.988>over <00:05:58.136>the <00:05:58.296>padlock.

75
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<v Matt>It's <00:05:59.596>the <00:05:59.764>statewide <00:06:00.246>version <00:06:00.623>of <00:06:00.708>that <00:06:00.916>Grimes <00:06:01.442>County <00:06:01.796>fight — <00:06:02.649>write <00:06:02.936>the <00:06:03.060>rulebook <00:06:03.596>and <00:06:04.020>hand <00:06:04.316>out <00:06:04.456>the <00:06:04.564>incentive <00:06:05.049>check <00:06:05.369>in <00:06:05.496>the <00:06:05.636>same <00:06:06.020>room.

76
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<v Matt>Only <00:06:07.316>here, <00:06:08.000>somebody <00:06:08.400>actually <00:06:08.836>proposed <00:06:09.536>who <00:06:09.828>pays.

77
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<v Sarah>DataCenterNews <00:06:12.292>Canada <00:06:12.692>writes:

78
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<v Quote>According <00:06:14.138>to <00:06:14.314>NVIDIA

79
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<v Quote>its <00:06:15.552>GB300 <00:06:16.645>NVL72 <00:06:17.829>rack-scale <00:06:18.554>system <00:06:19.045>delivers <00:06:19.738>up <00:06:19.898>to <00:06:20.365>25 <00:06:20.778>times <00:06:21.065>the <00:06:21.178>performance <00:06:21.825>per <00:06:22.085>watt <00:06:22.485>of <00:06:22.665>the <00:06:22.765>Hopper <00:06:23.110>generation <00:06:23.845>on <00:06:24.085>DeepSeek <00:06:24.805>V4 <00:06:25.225>Pro

80
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<v Quote>up <00:06:26.112>to <00:06:26.245>20 <00:06:26.618>times <00:06:26.938>on <00:06:27.205>GLM5.1 <00:06:28.725>and <00:06:29.018>up <00:06:29.152>to <00:06:29.285>10 <00:06:29.592>times <00:06:29.952>on <00:06:30.085>Kimi <00:06:30.605>K2.6.

81
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<v Quote>It <00:06:32.536>attributed <00:06:33.085>those <00:06:33.365>gains <00:06:33.792>to <00:06:33.885>the <00:06:34.053>move <00:06:34.277>from <00:06:34.458>an <00:06:34.605>eight-GPU <00:06:35.434>domain <00:06:35.898>in <00:06:36.045>Hopper <00:06:36.415>systems <00:06:37.152>to <00:06:37.405>a <00:06:37.525>72-GPU <00:06:38.869>rack-scale <00:06:39.514>design <00:06:40.005>in <00:06:40.232>Blackwell <00:06:40.885>NVL72.

82
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<v Sarah>NVIDIA <00:06:43.091>says <00:06:43.343>its <00:06:43.736>GB300 <00:06:44.963>NVL72 <00:06:46.179>rack <00:06:46.659>does <00:06:47.096>up <00:06:47.230>to <00:06:47.443>25 <00:06:48.136>times <00:06:48.423>the <00:06:48.536>performance <00:06:49.163>per <00:06:49.331>watt <00:06:49.576>of <00:06:49.723>Hopper <00:06:50.163>on <00:06:50.419>DeepSeek <00:06:51.283>V4 <00:06:51.803>Pro.

83
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<v Sarah>Twenty <00:06:53.070>on <00:06:53.470>GLM5.1, <00:06:55.223>ten <00:06:55.816>on <00:06:56.003>Kimi <00:06:56.523>K2.6.

84
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<v Sarah>Nice <00:06:58.308>benchmarks. <00:06:59.263>The <00:06:59.470>whole <00:06:59.670>pitch <00:07:00.083>is <00:07:00.363>'fixed <00:07:00.950>power <00:07:01.353>budgets' — <00:07:02.296>serve <00:07:02.616>frontier <00:07:03.100>models <00:07:03.483>without <00:07:03.813>blowing <00:07:04.227>past <00:07:04.543>electricity <00:07:05.243>and <00:07:05.413>cooling <00:07:05.832>limits.

85
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<v Sarah>Vendor <00:07:07.523>touts <00:07:07.896>power <00:07:08.207>discipline <00:07:08.683>the <00:07:08.851>same <00:07:09.107>week <00:07:09.496>PJM's <00:07:10.065>watchdog <00:07:10.609>prints <00:07:10.963>a <00:07:11.123>60% <00:07:11.843>cost <00:07:12.243>bump. <00:07:12.771>Read <00:07:13.303>the <00:07:13.459>room.

86
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<v Matt>Twenty-five <00:07:15.616>times <00:07:16.123>per <00:07:16.323>watt <00:07:16.693>against <00:07:17.123>Hopper — <00:07:18.099>sure.

