WEBVTT

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<v Sarah>Equinix <00:00:00.457>raises <00:00:00.844>guidance <00:00:01.280>on <00:00:01.547>AI <00:00:01.840>demand — <00:00:02.680>and <00:00:02.827>in <00:00:02.920>the <00:00:03.088>same <00:00:03.328>news <00:00:03.587>cycle, <00:00:04.304>Microsoft's <00:00:05.120>own <00:00:05.500>SEC <00:00:05.989>filing <00:00:06.469>admits <00:00:06.900>the <00:00:07.027>power <00:00:07.413>might <00:00:07.740>not <00:00:07.968>show <00:00:08.213>up <00:00:08.347>in <00:00:08.496>time.

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<v Sarah>Put <00:00:09.800>those <00:00:10.044>together, <00:00:10.600>and <00:00:10.740>the <00:00:10.853>story <00:00:11.168>gets <00:00:11.413>complicated <00:00:12.112>fast.

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<v Sarah>Here’s <00:00:13.783>how <00:00:13.896>we <00:00:14.063>got <00:00:14.307>here.

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<v Sarah>The <00:00:15.256>backlash <00:00:15.743>has <00:00:15.967>hardened <00:00:16.371>from <00:00:16.613>general <00:00:17.030>worry <00:00:17.427>into <00:00:17.752>formal <00:00:18.223>constraints — <00:00:19.491>bans

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<v Sarah>moratoria <00:00:21.163>water <00:00:21.443>fights

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<v Sarah>project <00:00:22.703>withdrawals <00:00:23.534>zoning <00:00:24.148>challenges.

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<v Sarah>In <00:00:25.425>Virginia, <00:00:26.323>a <00:00:26.450>groundwater <00:00:27.030>study <00:00:27.397>called <00:00:27.643>for <00:00:27.823>tighter <00:00:28.296>water <00:00:28.656>rules.

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<v Sarah>IVCM <00:00:30.323>sued <00:00:30.803>IID <00:00:31.347>over <00:00:31.683>260 <00:00:32.693>million <00:00:33.103>gallons <00:00:33.550>of <00:00:33.674>Colorado <00:00:34.283>River <00:00:34.563>water

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<v Sarah>and <00:00:35.567>Plymouth <00:00:35.976>Township <00:00:36.456>lined <00:00:36.776>up <00:00:36.923>against <00:00:37.243>a <00:00:37.345>proposed <00:00:37.923>two-million-square-foot <00:00:39.363>Conshohocken <00:00:40.163>build.

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<v Matt>This <00:00:41.843>is <00:00:42.183>The <00:00:42.307>Data <00:00:42.609>Center <00:00:42.950>Daily.

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<v Matt>Today — <00:00:44.523>a <00:00:44.632>hyperscaler <00:00:45.347>puts <00:00:45.623>the <00:00:45.763>grid <00:00:46.136>in <00:00:46.283>a <00:00:46.376>legal <00:00:46.723>filing

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<v Matt>Trump <00:00:47.976>hands <00:00:48.323>23 <00:00:48.931>governors <00:00:49.403>a <00:00:49.512>pledge <00:00:49.955>with <00:00:50.190>no <00:00:50.470>teeth

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<v Matt>and <00:00:51.539>Ohio's <00:00:52.072>public <00:00:52.563>actually <00:00:53.299>wins <00:00:53.763>one <00:00:54.136>on <00:00:54.483>water.

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<v Sarah>We <00:00:56.083>start <00:00:56.323>with <00:00:56.483>the <00:00:56.563>Equinix <00:00:57.183>numbers — <00:00:57.863>the <00:00:57.990>clean <00:00:58.387>part — <00:00:59.077>before <00:00:59.336>it <00:00:59.475>gets <00:00:59.663>complicated.

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<v Matt>This <00:01:01.283>story <00:01:01.763>isn't <00:01:02.163>over: <00:01:03.016>Local <00:01:03.347>data <00:01:03.649>center <00:01:04.019>bans <00:01:04.443>and <00:01:04.620>ballot <00:01:05.052>backlash.

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<v Matt>Follow <00:01:06.750>us <00:01:07.007>wherever <00:01:07.383>you're <00:01:07.571>listening, <00:01:08.263>and <00:01:08.343>the <00:01:08.483>next <00:01:08.863>chapter <00:01:09.350>comes <00:01:09.710>to <00:01:09.843>you.

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<v Sarah>PR <00:01:11.102>Newswire <00:01:11.702>writes:

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<v Quote>"We <00:01:12.964>delivered <00:01:13.377>an <00:01:13.524>exceptionally <00:01:14.101>strong <00:01:14.644>Q2.

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<v Quote>Monthly <00:01:15.924>recurring <00:01:16.334>revenue <00:01:16.748>grew <00:01:17.038>double <00:01:17.301>digits <00:01:17.684>for <00:01:17.824>the <00:01:17.937>third <00:01:18.231>straight <00:01:18.494>quarter

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<v Quote>new <00:01:19.537>interconnections <00:01:20.231>on <00:01:20.304>our <00:01:20.426>platform <00:01:20.964>hit <00:01:21.124>a <00:01:21.210>record <00:01:21.537>level

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<v Quote>and <00:01:22.411>disciplined <00:01:22.988>execution <00:01:23.617>drove <00:01:23.953>robust <00:01:24.421>profit <00:01:24.810>growth," <00:01:25.452>said <00:01:25.697>Adaire <00:01:26.044>Fox-Martin

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<v Quote>CEO <00:01:27.504>and <00:01:27.612>President <00:01:28.164>Equinix.

