WEBVTT

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<v Sarah>A <00:00:00.204>governor’s <00:00:00.693>audit <00:00:01.006>letter <00:00:01.328>just <00:00:01.580>put <00:00:01.840>ERCOT’s <00:00:02.400>own <00:00:02.720>large-load <00:00:03.493>deadline <00:00:04.000>on <00:00:04.280>ice.

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<v Sarah>Here’s <00:00:05.809>how <00:00:05.956>we <00:00:06.069>got <00:00:06.313>here: <00:00:06.969>PJM’s <00:00:07.849>fast-rising <00:00:08.633>data-center <00:00:09.273>load <00:00:09.649>has <00:00:10.069>exposed <00:00:10.546>fights <00:00:10.937>over <00:00:11.200>capacity-market <00:00:12.182>costs

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<v Sarah>reliability <00:00:13.817>backstops

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<v Sarah>and <00:00:15.089>who <00:00:15.273>gets <00:00:15.589>a <00:00:15.679>say <00:00:15.796>in <00:00:15.869>the <00:00:16.036>rules.

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<v Sarah>PJM <00:00:17.809>has <00:00:17.969>already <00:00:18.306>opened <00:00:18.689>a <00:00:18.801>temporary <00:00:19.542>Expedited <00:00:20.302>Interconnection <00:00:21.036>Track <00:00:21.489>for <00:00:21.914>qualifying <00:00:22.622>large-capacity <00:00:23.545>resources <00:00:24.476>while <00:00:24.836>it <00:00:24.937>pursues <00:00:25.429>broader <00:00:25.929>backstop

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<v Sarah>procurement <00:00:27.269>and <00:00:27.769>interim <00:00:28.382>resource-adequacy <00:00:29.529>work.

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<v Sarah>The <00:00:30.629>dispute <00:00:31.113>runs <00:00:31.389>through <00:00:31.586>market <00:00:31.998>design, <00:00:32.626>affordability, <00:00:33.827>governance, <00:00:34.649>and <00:00:34.949>federal <00:00:35.433>oversight.

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<v Matt>This <00:00:37.182>is <00:00:37.309>The <00:00:37.433>Data <00:00:37.735>Center <00:00:38.076>Daily.

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<v Matt>Texas <00:00:39.433>just <00:00:39.729>hit <00:00:39.869>the <00:00:40.009>brakes

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<v Matt>Maryland <00:00:41.257>lost <00:00:41.529>a <00:00:41.689>giant <00:00:42.169>campus

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<v Matt>and <00:00:43.194>regulators <00:00:43.889>are <00:00:44.079>finally <00:00:44.599>getting <00:00:44.849>a <00:00:44.956>close <00:00:45.337>look <00:00:45.582>at <00:00:45.769>how <00:00:46.049>all <00:00:46.217>this <00:00:46.457>load <00:00:46.739>behaves <00:00:47.417>when <00:00:47.629>the <00:00:47.753>grid <00:00:48.089>hiccups.

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<v Matt>If <00:00:49.657>this <00:00:49.902>story <00:00:50.219>matters <00:00:50.622>to <00:00:50.789>you — <00:00:51.636>PJM <00:00:52.236>large-load <00:00:52.942>integration <00:00:53.609>plan — <00:00:54.369>hit <00:00:54.558>follow.

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<v Matt>We'll <00:00:55.556>be <00:00:55.657>back <00:00:55.902>on <00:00:56.062>it <00:00:56.249>soon.

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<v Sarah>Here's <00:00:57.882>Jessica <00:00:58.312>Soos <00:00:58.765>at <00:00:58.912>Mondaq:

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<v Quote>Gov.

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<v Quote>Abbott <00:01:00.743>sent <00:01:00.975>a <00:01:01.061>public <00:01:01.381>letter <00:01:01.708>to <00:01:01.855>the <00:01:02.021>Public <00:01:02.345>Utility <00:01:02.739>Commission <00:01:03.202>of <00:01:03.348>Texas <00:01:03.975>(PUC) <00:01:05.215>and <00:01:05.355>the <00:01:05.459>Electric <00:01:05.875>Reliability <00:01:06.665>Council <00:01:07.042>of <00:01:07.202>Texas <00:01:07.895>(ERCOT) <00:01:08.583>yesterday

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<v Quote>directing <00:01:09.675>the <00:01:09.895>PUC <00:01:10.515>and <00:01:10.775>ERCOT <00:01:11.308>to <00:01:11.465>conduct <00:01:11.866>comprehensive <00:01:12.592>audits <00:01:12.988>of <00:01:13.175>all <00:01:13.479>data <00:01:13.795>centers <00:01:14.268>prior <00:01:14.588>to <00:01:14.743>approving <00:01:15.228>interconnection <00:01:16.002>to <00:01:16.095>the <00:01:16.295>ERCOT <00:01:16.759>grid.

