WEBVTT

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<v Sarah>Three <00:00:00.333>grids, <00:00:01.060>the <00:00:01.216>same <00:00:01.667>fault <00:00:02.080>line — <00:00:03.000>and <00:00:03.180>now <00:00:03.440>a <00:00:03.590>utility's <00:00:04.204>dragging <00:00:04.640>a <00:00:04.752>data <00:00:04.926>center <00:00:05.250>company <00:00:05.648>into <00:00:05.920>court.

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<v Sarah>A <00:00:06.994>little <00:00:07.280>context <00:00:07.886>before <00:00:08.213>today's <00:00:08.613>development: <00:00:09.920>PJM's <00:00:10.520>fight <00:00:10.784>over <00:00:11.107>large <00:00:11.507>loads <00:00:11.920>was <00:00:12.210>already <00:00:12.622>underway <00:00:13.177>before <00:00:13.540>the <00:00:13.653>board <00:00:13.960>stepped <00:00:14.347>in.

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<v Sarah>A <00:00:15.396>northern <00:00:15.733>Virginia <00:00:16.220>voltage <00:00:16.693>disturbance <00:00:17.340>hit <00:00:17.584>just <00:00:17.893>after <00:00:18.208>more <00:00:18.432>than <00:00:18.613>three <00:00:18.980>gigawatts <00:00:19.733>of <00:00:19.888>data-center <00:00:20.457>demand <00:00:20.850>dropped <00:00:21.300>off <00:00:21.700>and <00:00:22.044>switched <00:00:22.427>to <00:00:22.537>backup

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<v Sarah>power.

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<v Sarah>Meanwhile, <00:00:24.920>FERC's <00:00:25.312>been <00:00:25.484>pressing <00:00:26.027>PJM <00:00:26.613>on <00:00:26.791>capacity-market <00:00:27.787>costs, <00:00:28.768>backstop <00:00:29.280>design, <00:00:30.131>governance, <00:00:30.760>and <00:00:30.947>reliability <00:00:31.867>as <00:00:32.272>that <00:00:32.464>load <00:00:32.773>keeps <00:00:33.102>climbing.

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<v Matt>This <00:00:34.853>is <00:00:35.000>The <00:00:35.184>Data <00:00:35.497>Center <00:00:35.920>Daily — <00:00:36.680>and <00:00:36.880>today, <00:00:37.420>the <00:00:37.660>numbers <00:00:38.160>finally <00:00:38.784>show <00:00:39.120>up.

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<v Matt>PJM, <00:00:40.940>ERCOT, <00:00:41.880>and <00:00:42.040>a <00:00:42.137>Nevada <00:00:42.560>lawsuit <00:00:43.200>nobody <00:00:43.740>saw <00:00:43.989>coming.

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<v Sarah>Start <00:00:45.568>with <00:00:45.920>PJM's <00:00:46.547>board — <00:00:47.320>because <00:00:47.640>for <00:00:47.856>once, <00:00:48.432>they <00:00:48.613>moved <00:00:48.973>first.

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<v Matt>We're <00:00:50.210>staying <00:00:50.592>with <00:00:50.736>this <00:00:50.893>story: <00:00:52.080>PJM <00:00:52.627>large-load <00:00:53.333>integration <00:00:54.000>plan.

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<v Matt>Follow <00:00:55.220>the <00:00:55.360>show <00:00:55.740>and <00:00:55.960>you <00:00:56.120>won't <00:00:56.448>miss <00:00:56.688>what <00:00:56.933>comes <00:00:57.280>next.

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<v Sarah>This comes from Jason McGovern at PJM Inside Lines.

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<v Sarah>The PJM board just directed two FERC filings — one on resource adequacy and one on large-load management.

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<v Sarah>The number they're working from is 70 gigawatts of large-load growth by 2038.

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<v Sarah>The board's actually moving.

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<v Matt>So the grid operator blinked first.

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<v Matt>All week, FERC's been waving a September deadline at PJM.

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<v Matt>Now the board's putting its own number on the queue and filing on its own terms.

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<v Sarah>And the timing isn't subtle.