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<v Quote>"Our <00:01:29.794>revised <00:01:30.364>2026 <00:01:31.217>guidance <00:01:31.684>and <00:01:31.852>long-term <00:01:32.404>financial <00:01:32.834>outlook <00:01:33.404>reflect <00:01:34.008>momentum <00:01:34.421>across <00:01:34.784>the <00:01:34.888>business.

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<v Sarah>Equinix <00:01:36.447>Q2: <00:01:37.287>$2.625 <00:01:38.777>billion <00:01:39.460>in <00:01:39.627>revenue

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<v Sarah>up <00:01:40.687>16 <00:01:41.227>percent; <00:01:41.887>net <00:01:42.424>income <00:01:42.847>up <00:01:43.167>30 <00:01:43.547>percent; <00:01:44.147>and <00:01:44.511>full-year <00:01:45.060>guidance <00:01:45.544>raised <00:01:45.914>to <00:01:46.027>between <00:01:46.527>$10.21 <00:01:47.757>billion <00:01:48.607>and <00:01:48.927>$10.29 <00:01:50.077>billion.

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<v Sarah>The <00:01:51.823>tell <00:01:52.260>is <00:01:52.424>buried <00:01:52.794>in <00:01:52.867>the <00:01:52.994>interconnection <00:01:53.791>line — <00:01:54.567>a <00:01:54.676>record <00:01:55.247>9,700 <00:01:56.907>net <00:01:57.183>adds <00:01:57.647>in <00:01:57.867>one <00:01:58.107>quarter.

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<v Matt>Nine <00:01:59.629>thousand <00:02:00.220>seven <00:02:00.727>hundred <00:02:01.074>cross-connects.

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<v Matt>Those <00:02:03.067>are <00:02:03.316>cables <00:02:03.767>getting <00:02:04.098>physically <00:02:04.657>punched <00:02:05.071>down <00:02:05.354>in <00:02:05.487>a <00:02:05.647>hall, <00:02:06.447>not <00:02:06.751>just <00:02:07.087>a <00:02:07.207>press <00:02:07.457>release <00:02:07.864>number.

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<v Matt>Demand <00:02:09.527>isn't <00:02:09.767>the <00:02:09.937>problem <00:02:10.351>here.

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<v Sarah>Bookings <00:02:11.887>rose <00:02:12.287>23 <00:02:12.827>percent <00:02:13.279>year <00:02:13.455>over <00:02:13.727>year — <00:02:14.504>second-highest <00:02:15.274>on <00:02:15.407>record — <00:02:16.387>and <00:02:16.463>they're <00:02:16.727>feeding <00:02:17.087>a <00:02:17.224>record <00:02:17.647>backlog.

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<v Sarah>Backlog's <00:02:19.587>the <00:02:19.695>word <00:02:19.927>I'd <00:02:20.116>circle.

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<v Matt>Right — <00:02:22.197>backlog <00:02:22.754>means <00:02:23.151>they <00:02:23.441>booked <00:02:23.700>it <00:02:23.907>but <00:02:24.247>can't <00:02:24.559>turn <00:02:24.740>it <00:02:24.927>on <00:02:25.167>yet.

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<v Matt>Fox-Martin <00:02:27.007>says <00:02:27.375>they're <00:02:27.767>'uniquely <00:02:28.352>positioned <00:02:29.034>to <00:02:29.154>serve <00:02:29.674>AI <00:02:30.140>needs.'

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<v Matt>Sure — <00:02:32.098>positioned <00:02:32.687>to <00:02:32.895>book <00:02:33.167>it.

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<v Matt>Whether <00:02:34.407>the <00:02:34.580>power <00:02:34.900>shows <00:02:35.220>up <00:02:35.354>to <00:02:35.474>energize <00:02:36.020>it <00:02:36.180>is <00:02:36.327>a <00:02:36.407>whole <00:02:36.647>other <00:02:36.916>filing, <00:02:38.027>and <00:02:38.911>we <00:02:38.978>get <00:02:39.151>to <00:02:39.306>that <00:02:39.578>one <00:02:39.898>in <00:02:40.098>a <00:02:40.195>minute.

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<v Sarah>Which <00:02:41.391>makes <00:02:41.698>today's <00:02:42.035>timing <00:02:42.447>almost <00:02:42.898>too <00:02:43.114>neat.

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<v Sarah>The <00:02:44.104>seller's <00:02:44.498>order <00:02:44.746>book <00:02:44.978>has <00:02:45.151>never <00:02:45.452>looked <00:02:45.704>better, <00:02:46.418>and <00:02:46.558>the <00:02:46.669>constraint's <00:02:47.315>moving <00:02:47.720>upstream <00:02:48.245>to <00:02:48.318>the <00:02:48.474>wire.

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<v Sarah>Buried <00:02:49.830>in <00:02:49.947>Microsoft's <00:02:50.729>latest <00:02:51.083>10-K <00:02:51.883>is <00:02:52.243>a <00:02:52.343>passage <00:02:52.811>that <00:02:53.026>should <00:02:53.227>stop <00:02:53.563>every <00:02:54.016>infrastructure <00:02:54.811>lead <00:02:55.030>in <00:02:55.115>this <00:02:55.296>space <00:02:55.675>cold.

