WEBVTT

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<v Sarah>PJM <00:00:00.600>wants <00:00:00.840>a <00:00:00.944>rule <00:00:01.260>for <00:00:01.520>who <00:00:01.824>gets <00:00:02.160>curtailed <00:00:02.813>first.

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<v Sarah>Texas <00:00:04.933>is <00:00:05.074>making <00:00:05.333>it <00:00:05.497>easier <00:00:05.880>for <00:00:06.080>big <00:00:06.373>loads <00:00:06.693>to <00:00:06.853>leave <00:00:07.140>the <00:00:07.264>grid <00:00:07.609>entirely.

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<v Sarah>That <00:00:09.280>is <00:00:09.500>one <00:00:09.720>way <00:00:09.867>to <00:00:09.952>make <00:00:10.160>a <00:00:10.284>national <00:00:10.707>power <00:00:11.100>problem <00:00:11.584>very <00:00:11.933>local.

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<v Sarah>New <00:00:13.717>to <00:00:13.786>this <00:00:13.930>story? <00:00:14.522>Here's <00:00:15.077>where <00:00:15.256>things <00:00:15.597>stand.

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<v Sarah>PJM’s <00:00:17.197>large-load <00:00:17.977>integration <00:00:18.557>fight <00:00:18.950>was <00:00:19.180>already <00:00:19.610>juggling <00:00:20.223>expedited <00:00:20.863>interconnection

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<v Sarah>queue <00:00:22.319>reform <00:00:23.178>ride-through <00:00:23.672>requirements

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<v Sarah>IRAS <00:00:25.274>proposals <00:00:26.230>and <00:00:26.460>federal <00:00:26.854>pressure <00:00:27.267>around <00:00:27.667>demand <00:00:28.063>response <00:00:28.530>and <00:00:28.700>virtual <00:00:29.103>power <00:00:29.450>plants.

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<v Sarah>FERC <00:00:30.770>has <00:00:30.938>also <00:00:31.190>set <00:00:31.423>up <00:00:31.570>a <00:00:31.660>dispute-resolution <00:00:32.717>forum <00:00:33.094>starting <00:00:33.498>September <00:00:34.090>1

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<v Sarah>2026 <00:00:36.042>with <00:00:36.190>the <00:00:36.314>goal <00:00:36.597>of <00:00:36.700>turning <00:00:37.101>governance <00:00:37.650>and <00:00:37.837>stakeholder-process <00:00:38.952>disputes <00:00:39.562>into <00:00:40.050>a <00:00:40.147>future <00:00:40.570>filing.

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<v Matt>This <00:00:42.357>is <00:00:42.590>The <00:00:42.714>Data <00:00:43.027>Center <00:00:43.450>Daily.

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<v Matt>Today: <00:00:44.850>a <00:00:45.110>federal <00:00:45.587>tariff <00:00:45.983>fight, <00:00:46.810>Texas <00:00:47.310>off-grid <00:00:48.010>detours, <00:00:49.030>and <00:00:49.281>billions <00:00:49.900>chasing <00:00:50.321>campuses <00:00:50.938>that <00:00:51.183>still <00:00:51.514>need <00:00:51.873>actual <00:00:52.578>electrons.

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<v Sarah>From <00:00:54.393>Somto <00:00:55.013>Nwanolue <00:00:55.973>at <00:00:56.183>Federal <00:00:56.597>Character:

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<v Quote>PJM <00:00:59.232>Interconnection <00:01:00.179>the <00:01:00.347>grid <00:01:00.601>operator <00:01:01.149>serving <00:01:01.579>67 <00:01:02.259>million <00:01:02.596>people <00:01:02.996>across <00:01:03.419>13 <00:01:03.888>states <00:01:04.319>and <00:01:04.430>Washington

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<v Quote>D.C. <00:01:05.959>has <00:01:06.192>asked <00:01:06.509>federal <00:01:06.917>regulators <00:01:07.552>to <00:01:07.719>approve <00:01:08.219>rules <00:01:08.635>that <00:01:08.739>would <00:01:08.979>cut <00:01:09.179>power <00:01:09.632>to <00:01:09.779>new <00:01:09.963>data <00:01:10.279>centers <00:01:10.752>ahead <00:01:11.046>of <00:01:11.150>households <00:01:11.705>during <00:01:12.036>supply <00:01:12.435>shortages.