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<v Sarah>This lands days after that July 22 disturbance around the D.C.-to-Chicago corridor.

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<v Sarah>Directing those large-load filings sure looks like PJM's institutional answer to that kind of stress.

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<v Matt>Fine, but a directed filing doesn't clear the queue.

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<v Matt>Now the question is whether filings built around 70 gigawatts by 2038 satisfy what FERC actually demanded — or whether the board submits

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<v Matt>something thinner than FERC wanted and calls it done.

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<v Sarah>Right — the tariff language still has to show up in the filings.

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<v Sarah>We'll see what they actually say when they hit the docket, and whether that 70-gigawatt figure is the ceiling or just the starting bid.

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<v Sarah>Here's <00:02:15.682>Houston <00:02:16.006>Business <00:02:16.412>Journal:

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<v Quote>With <00:02:18.626>mass <00:02:18.996>amounts <00:02:19.373>of <00:02:19.506>new <00:02:19.813>large-load <00:02:20.448>projects <00:02:20.992>trying <00:02:21.293>to <00:02:21.386>get <00:02:21.554>interconnected <00:02:22.258>with <00:02:22.446>ERCOT

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<v Quote>the <00:02:23.394>grid <00:02:23.648>operator <00:02:24.186>has <00:02:24.346>developed <00:02:24.786>a <00:02:24.906>new <00:02:25.106>batch <00:02:25.576>process <00:02:26.119>to <00:02:26.260>better <00:02:26.528>evaluate <00:02:27.072>groups <00:02:27.399>of <00:02:27.559>proposed <00:02:28.044>facilities <00:02:28.726>and <00:02:29.086>how <00:02:29.314>they <00:02:29.563>impact <00:02:29.926>the <00:02:30.050>grid <00:02:30.359>together.

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<v Quote>Now <00:02:31.778>that <00:02:31.959>projects <00:02:32.418>have <00:02:32.578>been <00:02:32.746>submitted <00:02:33.159>to <00:02:33.286>the <00:02:33.386>initial <00:02:33.746>batch

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<v Quote>CenterPoint <00:02:34.999>is <00:02:35.154>preparing <00:02:35.626>for <00:02:35.806>how <00:02:36.034>much <00:02:36.283>demand <00:02:36.658>will <00:02:36.813>be <00:02:36.933>added <00:02:37.293>in <00:02:37.386>the <00:02:37.559>early <00:02:37.890>days <00:02:38.173>of <00:02:38.266>the <00:02:38.426>new <00:02:38.615>system.

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<v Matt>Fourteen <00:02:40.103>gigawatts. <00:02:41.054>Forget <00:02:41.683>a <00:02:41.832>hyperscaler <00:02:42.616>press <00:02:42.943>release.

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<v Matt>CenterPoint, <00:02:44.823>the <00:02:44.953>utility <00:02:45.475>that <00:02:45.647>actually <00:02:46.063>has <00:02:46.296>to <00:02:46.483>string <00:02:46.983>the <00:02:47.123>wire, <00:02:47.896>is <00:02:48.053>telling <00:02:48.483>ERCOT <00:02:48.947>what's <00:02:49.473>landing <00:02:49.736>in <00:02:49.863>the <00:02:49.976>first <00:02:50.323>batch.

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<v Sarah>And <00:02:51.523>it's <00:02:51.723>the <00:02:51.883>first <00:02:52.127>planning <00:02:52.529>number <00:02:52.830>we've <00:02:53.009>gotten <00:02:53.315>from <00:02:53.483>a <00:02:53.603>utility <00:02:54.203>for <00:02:54.371>this <00:02:54.603>new <00:02:54.790>batch <00:02:55.203>process.

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<v Sarah>ERCOT <00:02:56.683>built <00:02:56.923>the <00:02:57.103>process <00:02:57.576>to <00:02:57.754>evaluate <00:02:58.390>large <00:02:58.803>loads <00:02:59.230>as <00:02:59.323>a <00:02:59.470>group <00:03:00.063>instead <00:03:00.536>of <00:03:00.723>one <00:03:01.030>interconnection <00:03:01.823>request <00:03:02.270>at <00:03:02.403>a <00:03:02.563>time.