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<v Sarah>ERCOT <00:01:17.954>says <00:01:18.263>it’ll <00:01:18.514>miss <00:01:18.790>the <00:01:19.050>PUC-set <00:01:19.970>August <00:01:20.530>7 <00:01:20.943>Batch <00:01:21.490>Zero <00:01:21.863>classification <00:01:22.672>deadline <00:01:23.277>after <00:01:23.879>Abbott <00:01:24.340>ordered <00:01:24.759>audits <00:01:25.223>of <00:01:25.397>every <00:01:25.794>data <00:01:26.107>center <00:01:26.500>seeking <00:01:26.930>grid

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<v Sarah>interconnection. <00:01:28.410>Now <00:01:29.090>ERCOT <00:01:29.530>needs <00:01:29.750>the <00:01:29.970>PUC <00:01:30.423>to <00:01:30.583>grant <00:01:30.890>its <00:01:31.074>good-cause <00:01:31.778>exception <00:01:32.290>request.

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<v Matt>So <00:01:33.490>every <00:01:33.946>developer <00:01:34.530>in <00:01:34.743>Batch <00:01:35.090>Zero <00:01:35.474>gets <00:01:35.783>to <00:01:35.954>wait <00:01:36.263>while <00:01:36.550>the <00:01:36.677>state <00:01:37.079>audits <00:01:37.570>it.

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<v Matt>If <00:01:38.490>you <00:01:38.642>were <00:01:38.806>counting <00:01:39.143>on <00:01:39.350>a <00:01:39.483>Texas <00:01:39.703>power <00:01:40.050>path <00:01:40.402>this <00:01:40.594>year, <00:01:41.270>the <00:01:41.374>governor <00:01:41.794>just <00:01:42.090>put <00:01:42.263>it <00:01:42.439>behind <00:01:42.930>a <00:01:43.090>new <00:01:43.395>checkpoint.

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<v Sarah>And <00:01:44.610>the <00:01:44.737>distinction <00:01:45.320>matters: <00:01:46.343>Batch <00:01:46.690>Zero <00:01:47.070>was <00:01:47.300>already <00:01:47.690>the <00:01:47.867>formal <00:01:48.277>large-load <00:01:48.997>study <00:01:49.410>process.

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<v Sarah>Abbott’s <00:01:51.122>directive <00:01:51.458>adds <00:01:51.703>an <00:01:51.877>audit <00:01:52.274>gate <00:01:52.590>outside <00:01:53.058>that <00:01:53.320>process, <00:01:54.270>and <00:01:54.490>now <00:01:54.710>ERCOT <00:01:55.223>needs <00:01:55.534>permission <00:01:55.997>to <00:01:56.098>move <00:01:56.330>its <00:01:56.512>deadline.

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<v Sarah>Efficient, <00:01:58.424>in <00:01:58.551>the <00:01:58.651>way <00:01:58.798>of <00:01:58.931>a <00:01:59.075>tollbooth <00:01:59.539>appearing <00:02:00.021>halfway <00:02:00.419>down <00:02:00.651>the <00:02:00.841>highway.

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<v Matt>Good. <00:02:02.598>Audit <00:02:02.951>the <00:02:03.071>megawatts <00:02:03.617>people <00:02:03.931>are <00:02:04.104>claiming.

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<v Matt>But <00:02:05.224>somebody <00:02:05.704>needs <00:02:06.024>to <00:02:06.191>say <00:02:06.431>who <00:02:06.707>eats <00:02:07.111>the <00:02:07.264>delay—developers, <00:02:09.054>transmission <00:02:09.635>customers, <00:02:10.611>or <00:02:10.867>ratepayers <00:02:11.628>handed <00:02:12.051>a <00:02:12.211>giant <00:02:12.678>speculative-buildout <00:02:14.051>bill.