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<v Sarah>The <00:02:56.733>company <00:02:57.123>now <00:02:57.300>spells <00:02:57.703>out <00:02:57.952>access <00:02:58.416>to <00:02:58.590>electricity <00:02:59.456>as <00:02:59.803>a <00:02:59.936>detailed <00:03:00.414>constraint <00:03:00.976>on <00:03:01.163>datacenter <00:03:01.795>expansion.

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<v Sarah>Here's <00:03:03.123>how <00:03:03.275>they <00:03:03.443>put <00:03:03.643>it:

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<v Quote>The <00:03:04.771>availability, <00:03:05.890>reliability, <00:03:06.823>and <00:03:07.023>cost <00:03:07.370>of <00:03:07.474>electrical <00:03:08.050>power <00:03:08.463>are <00:03:08.747>critical <00:03:09.156>to <00:03:09.283>the <00:03:09.407>operation <00:03:10.043>and <00:03:10.287>expansion <00:03:10.890>of <00:03:10.983>our <00:03:11.167>datacenters.

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<v Quote>In <00:03:12.607>many <00:03:12.923>regions <00:03:13.563>electricity <00:03:14.288>generation

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<v Quote>transmission <00:03:15.943>and <00:03:16.118>distribution <00:03:16.831>infrastructure <00:03:17.610>is <00:03:17.878>experiencing <00:03:18.601>increasing <00:03:19.263>demand <00:03:19.783>and <00:03:19.974>capacity <00:03:20.590>constraints.

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<v Quote>Limitations <00:03:22.490>in <00:03:22.610>power <00:03:23.011>availability

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<v Quote>delays <00:03:24.570>in <00:03:24.671>obtaining <00:03:25.156>power <00:03:25.483>connections

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<v Quote>outages <00:03:27.675>shortages <00:03:28.439>increased <00:03:29.000>energy <00:03:29.436>costs

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<v Quote>or <00:03:30.278>requirements <00:03:31.003>imposed <00:03:31.476>by <00:03:31.655>utilities

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<v Quote>regulators <00:03:33.396>or <00:03:33.543>other <00:03:33.800>market <00:03:34.211>participants <00:03:35.076>could <00:03:35.396>restrict <00:03:35.863>our <00:03:36.033>ability <00:03:36.463>to <00:03:36.693>develop <00:03:37.210>or <00:03:37.343>expand <00:03:37.903>datacenter <00:03:38.463>capacity.

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<v Quote>In <00:03:39.956>addition <00:03:40.756>alternative <00:03:41.412>energy <00:03:41.893>sources <00:03:42.423>and <00:03:42.596>other <00:03:42.916>emerging <00:03:43.407>solutions <00:03:44.083>may <00:03:44.423>not <00:03:44.623>be <00:03:44.839>available <00:03:45.396>in <00:03:45.547>sufficient <00:03:46.041>quantities

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<v Quote>may <00:03:47.303>not <00:03:47.492>timely <00:03:47.970>scale <00:03:48.356>to <00:03:48.495>meet <00:03:48.643>our <00:03:48.758>requirements

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<v Quote>or <00:03:49.963>may <00:03:50.196>be <00:03:50.367>available <00:03:51.023>only <00:03:51.370>at <00:03:51.480>higher <00:03:51.930>costs.

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<v Quote>If <00:03:53.396>we <00:03:53.543>are <00:03:53.732>unable <00:03:54.196>to <00:03:54.383>secure <00:03:54.907>adequate <00:03:55.330>power <00:03:55.727>resources <00:03:56.356>on <00:03:56.512>commercially <00:03:57.147>reasonable <00:03:57.676>terms

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<v Quote>our <00:03:58.693>ability <00:03:59.210>to <00:03:59.323>support <00:03:59.787>customer <00:04:00.212>demand <00:04:00.683>and <00:04:00.933>execute <00:04:01.443>our <00:04:01.549>growth <00:04:01.885>strategy <00:04:02.450>could <00:04:02.836>be <00:04:03.007>adversely <00:04:03.645>affected.

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<v Matt>Look <00:04:04.691>at <00:04:04.804>how <00:04:05.073>specific <00:04:05.832>that <00:04:06.157>is.

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<v Matt>This <00:04:07.352>goes <00:04:07.608>well <00:04:07.921>beyond <00:04:08.333>boilerplate <00:04:09.037>force-majeure <00:04:09.764>hedging.

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<v Matt>Microsoft <00:04:11.437>is <00:04:11.584>telling <00:04:11.920>investors <00:04:12.456>that <00:04:12.664>grid <00:04:13.051>interconnection <00:04:13.936>timelines — <00:04:15.004>and <00:04:15.084>the <00:04:15.211>scalability <00:04:16.024>ceiling <00:04:16.637>on <00:04:16.797>alternative <00:04:17.477>power — <00:04:18.464>are <00:04:18.696>live <00:04:19.200>variables

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<v Matt>in <00:04:19.904>its <00:04:20.077>capacity <00:04:20.557>build-out.

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<v Matt>It's <00:04:21.984>a <00:04:22.089>materially <00:04:22.800>different <00:04:23.352>risk <00:04:23.624>posture <00:04:24.216>from <00:04:24.411>prior <00:04:24.824>filings.