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<v Quote>The <00:01:13.728>filing <00:01:14.155>with <00:01:14.239>the <00:01:14.349>Federal <00:01:14.756>Energy <00:01:15.164>Regulatory <00:01:15.855>Commission <00:01:16.289>follows <00:01:16.839>two <00:01:17.066>consecutive <00:01:17.641>capacity <00:01:18.201>auctions <00:01:18.715>that <00:01:18.836>failed <00:01:19.206>to <00:01:19.316>secure <00:01:19.693>enough <00:01:19.957>generation.

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<v Quote>PJM’s <00:01:22.052>board <00:01:22.272>projects <00:01:22.739>roughly <00:01:23.179>70 <00:01:23.686>GW <00:01:24.112>of <00:01:24.279>new <00:01:24.526>large <00:01:24.923>load <00:01:25.232>by <00:01:25.499>2038 <00:01:26.309>against <00:01:26.979>roughly <00:01:27.419>15 <00:01:28.006>GW <00:01:28.432>of <00:01:28.590>generation <00:01:29.169>retired <00:01:29.699>since <00:01:29.979>2022.

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<v Sarah>On <00:01:31.600>PJM’s <00:01:32.213>large-load <00:01:32.986>integration <00:01:33.640>fight, <00:01:34.405>here’s <00:01:34.633>the <00:01:34.773>update: <00:01:35.853>new <00:01:36.053>data <00:01:36.413>centers <00:01:36.720>would <00:01:36.906>be <00:01:37.073>curtailed <00:01:37.560>first <00:01:37.933>under <00:01:38.320>PJM’s <00:01:38.986>proposed <00:01:39.493>FERC <00:01:39.880>rules.

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<v Sarah>The <00:01:40.922>cutoff <00:01:41.386>is <00:01:41.573>50 <00:01:42.026>MW <00:01:42.480>at <00:01:42.593>one <00:01:42.853>site, <00:01:43.373>and <00:01:43.797>June <00:01:44.133>1, <00:01:44.773>2027—secure <00:01:46.670>supply <00:01:47.066>by <00:01:47.237>then, <00:01:47.973>or <00:01:48.186>go <00:01:48.346>ahead <00:01:48.640>of <00:01:48.744>households <00:01:49.280>in <00:01:49.353>the <00:01:49.457>shedding <00:01:49.880>order.

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<v Matt>PJM <00:01:51.706>projects <00:01:52.373>70 <00:01:52.933>gigawatts <00:01:53.626>of <00:01:53.813>new <00:01:54.120>large <00:01:54.517>load <00:01:54.826>by <00:01:55.093>2038, <00:01:56.173>after <00:01:56.933>15 <00:01:57.473>gigawatts <00:01:58.000>of <00:01:58.111>generation <00:01:58.763>retired <00:01:59.293>since <00:01:59.573>2022.

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<v Matt>Two <00:02:01.484>capacity <00:02:02.106>auctions <00:02:02.581>came <00:02:02.826>up <00:02:03.000>short.

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<v Matt>So <00:02:04.213>yes, <00:02:05.113>the <00:02:05.237>grid <00:02:05.546>operator <00:02:06.033>has <00:02:06.263>stopped <00:02:06.664>pretending <00:02:07.240>every <00:02:07.644>proposed <00:02:08.282>campus <00:02:08.757>gets <00:02:09.077>firm <00:02:09.400>power <00:02:09.840>on <00:02:10.122>demand.

