WEBVTT

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<v Sarah>FERC <00:00:00.288>just <00:00:00.528>gave <00:00:00.880>PJM <00:00:01.320>a <00:00:01.416>September <00:00:01.982>deadline — <00:00:02.947>adopt <00:00:03.300>the <00:00:03.450>reforms, <00:00:04.373>or <00:00:04.560>FERC <00:00:04.914>writes <00:00:05.152>them <00:00:05.360>for <00:00:05.680>you.

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<v Sarah>New <00:00:07.707>to <00:00:07.792>this <00:00:08.000>story? <00:00:08.608>Here's <00:00:09.213>where <00:00:09.326>things <00:00:09.680>stand.

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<v Sarah>PJM's <00:00:11.267>large-load <00:00:11.973>fight <00:00:12.280>has <00:00:12.453>moved <00:00:12.789>beyond <00:00:13.271>abstract <00:00:13.900>worries <00:00:14.360>about <00:00:14.624>load <00:00:14.937>growth — <00:00:15.860>the <00:00:15.977>market <00:00:16.370>monitor <00:00:16.777>pinned <00:00:17.360>6.3 <00:00:18.140>billion <00:00:18.630>dollars

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<v Sarah>or <00:00:19.920>38 <00:00:20.380>percent <00:00:20.827>of <00:00:20.900>the <00:00:21.029>latest <00:00:21.502>capacity-auction <00:00:22.470>charges <00:00:23.440>on <00:00:23.664>data <00:00:23.990>centers.

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<v Sarah>And <00:00:25.200>FERC's <00:00:25.552>been <00:00:25.720>digging <00:00:26.048>into <00:00:26.270>whether <00:00:26.640>PJM's <00:00:27.253>stakeholder <00:00:27.830>process <00:00:28.411>leaves <00:00:29.020>its <00:00:29.253>board <00:00:29.600>too <00:00:29.933>boxed <00:00:30.480>in <00:00:30.693>to <00:00:30.846>handle <00:00:31.200>reliability <00:00:32.120>and <00:00:32.320>cost <00:00:32.705>allocation <00:00:33.547>as <00:00:34.053>AI

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<v Sarah>campuses <00:00:35.040>pile <00:00:35.392>into <00:00:35.540>the <00:00:35.680>queue.

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<v Matt>This <00:00:37.760>is <00:00:37.940>The <00:00:38.064>Data <00:00:38.366>Center <00:00:38.720>Daily.

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<v Matt>Today — <00:00:40.360>a <00:00:40.450>federal <00:00:40.853>deadline <00:00:41.328>with <00:00:41.600>actual <00:00:42.160>teeth, <00:00:43.013>Virginia <00:00:43.500>finally <00:00:43.960>putting <00:00:44.287>groundwater <00:00:44.853>on <00:00:45.027>paper, <00:00:45.780>and <00:00:45.920>a <00:00:46.187>GB300 <00:00:47.140>fab <00:00:47.467>in <00:00:47.584>Fort <00:00:47.907>Worth.

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<v Matt>Guess <00:00:49.160>which <00:00:49.400>one <00:00:49.577>nobody <00:00:49.960>wants <00:00:50.187>to <00:00:50.288>talk <00:00:50.520>about <00:00:50.740>the <00:00:50.867>power <00:00:51.232>bill <00:00:51.460>for.

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<v Sarah>Here's <00:00:53.222>what <00:00:53.403>Ethan <00:00:53.730>Howland <00:00:54.203>at <00:00:54.370>Utility <00:00:54.870>Dive <00:00:55.217>is <00:00:55.334>reporting.

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<v Sarah>On <00:00:56.570>the <00:00:56.790>PJM <00:00:57.323>large-load <00:00:57.897>fight, <00:00:58.630>FERC's <00:00:59.083>chair <00:00:59.430>isn't <00:00:59.807>asking <00:01:00.206>questions <00:01:00.770>anymore.

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<v Sarah>He's <00:01:01.870>set <00:01:02.070>a <00:01:02.198>September <00:01:02.692>deadline.

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<v Sarah>If <00:01:03.910>PJM <00:01:04.363>doesn't <00:01:04.863>adopt <00:01:05.110>reforms, <00:01:05.961>Washington <00:01:06.516>writes <00:01:06.822>them <00:01:07.030>instead.

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<v Matt>September. <00:01:09.004>An <00:01:09.522>actual <00:01:10.183>date.

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<v Matt>All <00:01:11.879>week, <00:01:12.178>it <00:01:12.271>was <00:01:12.451>letters <00:01:12.891>and <00:01:13.022>hearings.