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<v Sarah>The <00:02:15.188>Southern <00:02:15.516>Maryland <00:02:15.920>Chronicle <00:02:16.421>writes:

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<v Quote>Amazon <00:02:18.395>Web <00:02:18.628>Services <00:02:19.115>has <00:02:19.339>formally <00:02:19.751>withdrawn <00:02:20.275>its <00:02:20.395>application <00:02:21.108>to <00:02:21.242>build <00:02:21.455>a <00:02:21.585>massive <00:02:21.999>data <00:02:22.289>center <00:02:22.575>campus <00:02:23.087>near <00:02:23.235>the <00:02:23.355>Calvert <00:02:23.828>Cliffs <00:02:24.145>Nuclear <00:02:24.548>Power <00:02:24.882>Plant

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<v Quote>in <00:02:25.375>Lusby <00:02:25.995>Calvert <00:02:26.369>County <00:02:26.611>Government <00:02:27.015>announced

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<v Quote>ending <00:02:28.072>months <00:02:28.442>of <00:02:28.555>intense <00:02:29.028>local <00:02:29.364>debate <00:02:29.823>over <00:02:30.055>a <00:02:30.145>project <00:02:30.527>that <00:02:30.675>had <00:02:30.792>become <00:02:31.155>one <00:02:31.268>of <00:02:31.395>the <00:02:31.519>most <00:02:31.822>contentious <00:02:32.375>development <00:02:32.861>fights <00:02:33.188>in <00:02:33.315>the <00:02:33.421>county’s <00:02:33.901>recent

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<v Quote>history.

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<v Matt>AWS <00:02:35.834>walked <00:02:36.172>away <00:02:36.492>from <00:02:36.798>roughly <00:02:37.388>500 <00:02:38.168>megawatts <00:02:38.928>and <00:02:39.388>2.46 <00:02:40.588>million <00:02:41.194>square <00:02:41.548>feet <00:02:41.948>in <00:02:42.188>Lusby—three <00:02:43.539>campuses <00:02:44.215>on <00:02:44.508>2,000 <00:02:45.161>acres <00:02:45.692>next <00:02:45.975>to <00:02:46.108>Calvert <00:02:46.561>Cliffs.

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<v Matt>The <00:02:47.858>nuclear-neighbor <00:02:48.815>pitch <00:02:49.288>ran <00:02:49.756>into <00:02:49.988>a <00:02:50.095>contentious <00:02:50.881>local <00:02:51.228>process <00:02:51.888>and <00:02:52.268>folded <00:02:52.794>before <00:02:53.148>a <00:02:53.274>shovel <00:02:53.608>hit <00:02:53.884>dirt.

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<v Sarah>It <00:02:55.989>never <00:02:56.269>got <00:02:56.573>past <00:02:56.849>the <00:02:56.974>conceptual <00:02:57.693>site-plan <00:02:58.376>stage.

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<v Sarah>AWS <00:03:00.242>filed <00:03:00.562>in <00:03:00.769>May, <00:03:01.442>withdrew <00:03:01.917>this <00:03:02.173>week, <00:03:02.789>and <00:03:02.962>never <00:03:03.277>made <00:03:03.509>a <00:03:03.709>PJM <00:03:04.176>interconnection <00:03:04.978>filing <00:03:05.429>worth <00:03:05.669>putting <00:03:06.002>on <00:03:06.136>an <00:03:06.256>energized-capacity <00:03:07.529>tracker.

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<v Matt>People <00:03:09.693>hear <00:03:10.029>“adjacent <00:03:10.749>to <00:03:10.949>a <00:03:11.049>nuclear <00:03:11.536>plant” <00:03:12.209>and <00:03:12.338>assume <00:03:12.839>express-lane <00:03:13.789>power.

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<v Matt>Turns <00:03:15.289>out <00:03:15.589>the <00:03:16.006>county <00:03:16.389>and <00:03:16.549>its <00:03:16.725>residents <00:03:17.282>still <00:03:17.589>get <00:03:17.749>a <00:03:17.889>say, <00:03:18.629>and <00:03:18.909>500 <00:03:19.529>megawatts <00:03:20.242>needs <00:03:20.573>more <00:03:20.861>than <00:03:21.029>a <00:03:21.149>glossy <00:03:21.693>site <00:03:21.997>rendering.