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<v Sarah>PJM’s <00:02:12.186>Interim <00:02:12.586>Resource <00:02:13.093>Adequacy <00:02:13.633>Service <00:02:14.080>would <00:02:14.273>curtail <00:02:14.733>these <00:02:14.973>new <00:02:15.213>loads <00:02:15.870>before <00:02:16.263>calling <00:02:16.693>pre-emergency <00:02:17.630>demand <00:02:18.044>response.

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<v Sarah>There’s <00:02:19.317>also <00:02:19.613>a <00:02:19.720>Large <00:02:20.101>Load <00:02:20.364>Registry <00:02:20.986>tracking <00:02:21.466>every <00:02:21.893>50-MW-plus <00:02:23.173>site

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<v Sarah>its <00:02:24.213>draw <00:02:24.793>and <00:02:24.893>whether <00:02:25.200>it <00:02:25.293>has <00:02:25.473>secured <00:02:25.958>generation— <00:02:27.455>a <00:02:27.609>useful <00:02:27.862>distinction <00:02:28.435>between <00:02:28.911>announced <00:02:29.482>power <00:02:29.895>and <00:02:30.204>actual <00:02:30.695>power.

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<v Matt>But <00:02:32.295>PJM <00:02:33.155>can’t <00:02:33.468>throw <00:02:33.755>the <00:02:33.872>switch <00:02:34.295>itself.

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<v Matt>Utilities <00:02:36.095>and <00:02:36.284>states <00:02:36.727>have <00:02:36.908>to <00:02:37.085>execute <00:02:37.595>the <00:02:37.735>cuts, <00:02:38.588>so <00:02:38.735>the <00:02:38.935>June <00:02:39.335>2027 <00:02:40.357>deadline <00:02:40.908>is <00:02:41.095>only <00:02:41.468>as <00:02:41.628>tough <00:02:41.975>as <00:02:42.155>the <00:02:42.282>state-level <00:02:42.908>enforcement <00:02:43.564>behind <00:02:44.028>it.

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<v Matt>Virginia <00:02:45.475>already <00:02:45.959>told <00:02:46.279>operators <00:02:46.908>to <00:02:47.095>fund <00:02:47.487>dedicated <00:02:48.188>infrastructure; <00:02:49.527>that’s <00:02:49.775>the <00:02:49.943>kind <00:02:50.162>of <00:02:50.279>paperwork <00:02:50.887>this <00:02:51.095>rule <00:02:51.447>will <00:02:51.668>force.

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<v Sarah>Latitude <00:02:53.685>Media, <00:02:54.197>with <00:02:54.373>Elizabeth <00:02:54.925>K. <00:02:55.315>Whitney:

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<v Quote>Earlier <00:02:56.553>this <00:02:56.748>month, <00:02:57.281>Gov.

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<v Quote>Greg <00:02:57.835>Abbott <00:02:58.094>of <00:02:58.281>Texas <00:02:58.729>made <00:02:59.001>major <00:02:59.481>waves <00:02:59.961>by <00:03:00.148>pausing <00:03:00.521>new <00:03:00.825>data <00:03:01.115>center <00:03:01.361>connections <00:03:01.854>to <00:03:01.981>the <00:03:02.121>grid <00:03:02.548>until <00:03:03.139>regulators <00:03:03.774>audit <00:03:04.081>the <00:03:04.281>474 <00:03:05.561>gigawatts <00:03:06.257>currently

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<v Quote>in <00:03:06.861>the <00:03:07.021>ERCOT <00:03:07.521>interconnection <00:03:08.174>queue. <00:03:08.814>At <00:03:09.321>first

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<v Quote>it <00:03:09.931>sounded <00:03:10.313>like <00:03:10.494>Texas <00:03:10.801>was <00:03:10.969>following <00:03:11.454>in <00:03:11.581>New <00:03:11.689>York’s <00:03:12.017>footsteps <00:03:12.621>and <00:03:12.981>halting <00:03:13.385>data <00:03:13.675>center <00:03:13.930>construction <00:03:14.548>in <00:03:14.641>the <00:03:14.825>face <00:03:15.108>of <00:03:15.231>intense <00:03:15.774>consumer <00:03:16.272>backlash.