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<v Matt>Now <00:01:14.331>the <00:01:14.427>chairman's <00:01:14.839>basically <00:01:15.319>told <00:01:15.671>PJM: <00:01:16.391>fix <00:01:16.911>the <00:01:17.084>large-load <00:01:17.658>queue, <00:01:18.204>or <00:01:18.391>we'll <00:01:18.700>impose <00:01:19.131>the <00:01:19.261>reforms <00:01:19.823>ourselves.

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<v Sarah>Utility <00:01:21.511>Dive <00:01:21.877>frames <00:01:22.204>it <00:01:22.391>as <00:01:22.631>FERC <00:01:22.997>losing <00:01:23.342>patience <00:01:23.943>with <00:01:24.231>PJM's <00:01:24.858>stakeholder <00:01:25.569>governance.

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<v Sarah>The <00:01:26.935>read <00:01:27.298>is <00:01:27.543>that <00:01:27.691>the <00:01:27.804>board's <00:01:28.271>too <00:01:28.471>boxed <00:01:28.924>in <00:01:29.084>to <00:01:29.255>move <00:01:29.564>on <00:01:29.738>integration.

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<v Sarah>That's <00:01:31.291>why <00:01:31.378>there's <00:01:31.651>now <00:01:31.871>a <00:01:31.967>countdown.

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<v Matt>I <00:01:33.159>want <00:01:33.431>one <00:01:33.711>thing <00:01:33.968>nailed <00:01:34.391>down — <00:01:35.255>what <00:01:35.573>actually <00:01:36.124>triggers <00:01:36.571>the <00:01:36.671>federal <00:01:37.022>takeover?

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<v Matt>A <00:01:38.197>missed <00:01:38.551>vote? <00:01:39.071>A <00:01:39.335>weak <00:01:39.648>reform <00:01:40.051>package?

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<v Matt>Or <00:01:41.391>FERC <00:01:41.799>just <00:01:42.044>deciding <00:01:42.631>PJM <00:01:43.101>blinked?

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<v Matt>Because <00:01:44.583>that <00:01:44.791>'or <00:01:45.127>else' <00:01:45.655>only <00:01:45.991>has <00:01:46.311>teeth <00:01:46.764>if <00:01:46.924>we <00:01:47.079>know <00:01:47.303>what <00:01:47.498>trips <00:01:47.884>it.

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<v Sarah>And <00:01:48.831>'impose <00:01:49.441>reforms' <00:01:50.124>is <00:01:50.271>a <00:01:50.391>big <00:01:50.711>verb <00:01:51.063>from <00:01:51.271>a <00:01:51.415>five-member <00:01:51.969>commission.

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<v Sarah>Putting <00:01:53.311>a <00:01:53.395>deadline <00:01:53.804>on <00:01:53.981>the <00:01:54.222>calendar <00:01:54.524>is <00:01:54.711>easy.

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<v Sarah>Getting <00:01:55.871>a <00:01:56.015>September <00:01:56.301>package <00:01:56.823>that <00:01:57.004>actually <00:01:57.511>clears <00:01:58.011>the <00:01:58.117>twelve <00:01:58.471>gigawatts <00:01:59.061>sitting <00:01:59.298>in <00:01:59.399>that <00:01:59.658>queue? <00:02:00.247>Much <00:02:01.031>harder.

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<v Matt>Right — <00:02:02.831>a <00:02:02.917>threat <00:02:03.231>doesn't <00:02:03.705>reform <00:02:03.964>anything.

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<v Matt>Give <00:02:05.291>the <00:02:05.399>grid <00:02:05.625>people <00:02:05.900>credit <00:02:06.331>for <00:02:06.421>getting <00:02:06.711>FERC <00:02:06.978>to <00:02:07.079>draw <00:02:07.311>a <00:02:07.447>line, <00:02:08.211>but <00:02:08.460>nobody's <00:02:09.004>energized <00:02:09.711>a <00:02:09.808>single <00:02:10.211>megawatt <00:02:10.663>with <00:02:10.831>a <00:02:10.931>warning.

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<v Sarah>Sarah <00:02:12.761>Rankin, <00:02:13.321>over <00:02:13.630>at <00:02:13.977>WSLS, <00:02:14.977>has <00:02:15.117>the <00:02:15.257>details.

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<v Matt>Virginia's <00:02:17.147>putting <00:02:17.577>water <00:02:18.084>on <00:02:18.377>paper — <00:02:19.457>a <00:02:19.550>state <00:02:19.884>study <00:02:20.267>calling <00:02:20.657>for <00:02:20.827>tighter <00:02:21.257>regs <00:02:21.634>across <00:02:22.017>the <00:02:22.190>whole <00:02:22.521>data <00:02:22.823>center <00:02:23.150>corridor.