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<v Sarah>Calvert <00:03:24.315>County’s <00:03:24.789>first <00:03:25.051>proposed <00:03:25.616>large-scale <00:03:26.413>data <00:03:26.726>center <00:03:27.256>is <00:03:27.689>now <00:03:27.909>its <00:03:28.096>first <00:03:28.496>large-scale <00:03:29.294>withdrawal.

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<v Sarah>Keep <00:03:30.616>it <00:03:30.709>out <00:03:30.856>of <00:03:30.929>the <00:03:31.042>pipeline <00:03:31.549>totals; <00:03:32.477>announced <00:03:32.966>square <00:03:33.369>footage <00:03:33.853>hasn’t <00:03:34.223>become <00:03:34.469>a <00:03:34.562>buildout.

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<v Sarah>Jonas <00:03:36.145>Muthoni, <00:03:36.865>writing <00:03:37.198>in <00:03:37.398>Microgrid <00:03:38.185>Media:

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<v Quote>The <00:03:39.465>North <00:03:39.785>American <00:03:40.283>Electric <00:03:40.912>Reliability <00:03:41.712>Corporation’s <00:03:42.589>August <00:03:43.012>3 <00:03:43.300>reporting <00:03:43.794>deadline <00:03:44.332>for <00:03:44.492>its <00:03:44.679>Level <00:03:45.092>3 <00:03:45.396>Essential <00:03:46.029>Action <00:03:46.439>Alert <00:03:46.825>on <00:03:46.989>computational

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<v Quote>loads <00:03:48.412>has <00:03:48.822>arrived <00:03:49.229>across <00:03:49.592>the <00:03:49.705>North <00:03:50.025>American <00:03:50.516>bulk <00:03:50.825>power <00:03:51.149>system

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<v Quote>requiring <00:03:52.830>applicable <00:03:53.463>registered <00:03:54.020>grid <00:03:54.283>entities <00:03:54.905>to <00:03:55.069>report <00:03:55.492>how <00:03:55.764>they <00:03:55.912>are <00:03:56.023>addressing <00:03:56.599>reliability <00:03:57.412>risks <00:03:57.870>associated <00:03:58.500>with <00:03:58.740>data <00:03:58.992>centers <00:03:59.512>and <00:03:59.879>other

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<v Quote>rapidly <00:04:00.825>changing <00:04:01.305>large <00:04:01.665>loads.

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<v Sarah>NERC’s <00:04:03.335>August <00:04:03.758>3 <00:04:04.051>Level <00:04:04.398>3 <00:04:04.629>deadline <00:04:05.258>has <00:04:05.507>landed.

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<v Sarah>Grid <00:04:06.771>entities <00:04:07.218>are <00:04:07.326>reporting <00:04:07.838>now <00:04:08.131>on <00:04:08.278>how <00:04:08.430>they’re <00:04:08.682>handling <00:04:09.134>fast-changing <00:04:10.055>computational <00:04:10.891>loads—not <00:04:11.966>just <00:04:12.204>adding <00:04:12.518>another <00:04:12.867>demand <00:04:13.324>number <00:04:13.625>to <00:04:13.698>the

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<v Sarah>forecast.

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<v Matt>Good. <00:04:15.578>You <00:04:16.058>can’t <00:04:16.465>treat <00:04:16.878>a <00:04:17.038>giant <00:04:17.502>data <00:04:17.822>hall <00:04:18.126>like <00:04:18.358>a <00:04:18.470>warehouse <00:04:19.150>with <00:04:19.318>a <00:04:19.415>bigger <00:04:19.838>utility <00:04:20.462>bill <00:04:20.814>when <00:04:21.238>its <00:04:21.425>power <00:04:21.825>electronics <00:04:22.598>can <00:04:22.798>move <00:04:23.182>load <00:04:23.534>hard <00:04:23.975>during <00:04:24.358>a

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<v Matt>disturbance.

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<v Sarah>Microgrid <00:04:26.305>Media <00:04:26.695>points <00:04:27.065>to <00:04:27.198>seven <00:04:27.669>required <00:04:28.318>actions.