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<v Sarah>So <00:04:26.317>watch <00:04:26.656>Microsoft's <00:04:27.528>site-selection <00:04:28.335>pipeline <00:04:28.984>and <00:04:29.344>PPA <00:04:29.926>activity <00:04:30.484>against <00:04:30.936>this <00:04:31.137>disclosure.

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<v Sarah>When <00:04:32.624>a <00:04:32.721>hyperscaler <00:04:33.432>this <00:04:33.704>big <00:04:34.011>names <00:04:34.408>grid <00:04:34.744>access <00:04:35.264>and <00:04:35.428>connection <00:04:35.921>timing <00:04:36.371>as <00:04:36.630>growth <00:04:36.944>constraints <00:04:37.437>in <00:04:37.584>a <00:04:37.744>10-K

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<v Sarah>behind-the-meter <00:04:39.537>generation

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<v Sarah>transmission <00:04:41.184>queue <00:04:41.464>reform

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<v Sarah>and <00:04:42.254>utility <00:04:42.824>co-investment <00:04:43.611>deals <00:04:44.072>move <00:04:44.616>from <00:04:44.808>strategic <00:04:45.464>options <00:04:46.131>to <00:04:46.404>operational <00:04:47.137>necessities.

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<v Sarah>Here's <00:04:49.182>Josh <00:04:49.491>Boak <00:04:49.778>and <00:04:49.888>Matthew <00:04:50.318>Daly <00:04:50.665>at <00:04:50.738>The <00:04:50.856>Associated <00:04:51.518>Press:

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<v Quote>President <00:04:52.958>Donald <00:04:53.341>Trump <00:04:53.594>on <00:04:53.763>Thursday <00:04:54.321>had <00:04:54.549>governors <00:04:55.021>and <00:04:55.188>electricity <00:04:55.757>companies <00:04:56.325>join <00:04:56.621>a <00:04:56.725>voluntary <00:04:57.370>pledge <00:04:57.808>to <00:04:57.918>shield <00:04:58.341>U.S.

66
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<v Quote>consumers <00:04:59.253>from <00:04:59.427>higher <00:04:59.771>utility <00:05:00.328>bills <00:05:00.693>from <00:05:00.869>data <00:05:01.141>centers — <00:05:02.021>a <00:05:02.149>sign <00:05:02.368>of <00:05:02.461>how <00:05:02.601>the <00:05:02.712>artificial <00:05:03.264>intelligence <00:05:03.834>build-out <00:05:04.381>has <00:05:04.547>become <00:05:04.861>a <00:05:04.941>lightning <00:05:05.361>rod <00:05:05.568>of

67
00:05:05.688 --> 00:05:08.101
<v Quote>controversy <00:05:06.478>before <00:05:06.861>the <00:05:07.031>midterm <00:05:07.429>elections.

68
00:05:08.380 --> 00:05:13.820
<v Matt>So <00:05:08.660>the <00:05:08.876>plan <00:05:09.320>for <00:05:09.550>keeping <00:05:09.948>that <00:05:10.204>bill <00:05:10.520>off <00:05:10.764>ratepayers <00:05:11.687>is <00:05:12.100>a <00:05:12.228>voluntary <00:05:13.111>pledge.

69
00:05:13.946 --> 00:05:22.300
<v Matt>Twenty-three <00:05:15.076>governors, <00:05:16.060>187 <00:05:17.484>companies, <00:05:18.260>and <00:05:18.680>not <00:05:18.980>one <00:05:19.407>enforcement <00:05:20.196>mechanism <00:05:20.780>in <00:05:20.980>the <00:05:21.193>whole <00:05:21.753>thing.

70
00:05:23.522 --> 00:05:26.729
<v Matt>Nonbinding. <00:05:24.809>He <00:05:25.086>said <00:05:25.369>it <00:05:25.502>himself.

71
00:05:26.742 --> 00:05:28.622
<v Sarah>And <00:05:26.814>here's <00:05:27.062>a <00:05:27.155>sales <00:05:27.462>pitch <00:05:27.702>for <00:05:27.862>the <00:05:28.094>ages.

72
00:05:28.742 --> 00:05:33.662
<v Sarah>Trump <00:05:29.390>told <00:05:29.640>executives — <00:05:30.722>and <00:05:30.862>I'm <00:05:31.062>reading <00:05:31.390>this <00:05:31.662>straight — <00:05:32.582>'You <00:05:32.762>can't <00:05:33.075>fight <00:05:33.422>it.

73
00:05:33.762 --> 00:05:35.262
<v Sarah>You <00:05:34.110>have <00:05:34.329>to <00:05:34.435>go <00:05:34.590>with <00:05:34.862>it.'

74
00:05:35.357 --> 00:05:40.462
<v Sarah>Apparently <00:05:36.322>the <00:05:36.433>affordability <00:05:37.171>policy <00:05:37.635>is <00:05:37.793>convincing <00:05:38.334>your <00:05:38.518>community <00:05:39.054>they'll <00:05:39.315>be <00:05:39.518>rich.

75
00:05:40.515 --> 00:05:45.102
<v Matt>He <00:05:40.686>also <00:05:41.004>promised <00:05:41.571>prices <00:05:42.009>would <00:05:42.222>drop <00:05:42.622>because <00:05:43.222>there'd <00:05:43.529>be <00:05:43.702>a <00:05:43.892>surplus <00:05:44.409>of <00:05:44.555>power.