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<v Matt>Batches <00:03:04.176>sound <00:03:04.755>tidy.

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<v Matt>My <00:03:05.896>question <00:03:06.350>is <00:03:06.443>whether <00:03:06.776>grouping <00:03:07.223>the <00:03:07.354>projects <00:03:07.976>actually <00:03:08.451>gets <00:03:08.723>a <00:03:08.849>single <00:03:09.183>megawatt <00:03:09.683>online <00:03:10.243>any <00:03:10.552>faster, <00:03:11.523>or <00:03:11.731>just <00:03:11.963>makes <00:03:12.203>the <00:03:12.403>pile <00:03:12.780>easier <00:03:13.176>to <00:03:13.315>look <00:03:13.550>at.

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<v Sarah>Put <00:03:14.436>that <00:03:14.628>next <00:03:14.911>to <00:03:14.984>the <00:03:15.231>PJM <00:03:15.817>board <00:03:16.132>move <00:03:16.377>we <00:03:16.516>just <00:03:16.694>covered: <00:03:17.604>70 <00:03:18.064>gigawatts <00:03:18.697>by <00:03:18.964>2038 <00:03:19.737>there, <00:03:20.484>14 <00:03:21.097>in <00:03:21.304>one <00:03:21.684>ERCOT <00:03:22.231>batch <00:03:22.628>here.

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<v Sarah>In <00:03:23.624>the <00:03:23.732>same <00:03:23.988>week, <00:03:24.548>both <00:03:24.857>grids <00:03:25.184>are <00:03:25.414>finally <00:03:25.804>putting <00:03:26.134>numbers <00:03:26.511>on <00:03:26.584>the <00:03:26.724>strain.

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<v Matt>I <00:03:27.684>want <00:03:28.084>this <00:03:28.244>on <00:03:28.404>the <00:03:28.484>record.

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<v Matt>Line <00:03:29.724>those <00:03:30.004>14 <00:03:30.544>gigawatts <00:03:31.124>up <00:03:31.334>against <00:03:31.730>Abbott's <00:03:32.124>order <00:03:32.372>from <00:03:32.667>Monday — <00:03:33.564>did <00:03:33.704>the <00:03:33.833>tariff <00:03:34.284>catch <00:03:34.537>up <00:03:34.697>to <00:03:34.824>the <00:03:34.951>queue

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<v Matt>or <00:03:35.977>is <00:03:36.130>CenterPoint <00:03:36.694>already <00:03:37.088>planning <00:03:37.484>ahead <00:03:37.737>of <00:03:37.911>rules <00:03:38.276>that <00:03:38.436>aren't <00:03:38.684>written <00:03:39.044>yet?

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<v Sarah>This <00:03:40.314>one's <00:03:40.546>from <00:03:40.694>The <00:03:40.823>Nevada <00:03:41.294>Independent:

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<v Quote>In <00:03:42.911>a <00:03:43.086>lawsuit <00:03:43.398>filed <00:03:43.800>Friday <00:03:44.238>in <00:03:44.371>Washoe <00:03:44.897>County's <00:03:45.377>Second <00:03:45.704>Judicial <00:03:46.184>District <00:03:46.678>Court

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<v Quote>NV <00:03:47.868>Energy <00:03:48.261>alleged <00:03:48.643>that <00:03:48.824>Tract <00:03:49.224>is <00:03:49.375>attempting <00:03:49.864>to <00:03:50.051>bypass <00:03:50.551>the <00:03:50.675>rulemaking <00:03:51.241>process <00:03:51.779>typically <00:03:52.267>performed <00:03:52.798>by <00:03:52.871>the <00:03:52.988>Public <00:03:53.387>Utilities <00:03:53.935>Commission <00:03:54.424>of <00:03:54.600>Nevada

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<v Quote>(PUCN) <00:03:56.398>by <00:03:56.662>initiating <00:03:57.231>private <00:03:57.704>arbitration <00:03:58.339>with <00:03:58.575>complaints <00:03:59.051>about <00:03:59.331>when <00:03:59.691>and <00:03:59.871>how <00:04:00.099>much <00:04:00.358>power <00:04:00.731>the <00:04:00.911>utility <00:04:01.365>should <00:04:01.631>provide.