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<v Matt>Abbott <00:03:17.835>paused <00:03:18.415>new <00:03:18.779>grid <00:03:19.088>connections <00:03:19.728>while <00:03:20.075>ERCOT <00:03:20.544>audits <00:03:21.035>a <00:03:21.195>474-gigawatt <00:03:23.435>queue.

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<v Matt>Developers <00:03:25.467>with <00:03:25.641>enough <00:03:25.975>capital <00:03:26.443>will <00:03:26.688>build <00:03:27.005>private <00:03:27.420>generation

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<v Matt>and <00:03:28.699>everybody <00:03:29.339>else <00:03:29.643>gets <00:03:29.875>a <00:03:29.995>grid <00:03:30.347>with <00:03:30.539>even <00:03:30.859>less <00:03:31.173>visibility <00:03:31.835>into <00:03:32.195>where <00:03:32.435>the <00:03:32.635>next <00:03:33.048>giant <00:03:33.595>load <00:03:33.955>could <00:03:34.251>land.

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<v Sarah>Latitude <00:03:36.595>makes <00:03:36.835>a <00:03:36.935>precise <00:03:37.422>point: <00:03:38.363>this <00:03:38.608>is <00:03:38.835>a <00:03:38.995>pause <00:03:39.248>on <00:03:39.415>connections, <00:03:40.375>not <00:03:40.619>data-center <00:03:41.158>construction <00:03:41.766>itself.

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<v Sarah>Texas <00:03:43.395>may <00:03:43.568>be <00:03:43.737>redirecting <00:03:44.386>projects <00:03:45.003>into <00:03:45.275>data-center-plus-power-plant <00:03:47.013>structures <00:03:47.702>while <00:03:48.291>statewide <00:03:48.864>demand <00:03:49.315>could <00:03:49.572>double <00:03:49.961>within <00:03:50.299>five <00:03:50.648>years.

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<v Matt>And <00:03:52.608>SB6 <00:03:53.425>already <00:03:54.015>had <00:03:54.355>a <00:03:54.448>sensible <00:03:54.928>guardrail: <00:03:56.102>an <00:03:56.217>existing <00:03:56.771>generator <00:03:57.332>needed <00:03:57.835>PUC <00:03:58.377>approval <00:03:58.944>before <00:03:59.435>peeling <00:03:59.915>off <00:04:00.208>to <00:04:00.368>serve <00:04:00.699>data-center <00:04:01.355>load.

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<v Matt>Now <00:04:02.755>the <00:04:02.932>policy <00:04:03.331>incentive <00:04:03.888>is, <00:04:04.235>fine, <00:04:05.142>bring <00:04:05.307>your <00:04:05.475>own <00:04:05.662>plant <00:04:06.055>and <00:04:06.283>sort <00:04:06.535>out <00:04:06.735>the <00:04:06.831>accounting <00:04:07.262>later.

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<v Matt>That’s <00:04:08.515>a <00:04:08.619>heck <00:04:08.902>of <00:04:08.995>a <00:04:09.079>planning <00:04:09.488>model.

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<v Sarah>It’s <00:04:11.235>a <00:04:11.315>sharp <00:04:11.586>contrast <00:04:12.187>with <00:04:12.335>the <00:04:12.608>PJM <00:04:13.184>filing <00:04:13.648>we <00:04:13.787>just <00:04:13.975>covered.

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<v Sarah>PJM <00:04:15.728>is <00:04:15.869>trying <00:04:16.102>to <00:04:16.215>put <00:04:16.462>large-load <00:04:17.182>obligations <00:04:17.979>into <00:04:18.275>a <00:04:18.395>FERC <00:04:18.795>tariff; <00:04:19.835>Texas <00:04:20.315>risks <00:04:20.765>sending <00:04:21.155>the <00:04:21.339>same <00:04:21.652>demand <00:04:22.041>around <00:04:22.335>the <00:04:22.448>interconnection <00:04:23.175>process

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<v Sarah>altogether.