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<v Sarah>They <00:04:29.491>cover <00:04:29.820>modeling <00:04:30.358>and <00:04:30.548>studies, <00:04:31.422>then <00:04:31.743>instrumentation, <00:04:32.994>commissioning, <00:04:33.831>operations, <00:04:34.863>protection, <00:04:35.738>and <00:04:35.988>control.

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<v Sarah>A <00:04:37.383>pretty <00:04:37.566>comprehensive <00:04:38.200>way <00:04:38.373>to <00:04:38.512>tell <00:04:38.660>the <00:04:38.773>industry <00:04:39.260>its <00:04:39.520>old <00:04:39.807>assumptions <00:04:40.352>have <00:04:40.560>expired.

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<v Matt>And <00:04:41.760>after <00:04:42.120>the <00:04:42.320>ERCOT <00:04:42.773>queue <00:04:43.091>disruption <00:04:43.653>we <00:04:43.808>just <00:04:44.050>covered, <00:04:44.920>the <00:04:45.109>timing <00:04:45.600>is <00:04:45.840>almost <00:04:46.420>comical.

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<v Matt>Developers <00:04:48.540>can <00:04:48.791>forecast <00:04:49.440>all <00:04:49.700>the <00:04:49.820>gigawatts <00:04:50.432>they <00:04:50.624>want; <00:04:51.496>operators <00:04:52.060>now <00:04:52.288>have <00:04:52.507>to <00:04:52.624>show <00:04:52.960>how <00:04:53.240>those <00:04:53.493>loads <00:04:53.851>behave <00:04:54.480>when <00:04:54.820>the <00:04:54.944>grid <00:04:55.248>gets <00:04:55.520>ugly.

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<v Sarah>From <00:04:56.854>Debbie-Anne <00:04:57.488>A. <00:04:57.768>Reese <00:04:58.275>at <00:04:58.538>Federal <00:04:58.959>Register:

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<v Quote>On July 23 2026

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<v Quote>the Federal Energy Regulatory Commission (Commission) convened a Chairman and Commissioner-led technical conference to discuss PJM

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<v Quote>Interconnection L.L.C.'s (PJM) governance and stakeholder processes

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<v Quote>with a particular focus on identifying and evaluating concrete

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<v Quote>actionable reforms to improve PJM's ability to address operational and market needs in a timely and efficient manner.

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<v Sarah>FERC <00:05:27.336>has <00:05:27.516>put <00:05:27.856>PJM’s <00:05:28.496>large-load <00:05:29.276>integration <00:05:30.016>fight <00:05:30.512>into <00:05:30.976>Docket <00:05:31.589>AD26-7-000, <00:05:35.568>with <00:05:35.749>comments <00:05:36.256>due <00:05:36.553>August <00:05:36.976>21.

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<v Sarah>The <00:05:38.400>July <00:05:38.816>23 <00:05:39.274>conference <00:05:39.896>had <00:05:40.036>the <00:05:40.149>chairman <00:05:40.616>and <00:05:40.787>commissioners <00:05:41.483>in <00:05:41.556>the <00:05:41.680>room, <00:05:42.396>not <00:05:42.624>just <00:05:42.836>the <00:05:42.976>usual <00:05:43.429>stakeholder <00:05:44.006>cleanup.

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<v Matt>Good. <00:05:46.069>PJM’s <00:05:46.886>process <00:05:47.416>has <00:05:47.582>become <00:05:47.896>a <00:05:47.989>place <00:05:48.296>where <00:05:48.567>enormous <00:05:49.196>new <00:05:49.443>loads <00:05:49.856>wait <00:05:50.296>while <00:05:50.936>everybody <00:05:51.356>debates <00:05:51.796>the <00:05:51.949>rules <00:05:52.516>for <00:05:52.876>waiting.

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<v Matt>If <00:05:54.036>you’ve <00:05:54.236>got <00:05:54.460>evidence <00:05:54.848>that <00:05:55.016>the <00:05:55.203>queue <00:05:55.589>or <00:05:55.763>stakeholder <00:05:56.392>structure <00:05:56.949>is <00:05:57.116>choking <00:05:57.598>projects, <00:05:58.616>get <00:05:58.789>it <00:05:58.976>in <00:05:59.216>by <00:05:59.433>August <00:05:59.856>21.