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<v Matt>So, <00:04:02.783>surprise: <00:04:03.825>the <00:04:03.975>utility's <00:04:04.705>the <00:04:04.825>one <00:04:05.085>suing.

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<v Matt>NV <00:04:06.411>Energy <00:04:06.752>filed <00:04:07.142>Friday <00:04:07.512>in <00:04:07.629>Washoe <00:04:08.091>County

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<v Matt>and <00:04:08.898>it's <00:04:09.238>suing <00:04:09.458>Tract <00:04:09.933>over <00:04:10.152>an <00:04:10.255>attempt <00:04:10.632>to <00:04:10.742>settle <00:04:11.138>power <00:04:11.458>terms <00:04:11.778>in <00:04:11.955>private <00:04:12.505>arbitration <00:04:13.255>instead <00:04:13.912>of <00:04:14.022>before <00:04:14.385>the <00:04:14.565>PUCN.

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<v Sarah>Right, <00:04:16.085>and <00:04:16.225>the <00:04:16.338>legal <00:04:16.662>theory <00:04:17.032>is <00:04:17.117>what <00:04:17.285>makes <00:04:17.533>this <00:04:17.773>different.

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<v Sarah>Rather <00:04:18.957>than <00:04:19.125>a <00:04:19.213>rate <00:04:19.485>case, <00:04:20.258>NV <00:04:20.605>Energy <00:04:21.138>is <00:04:21.292>challenging <00:04:21.825>the <00:04:21.955>process <00:04:22.525>itself.

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<v Sarah>It <00:04:23.693>says <00:04:23.965>Tract <00:04:24.418>is <00:04:24.575>routing <00:04:24.971>around <00:04:25.265>the <00:04:25.369>commission's <00:04:25.933>rulemaking <00:04:26.501>authority <00:04:27.094>entirely — <00:04:28.405>keeping <00:04:28.725>who <00:04:28.925>pays <00:04:29.285>for <00:04:29.453>what <00:04:29.691>hidden <00:04:30.013>from <00:04:30.263>regulators <00:04:30.885>and <00:04:31.045>the

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<v Sarah>public.

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<v Matt>And <00:04:32.225>the <00:04:32.341>complaint <00:04:32.909>says <00:04:33.245>who'd <00:04:33.685>pay <00:04:33.845>for <00:04:34.005>those <00:04:34.267>problems: <00:04:35.308>Nevada <00:04:35.713>families <00:04:36.251>and <00:04:36.438>small <00:04:36.822>businesses <00:04:37.391>who, <00:04:37.691>quote, <00:04:38.323>didn't <00:04:38.771>cause <00:04:39.219>them.

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<v Matt>Tract's <00:04:40.481>sitting <00:04:40.744>on <00:04:40.931>12,000 <00:04:41.704>acres <00:04:42.024>up <00:04:42.198>north <00:04:42.651>and <00:04:43.064>wants <00:04:43.438>NV <00:04:43.708>Energy <00:04:44.078>to <00:04:44.181>reserve, <00:04:44.651>quote, <00:04:45.029>enormous <00:04:45.861>amounts <00:04:46.264>of <00:04:46.424>power.

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<v Matt>I'd <00:04:47.683>love <00:04:47.851>the <00:04:48.028>actual <00:04:48.451>megawatt <00:04:48.977>number, <00:04:49.671>but <00:04:49.771>the <00:04:49.951>utility's <00:04:50.501>already <00:04:50.920>citing <00:04:51.651>22 <00:04:52.051>gigawatts <00:04:52.824>of <00:04:52.971>service <00:04:53.313>requests <00:04:53.868>across <00:04:54.231>the <00:04:54.358>state.

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<v Sarah>Twenty-two <00:04:55.731>gigawatts <00:04:56.398>of <00:04:56.531>requests — <00:04:57.635>announced, <00:04:58.451>not <00:04:58.748>signed, <00:04:59.235>mind <00:04:59.531>you.