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<v Sarah>Here's <00:04:25.708>Jim <00:04:25.941>DiPeso <00:04:26.608>at <00:04:26.848>NewsData:

45
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<v Quote>The <00:04:28.450>Federal <00:04:28.869>Energy <00:04:29.345>Regulatory <00:04:30.044>Commission <00:04:30.560>on <00:04:30.780>Aug.

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<v Quote>14 <00:04:31.936>gave <00:04:32.420>six <00:04:32.764>regional <00:04:33.187>power <00:04:33.580>markets <00:04:34.060>another <00:04:34.533>three <00:04:34.846>months <00:04:35.173>to <00:04:35.340>respond <00:04:35.787>to <00:04:35.904>show-cause <00:04:36.640>orders <00:04:37.173>aimed <00:04:37.493>at <00:04:37.653>speeding <00:04:38.133>large-load <00:04:38.767>connections <00:04:39.333>to <00:04:39.460>the

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<v Quote>grid. <00:04:40.140>The <00:04:40.596>commission <00:04:41.020>granted <00:04:41.520>abeyance <00:04:41.980>motions <00:04:42.467>filed <00:04:42.827>by <00:04:42.920>the <00:04:43.091>California <00:04:43.647>Independent <00:04:44.217>System <00:04:44.622>Operator

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<v Quote>Southwest <00:04:45.893>Power <00:04:46.224>Pool

49
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<v Quote>Midcontinent <00:04:47.567>Independent <00:04:48.137>System <00:04:48.542>Operator

50
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<v Quote>PJM <00:04:50.053>Interconnection <00:04:51.150>New <00:04:51.424>York <00:04:51.800>ISO <00:04:52.220>and <00:04:52.480>ISO <00:04:52.760>New <00:04:52.930>England.

51
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<v Quote>Under <00:04:54.280>the <00:04:54.464>June <00:04:54.800>18 <00:04:55.291>orders, <00:04:55.960>the <00:04:56.124>original <00:04:56.542>response <00:04:57.093>deadline <00:04:57.560>was <00:04:57.760>Aug. <00:04:58.560>17.

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<v Sarah>FERC <00:04:59.746>gave <00:05:00.082>all <00:05:00.422>six <00:05:00.778>organized <00:05:01.352>markets <00:05:01.890>more <00:05:02.162>time <00:05:02.535>on <00:05:02.662>the <00:05:02.786>June <00:05:03.090>show-cause <00:05:03.671>orders.

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<v Sarah>CAISO, <00:05:05.482>SPP, <00:05:06.462>MISO, <00:05:07.442>PJM, <00:05:08.322>NYISO, <00:05:09.582>and <00:05:09.902>ISO-NE <00:05:11.042>now <00:05:11.582>get <00:05:11.812>roughly <00:05:12.212>another <00:05:12.615>three <00:05:12.962>months.

54
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<v Sarah>For <00:05:14.210>most <00:05:14.429>of <00:05:14.522>the <00:05:14.722>U.S.

55
00:05:15.042 --> 00:05:19.042
<v Sarah>grid, <00:05:15.702>the <00:05:15.819>reform <00:05:16.215>calendar <00:05:16.702>has <00:05:16.922>moved <00:05:17.149>to <00:05:17.264>November <00:05:17.842>all <00:05:18.135>at <00:05:18.322>once.

56
00:05:19.202 --> 00:05:22.882
<v Matt>And <00:05:19.522>these <00:05:19.942>are <00:05:20.022>the <00:05:20.149>rules <00:05:20.522>meant <00:05:20.775>to <00:05:20.949>speed <00:05:21.335>up <00:05:21.509>large-load <00:05:22.142>connections.