76
00:05:45.302 --> 00:05:53.782
<v Matt>Sarah, <00:05:46.755>we <00:05:46.910>just <00:05:47.169>aired <00:05:47.522>the <00:05:47.654>Microsoft <00:05:48.382>filing — <00:05:49.289>their <00:05:49.482>own <00:05:49.732>lawyers <00:05:50.275>wrote <00:05:50.574>that <00:05:50.767>generation <00:05:51.462>and <00:05:51.637>transmission <00:05:52.362>are <00:05:52.582>the <00:05:52.767>bottleneck.

77
00:05:53.842 --> 00:05:55.982
<v Matt>Where's <00:05:54.262>the <00:05:54.452>surplus <00:05:54.988>coming <00:05:55.342>from?

78
00:05:55.982 --> 00:05:59.342
<v Sarah>Right — <00:05:56.962>and <00:05:57.054>this <00:05:57.235>is <00:05:57.382>the <00:05:57.548>second <00:05:57.872>version <00:05:58.249>of <00:05:58.322>the <00:05:58.446>same <00:05:58.782>pledge.

79
00:05:59.502 --> 00:06:06.142
<v Sarah>He <00:05:59.856>rolled <00:06:00.102>out <00:06:00.262>the <00:06:00.435>first <00:06:00.742>one <00:06:00.894>with <00:06:01.042>the <00:06:01.150>tech <00:06:01.390>companies <00:06:01.870>back <00:06:02.089>in <00:06:02.222>March, <00:06:02.822>per <00:06:02.982>the <00:06:03.289>AP, <00:06:04.162>and <00:06:04.275>it <00:06:04.414>didn't <00:06:04.670>move <00:06:04.931>voters <00:06:05.369>an <00:06:05.518>inch.

80
00:06:06.222 --> 00:06:11.182
<v Sarah>This <00:06:06.595>is <00:06:06.742>the <00:06:06.915>March <00:06:07.239>pledge <00:06:07.614>with <00:06:07.782>governors' <00:06:08.280>signatures <00:06:08.910>stapled <00:06:09.315>on <00:06:09.468>before <00:06:09.762>the <00:06:09.902>midterms.

81
00:06:11.222 --> 00:06:17.422
<v Matt>The <00:06:11.382>one <00:06:11.542>thing <00:06:11.822>I'll <00:06:12.051>credit — <00:06:13.042>the <00:06:13.159>demand <00:06:13.598>side <00:06:14.002>and <00:06:14.082>the <00:06:14.222>policy <00:06:14.782>side <00:06:15.246>both <00:06:15.886>went <00:06:16.195>on <00:06:16.322>the <00:06:16.439>record <00:06:16.830>this <00:06:17.086>week.

82
00:06:17.550 --> 00:06:22.702
<v Matt>Microsoft <00:06:18.762>did <00:06:18.969>it <00:06:19.075>in <00:06:19.222>a <00:06:19.329>legal <00:06:19.731>filing, <00:06:20.702>this <00:06:21.075>in <00:06:21.222>a <00:06:21.326>Rose <00:06:21.639>Garden <00:06:22.062>pledge.

83
00:06:22.942 --> 00:06:30.462
<v Matt>Now <00:06:23.689>we <00:06:23.782>get <00:06:23.955>to <00:06:24.122>see <00:06:24.342>which <00:06:24.622>one <00:06:24.933>actually <00:06:25.582>moves <00:06:26.022>a <00:06:26.142>rate, <00:06:26.842>and <00:06:27.142>'voluntary' <00:06:28.115>tells <00:06:28.422>you <00:06:28.622>it <00:06:28.842>won't <00:06:29.235>be <00:06:29.390>this <00:06:29.662>one.

84
00:06:30.542 --> 00:06:34.542
<v Sarah>A <00:06:30.649>press <00:06:30.822>release <00:06:31.134>with <00:06:31.302>a <00:06:31.386>governor's <00:06:31.870>signature <00:06:32.342>doesn't <00:06:32.686>show <00:06:32.835>up <00:06:32.995>on <00:06:33.159>anyone's <00:06:33.642>utility <00:06:34.142>bill.

85
00:06:34.702 --> 00:06:40.622
<v Sarah>And <00:06:35.209>there's <00:06:35.462>the <00:06:35.642>gap <00:06:35.872>between <00:06:36.270>what <00:06:36.522>got <00:06:36.742>announced <00:06:37.182>today <00:06:37.642>and <00:06:37.854>what <00:06:38.022>a <00:06:38.126>ratepayer <00:06:38.675>actually <00:06:39.182>pays <00:06:39.529>in <00:06:39.682>January.

86
00:06:41.491 --> 00:06:42.931
<v Sarah>SendTech <00:06:42.038>Times <00:06:42.440>writes:

87
00:06:43.557 --> 00:06:52.117
<v Quote>Data <00:06:43.751>Center <00:06:44.005>Knowledge <00:06:44.508>reviewed <00:06:45.117>Georgia <00:06:45.454>Public <00:06:45.837>Service <00:06:46.153>Commission <00:06:46.587>filings <00:06:47.157>that <00:06:47.530>recorded <00:06:48.037>a <00:06:48.197>3,200MW <00:06:49.521>customer <00:06:49.928>commitment <00:06:50.597>and <00:06:51.157>an <00:06:51.374>anonymized

88
00:06:52.197 --> 00:06:59.477
<v Quote>3,210MW <00:06:53.697>project <00:06:54.231>before <00:06:55.013>OpenAI <00:06:55.690>unveiled <00:06:56.157>the <00:06:56.277>$20 <00:06:56.607>billion <00:06:57.287>Project <00:06:57.717>Camellia <00:06:58.277>campus.