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<v Sarah>We've <00:05:00.351>now <00:05:00.591>got <00:05:00.851>two <00:05:01.161>utility-versus-data-center <00:05:02.758>suits <00:05:03.118>in <00:05:03.231>one <00:05:03.475>week, <00:05:04.184>on <00:05:04.344>opposite <00:05:04.842>theories.

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<v Sarah>In <00:05:06.024>Imperial <00:05:06.508>Valley, <00:05:07.511>IID's <00:05:08.179>defending <00:05:08.651>its <00:05:08.824>water <00:05:09.164>allocation.

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<v Sarah>Here, <00:05:11.171>NV <00:05:11.548>Energy's <00:05:12.104>on <00:05:12.291>offense <00:05:12.915>over <00:05:13.211>a <00:05:13.331>process <00:05:14.005>bypass.

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<v Matt>Here's <00:05:15.603>what <00:05:15.779>gets <00:05:16.024>me.

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<v Matt>When <00:05:16.791>the <00:05:16.921>utility <00:05:17.443>that <00:05:17.624>actually <00:05:18.131>has <00:05:18.424>to <00:05:18.584>build <00:05:18.871>the <00:05:19.011>lines <00:05:19.459>goes <00:05:19.704>to <00:05:19.864>court <00:05:20.184>to <00:05:20.351>protect <00:05:20.791>the <00:05:20.907>regulator's <00:05:21.547>authority

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<v Matt>that <00:05:22.911>arbitration <00:05:23.638>lever <00:05:24.051>is <00:05:24.264>worth <00:05:24.595>more <00:05:24.883>than <00:05:25.031>the <00:05:25.155>rate <00:05:25.491>itself.

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<v Matt>Control <00:05:26.951>the <00:05:27.091>process, <00:05:28.011>control <00:05:28.351>who <00:05:28.627>pays.

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<v Sarah>From <00:05:30.052>Baburajan <00:05:30.872>Kizhakedath <00:05:31.672>at <00:05:31.892>InfotechLead:

65
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<v Quote>Orange <00:05:33.872>and <00:05:34.049>global <00:05:34.435>infrastructure <00:05:35.094>investor <00:05:35.663>Morrison <00:05:36.312>have <00:05:36.672>entered <00:05:36.984>into <00:05:37.165>an <00:05:37.320>agreement <00:05:37.805>to <00:05:37.932>set <00:05:38.045>up <00:05:38.232>a <00:05:38.512>50-50 <00:05:39.096>data <00:05:39.386>centre <00:05:39.642>company <00:05:40.045>in <00:05:40.209>France

66
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<v Quote>marking <00:05:41.392>a <00:05:41.499>major <00:05:41.876>investment <00:05:42.365>in <00:05:42.520>sovereign <00:05:43.085>AI <00:05:43.392>and <00:05:43.579>cloud <00:05:43.955>infrastructure.

67
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<v Quote>The <00:05:45.392>joint <00:05:45.652>venture <00:05:46.120>aims <00:05:46.365>to <00:05:46.563>expand <00:05:47.158>Orange’s <00:05:47.649>French <00:05:48.056>data <00:05:48.346>centre <00:05:48.632>portfolio <00:05:49.512>to <00:05:50.152>400 <00:05:50.659>MW <00:05:51.059>of <00:05:51.183>capacity

68
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<v Quote>nearly <00:05:52.752>10 <00:05:52.952>times <00:05:53.392>its <00:05:53.542>current <00:05:53.805>level

69
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<v Quote>backed <00:05:55.005>by <00:05:55.152>a <00:05:55.272>€3 <00:05:55.692>billion <00:05:56.428>investment <00:05:56.848>programme.

70
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<v Sarah>Orange <00:05:58.277>and <00:05:58.390>Morrison <00:05:58.857>are <00:05:59.017>splitting <00:05:59.409>this <00:05:59.590>fifty-fifty

71
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<v Sarah>with <00:06:01.017>a <00:06:01.097>three-billion-euro <00:06:02.237>program <00:06:02.713>targeting <00:06:03.377>400 <00:06:04.057>megawatts <00:06:04.604>in <00:06:04.748>France — <00:06:05.823>nearly <00:06:06.197>ten <00:06:06.590>times <00:06:07.114>Orange's <00:06:07.657>current <00:06:08.001>footprint.