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<v Matt>It's <00:02:24.497>the <00:02:24.663>county-level <00:02:25.310>fight <00:02:25.637>out <00:02:25.844>of <00:02:25.957>Botetourt, <00:02:27.017>now <00:02:27.289>with <00:02:27.437>the <00:02:27.564>state's <00:02:28.025>name <00:02:28.270>on <00:02:28.430>it.

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<v Sarah>And <00:02:29.230>right <00:02:29.550>on <00:02:29.757>cue, <00:02:30.423>Google <00:02:30.761>says <00:02:31.077>the <00:02:31.297>first <00:02:31.557>Botetourt <00:02:32.181>building <00:02:32.601>goes <00:02:32.937>air-cooled <00:02:33.764>to <00:02:34.030>lower <00:02:34.364>water <00:02:34.817>use.

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<v Sarah>Convenient <00:02:36.434>timing <00:02:36.817>for <00:02:36.977>a <00:02:37.070>headline <00:02:37.550>about <00:02:37.877>tighter <00:02:38.364>water <00:02:38.790>rules.

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<v Matt>Lower <00:02:40.009>than <00:02:40.217>what, <00:02:40.766>though?

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<v Matt>Air <00:02:41.957>cooling <00:02:42.423>trades <00:02:42.764>water <00:02:43.137>for <00:02:43.337>power, <00:02:44.177>and <00:02:44.354>nobody <00:02:44.724>in <00:02:44.809>that <00:02:44.990>press <00:02:45.307>release <00:02:45.710>is <00:02:45.857>telling <00:02:46.190>me <00:02:46.317>the <00:02:46.457>new <00:02:46.757>megawatt <00:02:47.326>number.

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<v Matt>You <00:02:48.577>don't <00:02:48.817>get <00:02:48.990>to <00:02:49.145>pick <00:02:49.377>which <00:02:49.639>resource <00:02:50.177>you <00:02:50.377>strain <00:02:50.897>and <00:02:51.081>call <00:02:51.364>it <00:02:51.457>a <00:02:51.597>win.

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<v Sarah>In <00:02:52.317>the <00:02:52.430>study's <00:02:52.905>fine <00:02:53.164>print, <00:02:54.057>I <00:02:54.169>want <00:02:54.324>to <00:02:54.409>know <00:02:54.577>whether <00:02:54.910>it <00:02:55.070>actually <00:02:55.559>mandates <00:02:56.119>anything <00:02:56.697>or <00:02:56.921>just <00:02:57.221>recommends <00:02:57.737>it.

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<v Sarah>Ohio's <00:02:59.137>EPA <00:02:59.545>went <00:02:59.807>project <00:03:00.350>by <00:03:00.537>project <00:03:01.150>on <00:03:01.308>wastewater <00:03:01.886>review.

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<v Sarah>If <00:03:02.910>Virginia <00:03:03.385>just <00:03:03.630>files <00:03:04.057>a <00:03:04.263>report, <00:03:04.877>the <00:03:04.994>hyperscalers <00:03:05.777>who <00:03:05.937>write <00:03:06.177>the <00:03:06.368>economic-impact <00:03:07.567>numbers <00:03:08.117>get <00:03:08.350>to <00:03:08.489>keep <00:03:08.667>writing <00:03:09.081>them.

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<v Matt>Same <00:03:10.039>corridor <00:03:10.577>where <00:03:10.873>OpenAI's <00:03:11.707>Georgia <00:03:12.137>flex <00:03:12.526>clause <00:03:13.044>meets <00:03:13.617>its <00:03:13.817>first <00:03:14.297>hot <00:03:14.628>August.

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<v Matt>Now <00:03:16.237>the <00:03:16.341>pressure's <00:03:16.823>coming <00:03:17.145>from <00:03:17.401>both <00:03:17.677>the <00:03:17.833>grid <00:03:18.337>and <00:03:18.757>groundwater, <00:03:19.937>and <00:03:20.097>I'll <00:03:20.267>believe <00:03:20.697>"tighter" <00:03:21.289>when <00:03:21.497>I <00:03:21.617>see <00:03:21.817>a <00:03:21.943>permit <00:03:22.297>denied, <00:03:23.157>not <00:03:23.377>a <00:03:23.484>study <00:03:23.881>published.