57
00:05:23.149 --> 00:05:26.402
<v Matt>CAISO's <00:05:24.128>filing <00:05:24.455>is <00:05:24.622>now <00:05:24.862>due <00:05:25.086>November <00:05:25.522>16

58
00:05:26.522 --> 00:05:35.101
<v Matt>SPP's <00:05:27.326>November <00:05:27.842>20—while <00:05:29.095>projects <00:05:29.562>are <00:05:29.762>still <00:05:30.231>asking <00:05:30.698>utilities <00:05:31.222>for <00:05:31.349>power <00:05:31.842>on <00:05:32.218>timelines <00:05:32.754>that <00:05:32.930>aren’t <00:05:33.258>magically <00:05:33.812>gaining <00:05:34.242>90 <00:05:34.578>days.

59
00:05:35.101 --> 00:05:43.521
<v Sarah>The <00:05:35.602>curtailment <00:05:36.082>filing <00:05:36.535>we <00:05:36.690>just <00:05:36.932>covered <00:05:37.335>is <00:05:37.495>an <00:05:37.682>actual <00:05:38.375>PJM <00:05:38.951>tariff <00:05:39.442>move; <00:05:40.274>this <00:05:40.455>is <00:05:40.582>the <00:05:40.735>wider <00:05:41.267>procedural <00:05:42.002>drag <00:05:42.379>around <00:05:42.802>it.

60
00:05:43.704 --> 00:05:50.305
<v Sarah>Six <00:05:43.824>markets <00:05:44.288>agreeing <00:05:44.676>they <00:05:44.868>need <00:05:45.156>more <00:05:45.351>stakeholder <00:05:45.988>time <00:05:46.324>is <00:05:46.554>orderly <00:05:47.102>governance, <00:05:48.124>but <00:05:48.297>it <00:05:48.444>won’t <00:05:48.724>cure <00:05:49.084>a <00:05:49.204>five-year <00:05:49.764>queue.

61
00:05:50.305 --> 00:05:55.284
<v Matt>Every <00:05:50.884>developer <00:05:51.396>with <00:05:51.564>a <00:05:51.664>project <00:05:52.151>above <00:05:52.644>50 <00:05:52.924>megawatts <00:05:53.558>should <00:05:53.812>mark <00:05:54.044>those <00:05:54.297>dates <00:05:54.633>anyway.

62
00:05:55.444 --> 00:06:01.604
<v Matt>By <00:05:55.828>June <00:05:56.244>1, <00:05:56.644>2027, <00:05:57.951>PJM <00:05:58.551>wants <00:05:58.944>secured <00:05:59.433>supply. <00:06:00.297>By <00:06:00.624>mid-November

63
00:06:01.624 --> 00:06:08.884
<v Matt>the <00:06:01.732>rest <00:06:01.977>of <00:06:02.104>the <00:06:02.221>market <00:06:02.617>still <00:06:02.944>has <00:06:03.177>to <00:06:03.334>explain <00:06:03.744>how <00:06:03.951>it <00:06:04.084>plans <00:06:04.511>to <00:06:04.614>connect <00:06:05.044>giant <00:06:05.524>loads <00:06:06.004>without <00:06:06.604>handing <00:06:06.904>the <00:06:07.014>cleanup <00:06:07.412>bill <00:06:07.657>to <00:06:07.817>existing <00:06:08.308>customers.

64
00:06:09.732 --> 00:06:12.292
<v Sarah>Intelligent <00:06:10.420>Data <00:06:10.676>Centres, <00:06:11.316>with <00:06:11.460>Bill <00:06:11.732>Tanner:

65
00:06:12.850 --> 00:06:22.930
<v Quote>Bitdeer <00:06:13.290>has <00:06:13.456>signed <00:06:13.770>a <00:06:13.890>16-year <00:06:14.630>colocation <00:06:15.477>lease <00:06:15.870>and <00:06:16.103>services <00:06:16.578>agreement <00:06:17.110>for <00:06:17.490>121MW <00:06:19.223>of <00:06:19.490>AI <00:06:19.850>and <00:06:20.018>high-performance <00:06:20.818>computing <00:06:21.321>capacity <00:06:22.050>at <00:06:22.410>its <00:06:22.610>Tydal

66
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<v Quote>data <00:06:23.284>centre <00:06:23.559>campus <00:06:24.023>in <00:06:24.210>Norway.