72
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<v Sarah>Orange's <00:06:09.841>five <00:06:10.159>existing <00:06:10.705>data <00:06:10.947>centers <00:06:11.343>across <00:06:11.665>four <00:06:11.928>campuses <00:06:12.561>make <00:06:12.844>up <00:06:12.957>its <00:06:13.190>asset <00:06:13.525>contribution.

73
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<v Sarah>Morrison <00:06:15.503>brings <00:06:15.846>equity <00:06:16.337>plus <00:06:16.753>debt.

74
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<v Sarah>After <00:06:18.457>three <00:06:18.721>days <00:06:19.004>of <00:06:19.110>American <00:06:19.604>grids <00:06:20.001>buckling <00:06:20.457>under <00:06:20.737>load, <00:06:21.489>here's <00:06:21.717>the <00:06:21.857>pitch: <00:06:22.863>France's <00:06:23.357>low-carbon <00:06:23.990>electricity <00:06:24.637>network <00:06:25.137>is <00:06:25.317>the <00:06:25.427>selling <00:06:25.844>point.

75
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<v Sarah>Nuclear <00:06:27.197>baseload <00:06:27.910>as <00:06:28.057>a <00:06:28.177>colocation <00:06:28.957>feature.

76
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<v Matt>And <00:06:30.225>that's <00:06:30.537>the <00:06:30.705>part <00:06:30.977>I <00:06:31.101>actually <00:06:31.537>like: <00:06:32.457>the <00:06:32.644>pitch <00:06:33.057>rests <00:06:33.484>on <00:06:33.617>a <00:06:33.761>grid <00:06:34.049>that's <00:06:34.317>already <00:06:34.804>built, <00:06:35.663>rather <00:06:35.969>than <00:06:36.137>a <00:06:36.297>PPA <00:06:36.769>they <00:06:36.937>haven't <00:06:37.286>signed.

77
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<v Matt>Chevilly-Larue <00:06:39.677>and <00:06:39.937>Aubervilliers <00:06:40.957>are <00:06:41.199>existing <00:06:41.764>sites <00:06:42.145>with <00:06:42.390>existing <00:06:42.870>interconnection, <00:06:44.237>not <00:06:44.497>a <00:06:44.604>queue <00:06:44.794>ticket.

78
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<v Matt>But <00:06:46.297>“sovereign <00:06:47.270>AI” <00:06:47.857>is <00:06:48.074>mostly <00:06:48.473>marketing.

79
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<v Matt>Four <00:06:50.057>hundred <00:06:50.397>megawatts <00:06:51.110>means <00:06:51.457>real <00:06:51.857>steel <00:06:52.297>and <00:06:52.527>cooling — <00:06:53.477>the <00:06:53.597>euphemism <00:06:54.217>won't <00:06:54.497>dig <00:06:54.757>the <00:06:54.888>trenches <00:06:55.510>or <00:06:55.697>wire <00:06:56.037>the <00:06:56.188>campus. <00:06:56.977>Show <00:06:57.670>me <00:06:57.797>the <00:06:57.937>ramp.

80
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<v Sarah>Right — <00:06:59.577>the <00:06:59.737>three <00:06:59.997>billion <00:07:00.470>comes <00:07:00.757>through <00:07:00.937>a <00:07:01.057>program, <00:07:01.977>and <00:07:02.117>the <00:07:02.217>money <00:07:02.470>still <00:07:02.777>has <00:07:02.950>to <00:07:03.084>be <00:07:03.208>deployed.

81
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<v Sarah>Orange <00:07:04.790>keeps <00:07:05.110>operational <00:07:05.767>control, <00:07:06.697>and <00:07:06.874>Orange <00:07:07.279>Business <00:07:07.830>is <00:07:07.977>the <00:07:08.169>exclusive <00:07:08.861>commercial <00:07:09.357>partner.