87
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<v Matt>But <00:07:19.183>per <00:07:19.427>watt <00:07:19.736>of <00:07:19.923>what?

88
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<v Matt>A <00:07:21.123>rack <00:07:21.459>that <00:07:21.590>pulls <00:07:21.987>more <00:07:22.310>total <00:07:22.723>power <00:07:23.171>than <00:07:23.383>the <00:07:23.510>eight-GPU <00:07:24.483>box <00:07:24.750>it <00:07:24.874>replaced.

89
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<v Matt>The <00:07:26.301>efficiency <00:07:26.963>gain <00:07:27.350>doesn't <00:07:27.809>shrink <00:07:28.123>the <00:07:28.283>interconnection <00:07:29.033>request.

90
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<v Matt>'Fixed <00:07:30.734>power <00:07:31.204>budgets.'

91
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<v Matt>Man. <00:07:33.264>Somewhere <00:07:33.814>a <00:07:33.918>site's <00:07:34.354>running <00:07:34.565>turbines <00:07:35.166>with <00:07:35.401>no <00:07:35.674>air <00:07:35.923>permit <00:07:36.454>and <00:07:36.871>NVIDIA's <00:07:37.334>out <00:07:37.502>here <00:07:37.744>selling <00:07:38.152>discipline <00:07:38.814>slides.

92
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<v Matt>Put <00:07:40.054>a <00:07:40.140>signed <00:07:40.574>PPA <00:07:41.267>or <00:07:41.427>an <00:07:41.587>in-service <00:07:42.142>date <00:07:42.380>behind <00:07:42.674>the <00:07:42.791>number <00:07:43.214>and <00:07:43.534>I'll <00:07:43.751>listen.

93
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<v Sarah>The <00:07:45.018>giveaway <00:07:45.414>for <00:07:45.641>me: <00:07:46.558>even <00:07:46.883>NVIDIA <00:07:47.358>says <00:07:47.654>a <00:07:47.751>single <00:07:48.151>figure <00:07:48.554>can't <00:07:48.874>capture <00:07:49.342>inference <00:07:49.827>trade-offs.

94
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<v Sarah>Low <00:07:51.134>latency <00:07:51.763>versus <00:07:52.232>throughput <00:07:52.871>versus <00:07:53.326>cost.

95
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<v Sarah>So <00:07:54.734>'up <00:07:55.187>to <00:07:55.374>25x' <00:07:56.547>is <00:07:56.834>the <00:07:56.958>best-case <00:07:57.523>corner; <00:07:58.387>it <00:07:58.534>doesn't <00:07:58.867>describe <00:07:59.314>the <00:07:59.422>operating <00:07:59.944>reality.

96
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<v Host>If <00:08:01.453>you <00:08:01.559>follow <00:08:01.881>infrastructure, <00:08:02.893>you'll <00:08:03.077>probably <00:08:03.481>want <00:08:03.693>the <00:08:03.806>software <00:08:04.297>side <00:08:04.653>too.

97
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<v Host>Check <00:08:05.953>out <00:08:06.180>AI <00:08:06.460>Daily <00:08:06.833>Briefing: <00:08:07.823>top <00:08:08.260>AI <00:08:08.537>news <00:08:08.813>for <00:08:08.937>engineers, <00:08:09.646>founders, <00:08:10.173>and <00:08:10.305>investors, <00:08:11.193>every <00:08:11.673>weekday.

98
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<v Host>We <00:08:13.157>separate <00:08:13.561>real <00:08:13.811>capability <00:08:14.425>from <00:08:14.617>demo <00:08:14.953>hype, <00:08:15.625>fast.

99
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<v Host>Find <00:08:16.980>it <00:08:17.069>wherever <00:08:17.393>you <00:08:17.547>listen <00:08:17.780>to <00:08:17.931>podcasts.

100
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<v Host>Links <00:08:19.873>to <00:08:20.020>every <00:08:20.273>story <00:08:20.593>we <00:08:20.730>covered <00:08:20.993>today <00:08:21.300>are <00:08:21.473>in <00:08:21.600>the <00:08:21.708>show <00:08:21.967>notes, <00:08:22.673>so <00:08:22.807>if <00:08:22.900>one <00:08:23.066>caught <00:08:23.356>your <00:08:23.476>attention, <00:08:24.080>you <00:08:24.180>can <00:08:24.360>dig <00:08:24.572>into <00:08:24.720>the <00:08:24.833>original <00:08:25.308>reporting <00:08:25.793>there.

101
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<v Host>That's <00:08:27.070>The <00:08:27.164>Data <00:08:27.454>Center <00:08:27.727>Daily <00:08:28.100>for <00:08:28.300>today.

102
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<v Host>This <00:08:29.607>is <00:08:29.700>a <00:08:29.790>Lantern <00:08:30.230>Podcast.