89
00:06:59.517 --> 00:07:06.117
<v Quote>The <00:06:59.757>PSC <00:07:00.186>record <00:07:00.657>establishes <00:07:01.357>the <00:07:01.525>load <00:07:01.770>sequence <00:07:02.254>before <00:07:02.617>the <00:07:02.734>public <00:07:03.123>launch, <00:07:03.757>but <00:07:03.904>it <00:07:03.989>does <00:07:04.177>not <00:07:04.419>identify <00:07:04.937>the <00:07:05.040>confidential <00:07:05.610>customer.

90
00:07:06.437 --> 00:07:08.757
<v Sarah>Here's <00:07:06.697>the <00:07:06.810>sequence <00:07:07.297>now <00:07:07.504>in <00:07:07.577>the <00:07:07.757>PSC <00:07:08.266>record.

91
00:07:08.857 --> 00:07:14.597
<v Sarah>Georgia <00:07:09.637>Power <00:07:10.094>logged <00:07:10.597>3,200 <00:07:11.777>megawatts <00:07:12.410>of <00:07:12.577>new <00:07:12.810>customer <00:07:13.295>commitment <00:07:13.930>in <00:07:14.117>April

92
00:07:14.730 --> 00:07:20.597
<v Sarah>along <00:07:15.445>with <00:07:15.690>an <00:07:15.866>anonymized <00:07:16.837>3,210-megawatt <00:07:18.817>project <00:07:19.317>in <00:07:19.525>technical <00:07:20.037>review.

93
00:07:20.757 --> 00:07:27.957
<v Sarah>The <00:07:21.294>filing <00:07:21.717>lists <00:07:22.317>Q2 <00:07:22.837>2028 <00:07:23.757>for <00:07:23.937>service, <00:07:24.821>ramping <00:07:25.210>to <00:07:25.477>3.2 <00:07:26.357>gigs <00:07:26.730>by <00:07:26.997>2031.

94
00:07:29.050 --> 00:07:31.957
<v Sarah>OpenAI <00:07:29.517>put <00:07:29.657>the <00:07:29.765>name <00:07:30.037>Camellia <00:07:30.650>on <00:07:30.837>it <00:07:31.024>three <00:07:31.203>months <00:07:31.544>later.

95
00:07:32.144 --> 00:07:38.997
<v Sarah>So <00:07:32.537>the <00:07:32.661>load <00:07:32.957>was <00:07:33.123>moving <00:07:33.427>through <00:07:33.687>Georgia <00:07:34.090>planning <00:07:34.563>before <00:07:34.917>a <00:07:35.031>single <00:07:35.293>community <00:07:35.850>heard <00:07:36.137>the <00:07:36.264>words <00:07:36.700>twenty <00:07:37.387>billion <00:07:37.967>dollars.

96
00:07:39.057 --> 00:07:43.957
<v Matt>And <00:07:39.283>credit <00:07:39.597>where <00:07:39.824>it's <00:07:40.037>due — <00:07:40.949>this <00:07:41.157>time <00:07:41.584>we <00:07:41.850>actually <00:07:42.389>have <00:07:42.917>a <00:07:43.057>megawatt <00:07:43.603>number.

97
00:07:44.157 --> 00:07:47.797
<v Matt>Two, <00:07:44.890>in <00:07:45.061>fact, <00:07:45.737>and <00:07:45.829>they <00:07:46.010>match <00:07:46.323>within <00:07:46.677>ten <00:07:46.997>megs.

98
00:07:47.877 --> 00:07:49.318
<v Matt>We've <00:07:48.157>got <00:07:48.317>a <00:07:48.410>docket <00:07:48.704>to <00:07:48.805>work <00:07:49.061>from.

99
00:07:50.105 --> 00:07:52.117
<v Matt>But <00:07:50.137>the <00:07:50.268>customer's <00:07:50.957>still <00:07:51.217>redacted.

100
00:07:52.197 --> 00:07:59.797
<v Matt>The <00:07:52.473>commission <00:07:52.877>knows <00:07:53.157>exactly <00:07:53.777>who's <00:07:54.087>parking <00:07:54.597>3.2 <00:07:55.297>gigawatts <00:07:55.850>on <00:07:55.977>the <00:07:56.104>queue — <00:07:57.017>the <00:07:57.141>ratepayers <00:07:57.757>funding <00:07:58.057>the <00:07:58.172>transmission <00:07:58.864>to <00:07:58.970>serve <00:07:59.264>it <00:07:59.377>don't <00:07:59.657>get <00:07:59.757>a

101
00:07:59.877 --> 00:08:04.437
<v Matt>name. <00:08:00.585>Confidential <00:08:01.424>to <00:08:01.517>the <00:08:01.694>public, <00:08:02.487>crystal <00:08:02.904>clear <00:08:03.290>to <00:08:03.417>the <00:08:03.533>regulator.

102
00:08:04.485 --> 00:08:08.117
<v Sarah>Data <00:08:04.723>Center <00:08:05.045>Knowledge <00:08:05.511>pulled <00:08:05.737>the <00:08:05.857>filings <00:08:06.344>apart <00:08:06.717>and <00:08:06.890>lined <00:08:07.210>up <00:08:07.337>the <00:08:07.468>timeline.