82
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<v Sarah>Nice, <00:07:10.977>tidy <00:07:11.201>loop <00:07:11.510>if <00:07:11.657>the <00:07:11.828>enterprise <00:07:12.406>demand <00:07:12.870>actually <00:07:13.350>shows <00:07:13.750>up.

83
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<v Sarah>Dan <00:07:15.061>Rabb, <00:07:15.621>writing <00:07:15.954>in <00:07:16.161>Bisnow:

84
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<v Quote>Asset <00:07:17.726>management <00:07:18.157>giant <00:07:18.610>TPG <00:07:19.360>appears <00:07:19.877>to <00:07:19.957>be <00:07:20.066>preparing <00:07:20.610>a <00:07:20.717>major <00:07:21.130>push <00:07:21.498>into <00:07:21.710>the <00:07:21.830>booming <00:07:22.314>data <00:07:22.604>center <00:07:22.879>market.

85
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<v Quote>TPG <00:07:24.437>is <00:07:24.543>in <00:07:24.703>talks <00:07:25.023>to <00:07:25.180>acquire <00:07:25.610>Netrality <00:07:26.314>Data <00:07:26.620>Centers <00:07:27.077>at <00:07:27.390>a <00:07:27.523>value <00:07:27.743>of <00:07:27.930>$2B <00:07:28.223>to <00:07:28.330>$3B <00:07:29.663>in <00:07:29.970>a <00:07:30.058>deal <00:07:30.266>that <00:07:30.370>could <00:07:30.597>be <00:07:30.714>finalized <00:07:31.343>as <00:07:31.482>soon <00:07:31.663>as <00:07:31.802>this <00:07:31.994>fall

86
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<v Quote>Bloomberg <00:07:33.023>reported.

87
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<v Sarah>TPG <00:07:34.669>is <00:07:34.829>in <00:07:34.989>talks <00:07:35.283>to <00:07:35.396>buy <00:07:35.636>Netrality <00:07:36.336>for <00:07:36.516>two <00:07:36.776>to <00:07:36.963>three <00:07:37.156>billion.

88
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<v Sarah>A <00:07:38.120>deal <00:07:38.389>could <00:07:38.509>close <00:07:38.824>this <00:07:39.080>fall, <00:07:39.436>per <00:07:39.560>Bloomberg.

89
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<v Sarah>And <00:07:40.648>here's <00:07:40.876>the <00:07:40.976>fun <00:07:41.176>part: <00:07:41.976>18 <00:07:42.514>properties, <00:07:43.320>just <00:07:43.624>over <00:07:43.976>100 <00:07:44.596>megawatts <00:07:45.256>total.

90
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<v Matt>A <00:07:47.456>hundred <00:07:47.796>megawatts.

91
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<v Matt>We <00:07:49.069>spend <00:07:49.416>all <00:07:49.720>week <00:07:50.056>on <00:07:50.376>70 <00:07:50.856>gigawatts <00:07:51.603>at <00:07:51.843>PJM <00:07:52.736>and <00:07:52.936>14 <00:07:53.556>gigawatts <00:07:54.163>in <00:07:54.316>ERCOT, <00:07:55.216>and <00:07:55.380>somebody's <00:07:55.862>paying <00:07:56.176>three <00:07:56.436>billion <00:07:56.916>for <00:07:57.136>a <00:07:57.229>rounding <00:07:57.709>error?

92
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<v Sarah>The <00:07:58.763>value <00:07:59.144>here <00:07:59.389>is <00:07:59.549>in <00:07:59.676>the <00:07:59.786>carrier <00:08:00.227>hotels — <00:08:01.196>the <00:08:01.323>fiber <00:08:01.723>crossroads <00:08:02.403>in <00:08:02.536>Chicago, <00:08:03.326>Houston, <00:08:03.936>and <00:08:04.125>Philly.

93
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<v Sarah>You <00:08:05.216>can't <00:08:05.456>build <00:08:05.688>that <00:08:05.859>intersection <00:08:06.456>twice.