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<v Sarah>Update <00:06:01.803>on <00:06:02.043>PJM’s <00:06:02.629>large-load <00:06:03.269>integration <00:06:03.923>fight: <00:06:04.816>FERC <00:06:05.189>is <00:06:05.342>taking <00:06:05.678>comments <00:06:06.229>on <00:06:06.380>governance <00:06:06.876>reforms <00:06:07.326>through <00:06:07.605>August <00:06:08.096>21.

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<v Sarah>And <00:06:09.616>FERC <00:06:09.994>explicitly <00:06:10.629>wants <00:06:10.976>examples <00:06:11.676>and <00:06:11.918>evidence—ideally <00:06:13.408>with <00:06:13.600>less <00:06:13.907>ceremonial <00:06:14.462>throat-clearing.

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<v Matt>A <00:06:16.176>future <00:06:16.696>ADR <00:06:17.123>forum <00:06:17.509>is <00:06:17.673>coming <00:06:18.076>too.

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<v Matt>Fine—but <00:06:19.761>developers <00:06:20.560>utilities

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<v Matt>and <00:06:21.349>consumer <00:06:21.840>advocates <00:06:22.462>should <00:06:22.796>get <00:06:22.989>their <00:06:23.136>facts <00:06:23.584>into <00:06:23.808>this <00:06:24.016>docket <00:06:24.485>before <00:06:24.916>the <00:06:25.032>mediation <00:06:25.589>table <00:06:25.923>turns <00:06:26.304>into <00:06:26.536>another <00:06:26.866>parking <00:06:27.296>lot.

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<v Sarah>This <00:06:28.489>one's <00:06:28.721>from <00:06:28.918>GlobalCapital:

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<v Quote>Equinix <00:06:32.176>the <00:06:32.403>US-based <00:06:33.064>data <00:06:33.290>centre <00:06:33.558>operator

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<v Quote>issued <00:06:34.776>a <00:06:34.976>£280m <00:06:36.440>data <00:06:36.730>centre <00:06:37.016>securitization <00:06:37.944>last <00:06:38.184>week

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<v Quote>which <00:06:38.968>took <00:06:39.136>a <00:06:39.216>new <00:06:39.416>tack <00:06:39.789>in <00:06:39.956>wooing <00:06:40.349>European <00:06:40.840>investors <00:06:41.549>to <00:06:41.832>this <00:06:41.963>still <00:06:42.349>young <00:06:42.683>asset <00:06:43.083>class.

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<v Sarah>Equinix <00:06:44.536>closed <00:06:44.959>a <00:06:45.159>£280 <00:06:46.089>million <00:06:46.783>deal <00:06:47.092>on <00:06:47.263>July <00:06:47.679>29 <00:06:48.419>against <00:06:49.179>two <00:06:49.439>Slough <00:06:49.903>data <00:06:50.229>centers, <00:06:51.106>rated <00:06:51.679>A3/A <00:06:53.019>and <00:06:53.256>priced <00:06:53.652>at <00:06:53.839>130 <00:06:54.706>basis <00:06:55.096>points <00:06:55.487>over <00:06:55.759>Gilts.

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<v Sarah>After <00:06:57.239>all <00:06:57.379>the <00:06:57.492>queue <00:06:57.826>drama <00:06:58.212>we <00:06:58.367>just <00:06:58.609>covered, <00:06:59.399>capital <00:06:59.739>markets <00:07:00.199>are <00:07:00.376>calmly <00:07:00.767>assigning <00:07:01.239>a <00:07:01.348>spread <00:07:01.786>to <00:07:01.859>the <00:07:01.977>collateral.

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<v Matt>And <00:07:03.279>look <00:07:03.519>at <00:07:03.699>the <00:07:03.807>structure: <00:07:04.639>it’s <00:07:04.979>non-recourse.

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<v Matt>If <00:07:06.866>lease <00:07:07.279>cash <00:07:07.679>flows <00:07:08.127>from <00:07:08.359>those <00:07:08.626>three <00:07:09.017>investment-grade <00:07:09.979>tenants <00:07:10.479>wobble

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<v Matt>Equinix <00:07:12.059>Hyperscale <00:07:12.799>1 <00:07:13.101>Holdings <00:07:13.692>doesn’t <00:07:14.287>have <00:07:14.532>to <00:07:14.687>step <00:07:14.986>in <00:07:15.259>and <00:07:15.503>make <00:07:15.819>noteholders <00:07:16.466>whole.