103
00:08:08.277 --> 00:08:14.997
<v Sarah>The <00:08:08.817>gap <00:08:09.037>between <00:08:09.397>a <00:08:09.677>Q1 <00:08:10.104>large-load <00:08:10.735>attachment <00:08:11.357>and <00:08:11.517>a <00:08:11.610>press <00:08:11.927>release <00:08:12.370>turns <00:08:12.897>out <00:08:13.104>to <00:08:13.210>be <00:08:13.357>a <00:08:13.450>whole <00:08:13.770>planning <00:08:14.277>cycle.

104
00:08:15.667 --> 00:08:17.187
<v Sarah>Here's <00:08:16.040>CRBC <00:08:16.723>News:

105
00:08:19.272 --> 00:08:27.272
<v Quote>The <00:08:19.432>Ohio <00:08:19.912>EPA <00:08:20.422>dropped <00:08:20.672>a <00:08:20.783>proposal <00:08:21.379>to <00:08:21.485>allow <00:08:21.816>data <00:08:22.122>centers <00:08:22.525>to <00:08:22.692>use <00:08:22.952>a <00:08:23.082>general <00:08:23.483>wastewater <00:08:24.056>discharge <00:08:24.689>permit <00:08:25.085>after <00:08:25.402>roughly <00:08:25.832>7,000 <00:08:26.586>public <00:08:26.845>comments

106
00:08:27.322 --> 00:08:28.392
<v Quote>opposed <00:08:27.712>the <00:08:27.889>change.

107
00:08:28.482 --> 00:08:35.832
<v Quote>Critics <00:08:29.144>said <00:08:29.312>a <00:08:29.412>blanket <00:08:29.889>permit <00:08:30.245>would <00:08:30.344>have <00:08:30.552>bypassed <00:08:31.176>necessary <00:08:31.800>site-by-site <00:08:32.518>environmental <00:08:33.182>reviews <00:08:33.752>and <00:08:34.056>risked <00:08:34.582>impacts <00:08:34.819>to <00:08:34.939>waterways <00:08:35.546>linked <00:08:35.779>to

108
00:08:35.880 --> 00:08:36.472
<v Quote>Lake <00:08:36.136>Erie.

109
00:08:36.672 --> 00:08:44.472
<v Quote>Regulators’ <00:08:37.983>reversal <00:08:38.285>keeps <00:08:38.603>individual <00:08:39.156>permitting <00:08:39.645>in <00:08:39.832>place <00:08:40.332>and <00:08:40.676>highlights <00:08:41.169>rising <00:08:41.579>local <00:08:41.974>concerns <00:08:42.520>over <00:08:42.732>the <00:08:42.872>water <00:08:43.352>and <00:08:43.649>energy <00:08:44.042>demands <00:08:44.419>of

110
00:08:44.528 --> 00:08:46.392
<v Quote>expanding <00:08:45.096>data <00:08:45.386>center <00:08:45.672>campuses.

111
00:08:46.756 --> 00:08:54.956
<v Matt>And <00:08:46.943>in <00:08:47.092>Ohio, <00:08:47.836>the <00:08:47.996>state <00:08:48.260>just <00:08:48.566>dropped <00:08:48.956>its <00:08:49.140>statewide <00:08:49.767>wastewater <00:08:50.347>shortcut <00:08:51.036>after <00:08:51.689>about <00:08:52.036>7,000 <00:08:52.733>people <00:08:53.143>filed <00:08:53.533>formal <00:08:53.949>objections.

112
00:08:55.496 --> 00:08:58.390
<v Matt>The <00:08:55.567>public <00:08:55.682>showed <00:08:56.036>up <00:08:56.296>and <00:08:56.616>the <00:08:56.726>general <00:08:57.133>permit <00:08:57.604>died.

113
00:08:58.390 --> 00:09:00.756
<v Sarah>And <00:08:58.916>here's <00:08:59.276>why <00:08:59.416>the <00:08:59.532>mechanics <00:09:00.105>matter.

114
00:09:00.856 --> 00:09:06.596
<v Sarah>The <00:09:01.218>proposal <00:09:01.743>would've <00:09:02.076>let <00:09:02.260>data <00:09:02.566>centers <00:09:02.976>operate <00:09:03.449>under <00:09:03.816>one <00:09:04.196>blanket <00:09:04.820>statewide <00:09:05.460>discharge <00:09:06.105>permit.

115
00:09:06.736 --> 00:09:10.916
<v Sarah>The <00:09:07.209>reversal <00:09:07.703>keeps <00:09:08.087>individual, <00:09:08.804>site-by-site <00:09:09.533>review <00:09:09.929>in <00:09:10.116>place.

116
00:09:10.996 --> 00:09:13.876
<v Sarah>The <00:09:11.284>link <00:09:11.529>to <00:09:11.668>Lake <00:09:11.876>Erie <00:09:12.276>is <00:09:12.496>why <00:09:12.722>people <00:09:13.076>cared.

117
00:09:13.916 --> 00:09:15.596
<v Matt>And <00:09:14.100>that's <00:09:14.506>why <00:09:14.623>it <00:09:14.756>matters.