94
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<v Matt>Fair. <00:08:08.246>You're <00:08:08.570>paying <00:08:08.796>for <00:08:08.876>the <00:08:09.000>toll <00:08:09.309>booth.

95
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<v Matt>Interconnection's <00:08:10.896>the <00:08:11.076>one <00:08:11.349>asset <00:08:11.856>the <00:08:12.033>hyperscalers <00:08:12.756>can't <00:08:13.072>replicate <00:08:13.624>just <00:08:13.869>by <00:08:14.036>pouring <00:08:14.488>more <00:08:14.696>concrete.

96
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<v Sarah>And <00:08:16.116>Macquarie's <00:08:16.648>held <00:08:16.796>the <00:08:16.909>majority <00:08:17.389>stake <00:08:17.709>since <00:08:18.056>2019, <00:08:19.389>so <00:08:19.544>this <00:08:19.749>would <00:08:19.869>be <00:08:20.016>the <00:08:20.184>same <00:08:20.440>portfolio's <00:08:21.325>second <00:08:21.793>institutional <00:08:22.616>flip <00:08:22.989>in <00:08:23.176>seven <00:08:23.656>years.

97
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<v Sarah>The <00:08:24.776>asset <00:08:25.229>stays <00:08:25.576>put; <00:08:26.316>the <00:08:26.433>owners <00:08:26.824>keep <00:08:27.066>trading <00:08:27.443>it <00:08:27.603>up.

98
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<v Matt>That <00:08:28.749>tells <00:08:29.036>you <00:08:29.176>exactly <00:08:29.784>what <00:08:29.996>the <00:08:30.109>location's <00:08:30.749>worth.

99
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<v Matt>The <00:08:31.702>lights <00:08:32.016>are <00:08:32.194>incidental.

100
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<v Matt>The <00:08:33.436>bet <00:08:33.789>is <00:08:33.976>on <00:08:34.184>rent <00:08:34.433>moving <00:08:34.836>one <00:08:35.096>way.

101
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<v Host>Have <00:08:36.221>feedback, <00:08:36.990>a <00:08:37.097>story <00:08:37.510>idea, <00:08:37.963>or <00:08:38.110>a <00:08:38.208>correction?

102
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<v Host>Email <00:08:40.150>us <00:08:40.363>at <00:08:40.534>datacenterdaily <00:08:41.563>at <00:08:41.730>lantern <00:08:42.239>podcasts <00:08:43.010>dot <00:08:43.310>com.

103
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<v Host>We’d <00:08:44.582>love <00:08:44.737>to <00:08:44.822>hear <00:08:44.998>from <00:08:45.250>you.

104
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<v Host>We’ll <00:08:46.709>keep <00:08:46.890>an <00:08:47.037>eye <00:08:47.210>on <00:08:47.437>TPG’s <00:08:48.001>reported <00:08:48.437>talks <00:08:48.864>to <00:08:48.977>acquire <00:08:49.457>Netrality <00:08:50.085>Data <00:08:50.347>Centers.

105
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<v Host>A <00:08:51.685>deal <00:08:51.904>could <00:08:52.064>be <00:08:52.189>finalized <00:08:52.890>as <00:08:53.029>soon <00:08:53.184>as <00:08:53.285>this <00:08:53.557>fall.

106
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<v Host>You’ll <00:08:54.965>find <00:08:55.210>links <00:08:55.530>to <00:08:55.677>every <00:08:55.944>story <00:08:56.304>in <00:08:56.410>today’s <00:08:56.805>show <00:08:57.064>notes <00:08:57.450>if <00:08:57.577>you <00:08:57.669>want <00:08:57.824>to <00:08:57.937>dig <00:08:58.174>deeper <00:08:58.565>into <00:08:58.817>any <00:08:59.029>that <00:08:59.203>caught <00:08:59.493>your <00:08:59.621>attention.

107
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<v Host>That’s <00:09:01.337>The <00:09:01.445>Data <00:09:01.683>Center <00:09:02.010>Daily <00:09:02.317>for <00:09:02.517>today.

108
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<v Host>This <00:09:04.037>is <00:09:04.237>a <00:09:04.337>Lantern <00:09:04.867>Podcast.