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<v Sarah>Right. <00:07:17.866>It’s <00:07:18.226>asset-backed <00:07:19.039>debt.

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<v Sarah>Different <00:07:20.223>math <00:07:20.527>from <00:07:20.759>the <00:07:20.986>unsecured <00:07:21.719>corporate <00:07:22.159>bonds <00:07:22.612>we <00:07:22.759>covered <00:07:23.089>earlier <00:07:23.471>this <00:07:23.679>week.

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<v Sarah>Goldman <00:07:25.003>marketed <00:07:25.399>a <00:07:25.475>commercial-property <00:07:26.372>securitization <00:07:27.332>to <00:07:27.510>European <00:07:28.127>corporate-bond <00:07:28.948>buyers, <00:07:29.879>and <00:07:30.019>the <00:07:30.132>pitch <00:07:30.468>worked.

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<v Matt>Fine, <00:07:32.019>the <00:07:32.148>coupon <00:07:32.639>is <00:07:32.895>tidy <00:07:33.319>through <00:07:33.619>the <00:07:33.735>September <00:07:34.399>2031 <00:07:35.512>anticipated <00:07:36.367>repayment <00:07:36.863>date.

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<v Matt>But <00:07:38.019>the <00:07:38.136>credit <00:07:38.575>case <00:07:39.052>lives <00:07:39.599>or <00:07:39.871>dies <00:07:40.426>on <00:07:40.719>two <00:07:41.015>buildings <00:07:41.599>in <00:07:41.839>Slough <00:07:42.479>and <00:07:42.772>three <00:07:43.109>tenants—not <00:07:44.519>a <00:07:44.612>press <00:07:44.929>release <00:07:45.359>saying <00:07:46.026>AI <00:07:46.479>needs <00:07:46.927>more <00:07:47.226>racks.

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<v Host>If <00:07:48.856>you <00:07:49.022>follow <00:07:49.316>the <00:07:49.424>data <00:07:49.662>center <00:07:49.998>industry

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<v Host>you <00:07:51.003>might <00:07:51.216>also <00:07:51.584>like <00:07:51.963>AI <00:07:52.476>IPO <00:07:52.976>Watch

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<v Host>with <00:07:54.069>daily <00:07:54.380>coverage <00:07:54.789>of <00:07:54.976>OpenAI

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<v Host>Anthropic <00:07:57.096>Databricks

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<v Host>and <00:07:58.107>SpaceX <00:07:58.696>going <00:07:58.953>public—every <00:08:00.107>filing

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<v Host>valuation <00:08:01.716>and <00:08:01.843>first <00:08:02.243>trade

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<v Host>sourced <00:08:03.896>not <00:08:04.086>rumored.

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<v Host>Find <00:08:05.509>it <00:08:05.652>wherever <00:08:05.956>you <00:08:06.062>listen <00:08:06.363>to <00:08:06.514>podcasts.

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<v Host>We’re <00:08:08.286>watching <00:08:08.682>for <00:08:08.866>post-conference <00:08:09.655>comments <00:08:10.109>on <00:08:10.322>PJM <00:08:10.766>governance <00:08:11.222>and <00:08:11.349>stakeholder <00:08:11.932>reforms, <00:08:13.062>due <00:08:13.149>to <00:08:13.282>FERC <00:08:13.629>on <00:08:13.739>August <00:08:14.162>21, <00:08:14.802>2026.

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<v Host>Links <00:08:16.829>to <00:08:16.922>every <00:08:17.189>story <00:08:17.562>are <00:08:17.709>in <00:08:17.782>the <00:08:17.890>show <00:08:18.162>notes, <00:08:18.962>so <00:08:19.170>take <00:08:19.402>a <00:08:19.474>look <00:08:19.629>at <00:08:19.702>the <00:08:19.826>ones <00:08:20.102>you’d <00:08:20.274>like <00:08:20.455>to <00:08:20.612>explore <00:08:21.022>further.

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<v Host>That’s <00:08:22.502>The <00:08:22.610>Data <00:08:22.836>Center <00:08:23.095>Daily <00:08:23.402>for <00:08:23.602>today.

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<v Host>This <00:08:25.042>is <00:08:25.242>a <00:08:25.342>Lantern <00:08:25.852>Podcast.