118
00:09:15.652 --> 00:09:22.116
<v Matt>With <00:09:15.956>a <00:09:16.076>general <00:09:16.413>permit, <00:09:17.202>nobody <00:09:17.543>looks <00:09:17.903>at <00:09:18.004>what <00:09:18.212>your <00:09:18.347>specific <00:09:18.985>campus <00:09:19.476>dumps <00:09:19.924>into <00:09:20.196>a <00:09:20.333>stream <00:09:20.708>that <00:09:20.916>runs <00:09:21.263>to <00:09:21.364>Lake <00:09:21.652>Erie.

119
00:09:22.292 --> 00:09:28.196
<v Matt>Site-by-site <00:09:23.676>means <00:09:23.926>someone <00:09:24.320>actually <00:09:24.756>reads <00:09:25.176>the <00:09:25.300>discharge <00:09:25.926>numbers <00:09:26.333>before <00:09:26.716>you <00:09:26.889>break <00:09:27.225>ground.

120
00:09:28.249 --> 00:09:30.916
<v Sarah>It's <00:09:28.476>a <00:09:28.569>clean <00:09:28.896>counterweight <00:09:29.529>to <00:09:29.668>this <00:09:29.844>week's <00:09:30.164>grid <00:09:30.436>story.

121
00:09:31.036 --> 00:09:38.644
<v Sarah>The <00:09:31.449>power <00:09:31.756>fight <00:09:32.004>gets <00:09:32.236>the <00:09:32.412>headlines, <00:09:33.296>but <00:09:33.529>water <00:09:33.847>permitting <00:09:34.383>is <00:09:34.489>becoming <00:09:34.956>its <00:09:35.176>own <00:09:35.543>chokepoint, <00:09:36.736>one <00:09:36.976>comment <00:09:37.465>period <00:09:37.929>at <00:09:38.156>a <00:09:38.324>time.

122
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<v Matt>Put <00:09:38.948>Ohio <00:09:39.460>next <00:09:39.743>to <00:09:39.828>that <00:09:40.018>Imperial <00:09:40.576>Irrigation <00:09:41.296>lawsuit <00:09:41.743>in <00:09:41.861>California, <00:09:43.096>and <00:09:43.209>it's <00:09:43.436>the <00:09:43.604>same <00:09:43.863>fight <00:09:44.236>playing <00:09:44.576>out <00:09:44.809>on <00:09:44.964>both <00:09:45.236>coasts.

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<v Matt>The <00:09:46.796>'we <00:09:47.056>won't <00:09:47.369>touch <00:09:47.656>the <00:09:47.783>water' <00:09:48.256>promise <00:09:48.743>keeps <00:09:49.116>running <00:09:49.444>into <00:09:49.656>the <00:09:49.773>permit <00:09:50.196>process.

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<v Matt>Water's <00:09:51.816>the <00:09:51.956>next <00:09:52.356>grid.

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<v Host>If <00:09:54.165>you <00:09:54.271>follow <00:09:54.609>data <00:09:54.935>centers, <00:09:55.625>check <00:09:55.885>out <00:09:56.225>AI <00:09:56.598>Daily <00:09:56.918>Briefing.

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<v Host>It <00:09:58.191>covers <00:09:58.505>the <00:09:58.705>top <00:09:59.052>AI <00:09:59.329>news <00:09:59.625>for <00:09:59.817>engineers, <00:10:00.678>founders, <00:10:01.205>and <00:10:01.337>investors <00:10:02.038>every <00:10:02.375>weekday, <00:10:03.316>separating <00:10:03.873>real <00:10:04.127>capabilities <00:10:04.913>from <00:10:05.169>demo <00:10:05.505>hype — <00:10:06.257>fast.

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<v Host>It's <00:10:07.625>a <00:10:07.705>smart <00:10:07.961>companion <00:10:08.492>to <00:10:08.577>this <00:10:08.785>show, <00:10:09.389>wherever <00:10:09.785>you <00:10:09.951>listen <00:10:10.252>to <00:10:10.394>podcasts.

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<v Host>What <00:10:12.368>we're <00:10:12.545>watching <00:10:13.013>next: <00:10:14.221>Project <00:10:14.561>Camellia's <00:10:15.121>utility-planning <00:10:16.012>timeline <00:10:16.638>points <00:10:17.034>to <00:10:17.191>service <00:10:17.585>starting <00:10:17.968>in <00:10:18.041>the <00:10:18.147>second <00:10:18.471>quarter <00:10:18.874>of <00:10:19.061>2028

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<v Host>then <00:10:20.805>ramping <00:10:21.274>to <00:10:21.421>roughly <00:10:21.781>3.2 <00:10:22.561>gigawatts <00:10:23.274>by <00:10:23.461>2031.

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<v Host>You'll <00:10:25.173>find <00:10:25.354>links <00:10:25.648>to <00:10:25.741>every <00:10:26.008>story <00:10:26.368>in <00:10:26.474>today's <00:10:26.853>show <00:10:27.034>notes <00:10:27.328>if <00:10:27.421>you <00:10:27.573>want <00:10:27.728>to <00:10:27.841>dig <00:10:28.069>into <00:10:28.321>any <00:10:28.528>of <00:10:28.629>them.

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<v Host>That's <00:10:29.961>The <00:10:30.085>Data <00:10:30.387>Center <00:10:30.714>Daily <00:10:31.021>for <00:10:31.208>today.

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<v Host>This <00:10:32.554>is <00:10:32.701>a <00:10:32.801>Lantern <00:10:33.321>Podcast.