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<v Sarah>TechTimes, <00:03:26.005>with <00:03:26.200>Roger <00:03:26.613>Satterfield:

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<v Quote>Wistron <00:03:28.539>Corporation's <00:03:29.339>new <00:03:29.583>Fort <00:03:29.879>Worth <00:03:30.139>factory <00:03:30.605>opened <00:03:30.927>July <00:03:31.279>21 <00:03:31.919>and <00:03:32.206>immediately <00:03:32.799>began <00:03:33.263>mass-producing <00:03:34.056>NVIDIA's <00:03:34.719>GB300 <00:03:35.652>Grace <00:03:35.986>Blackwell <00:03:36.532>Ultra

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<v Quote>Superchip — <00:03:37.889>marking <00:03:38.279>the <00:03:38.439>first <00:03:38.703>time <00:03:38.979>the <00:03:39.103>most <00:03:39.412>powerful <00:03:39.972>AI <00:03:40.303>data <00:03:40.605>center <00:03:40.936>system <00:03:41.306>in <00:03:41.379>the <00:03:41.506>world <00:03:41.899>has <00:03:42.095>been <00:03:42.215>assembled <00:03:42.759>and <00:03:42.936>tested <00:03:43.332>on <00:03:43.483>American <00:03:43.919>soil.

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<v Sarah>Wistron's D1 facility in Fort Worth opened July 21.

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<v Sarah>It's a $700 million operation with full rack-scale L6 assembly, and it's the first U.S.

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<v Sarah>site building the GB300.

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<v Sarah>The press release leans hard on the phrase 'pre-built digital twin,' which is a lovely way to say they simulated the factory before they

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<v Sarah>poured the concrete.

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<v Matt>Digital twin of the assembly line, sure.

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<v Matt>Where's the digital twin of the grid connection?

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<v Matt>A superchip fab pulling serious power and water into Fort Worth during a Texas summer — and I read that whole release without seeing the

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<v Matt>word ERCOT once.

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<v Sarah>Meanwhile, the Vera Rubin ramp is already shipping to OpenAI and CoreWeave, plus Azure and Meta.

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<v Sarah>So these U.S.-built GB300s feed the same hyperscaler campuses we cover every day.

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<v Matt>Right — so the chip's made in Texas

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<v Matt>the load it runs is somebody else's problem

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<v Matt>and the financing stack behind those campuses often includes the same capital buying this output.

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<v Matt>Supply-chain resilience makes a great headline.

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<v Matt>Who's the utility? What's the peak megawatt draw?

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<v Matt>And does ERCOT show up before or after the first August heat wave?

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<v Host>If <00:05:00.439>The <00:05:00.563>Data <00:05:00.853>Center <00:05:01.126>Daily <00:05:01.499>keeps <00:05:01.739>you <00:05:01.921>informed, <00:05:02.635>subscribe <00:05:03.179>and <00:05:03.326>leave <00:05:03.499>a <00:05:03.596>review <00:05:03.983>wherever <00:05:04.359>you're <00:05:04.539>listening.

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<v Host>Reviews <00:05:05.907>help <00:05:06.126>other <00:05:06.305>people <00:05:06.643>find <00:05:06.919>the <00:05:07.043>show, <00:05:07.579>and <00:05:07.726>we <00:05:07.830>appreciate <00:05:08.359>the <00:05:08.479>support.

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<v Host>We'll <00:05:10.102>be <00:05:10.173>watching <00:05:10.689>PJM's <00:05:11.209>September <00:05:11.638>reform <00:05:12.111>deadline.

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<v Host>After <00:05:13.553>that, <00:05:14.329>FERC <00:05:14.657>says <00:05:14.902>it <00:05:15.036>could <00:05:15.226>impose <00:05:15.619>changes <00:05:16.060>itself.

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<v Host>Links <00:05:17.596>to <00:05:17.689>every <00:05:17.956>story <00:05:18.316>in <00:05:18.422>today's <00:05:18.822>briefing <00:05:19.289>are <00:05:19.436>in <00:05:19.509>the <00:05:19.633>show <00:05:19.942>notes <00:05:20.236>if <00:05:20.309>you'd <00:05:20.481>like <00:05:20.662>to <00:05:20.809>dig <00:05:20.977>into <00:05:21.229>any <00:05:21.436>of <00:05:21.553>them.

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<v Host>That's <00:05:22.789>The <00:05:22.897>Data <00:05:23.123>Center <00:05:23.396>Daily <00:05:23.769>for <00:05:23.982>today.

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<v Host>This <00:05:25.302>is <00:05:25.449>a <00:05:25.549>Lantern <00:05:26.069>Podcast.