67
00:06:24.910 --> 00:06:30.370
<v Quote>The <00:06:25.378>agreement <00:06:26.084>signed <00:06:26.320>through <00:06:26.588>subsidiary <00:06:27.277>Tydal <00:06:27.698>Data <00:06:27.936>Center <00:06:28.397>AS <00:06:28.818>with <00:06:29.090>Volta <00:06:29.490>Tydal <00:06:29.970>AS

68
00:06:30.443 --> 00:06:36.690
<v Quote>represents <00:06:31.216>approximately <00:06:31.890>US$4.7 <00:06:33.090>billion <00:06:34.263>in <00:06:34.421>contracted <00:06:34.990>revenue <00:06:35.474>over <00:06:35.750>the <00:06:35.860>initial <00:06:36.290>term.

69
00:06:36.877 --> 00:06:44.450
<v Quote>An <00:06:37.290>eight-year <00:06:37.870>renewal <00:06:38.347>option <00:06:38.730>could <00:06:38.983>increase <00:06:39.430>the <00:06:39.543>total <00:06:39.872>contract <00:06:40.437>value <00:06:40.850>to <00:06:41.056>around <00:06:41.383>US$8 <00:06:41.890>billion <00:06:43.058>over <00:06:43.410>24 <00:06:43.970>years.

70
00:06:44.610 --> 00:06:50.850
<v Quote>Volta’s <00:06:45.383>customer <00:06:45.858>will <00:06:46.077>be <00:06:46.210>a <00:06:46.330>leading <00:06:46.770>AI <00:06:47.190>lab, <00:06:47.837>while <00:06:48.018>Dell <00:06:48.272>Technologies <00:06:49.042>will <00:06:49.223>serve <00:06:49.543>as <00:06:49.701>technology <00:06:50.272>provider.

71
00:06:50.990 --> 00:06:57.250
<v Quote>The <00:06:51.479>entire <00:06:51.970>121MW <00:06:53.703>IT <00:06:54.050>load <00:06:54.434>will <00:06:54.743>be <00:06:54.894>configured <00:06:55.383>to <00:06:55.550>run <00:06:55.810>NVIDIA <00:06:56.466>GPUs.

72
00:06:57.497 --> 00:07:07.977
<v Sarah>Bitdeer <00:06:57.957>has <00:06:58.217>actual <00:06:58.768>contract <00:06:59.377>numbers <00:06:59.697>for <00:06:59.897>Tydal: <00:07:00.777>121 <00:07:01.717>megawatts, <00:07:02.657>a <00:07:02.777>16-year <00:07:03.484>lease, <00:07:04.177>and <00:07:04.337>about <00:07:04.617>$4.7 <00:07:05.617>billion <00:07:06.487>through <00:07:06.737>the <00:07:06.897>initial <00:07:07.273>term.

73
00:07:08.057 --> 00:07:16.297
<v Sarah>The <00:07:08.350>first <00:07:08.857>60.5-megawatt <00:07:10.284>phase <00:07:10.670>is <00:07:10.837>due <00:07:11.061>December <00:07:11.577>31, <00:07:12.377>2026; <00:07:13.757>the <00:07:13.874>second <00:07:14.277>follows <00:07:14.750>March <00:07:15.097>31.

74
00:07:16.377 --> 00:07:19.497
<v Matt>Signed <00:07:16.950>beats <00:07:17.470>an <00:07:17.646>option <00:07:18.105>deck, <00:07:18.544>absolutely.

75
00:07:19.617 --> 00:07:31.817
<v Matt>But <00:07:20.057>Volta’s <00:07:20.510>customer <00:07:20.990>is <00:07:21.150>still <00:07:21.470>an <00:07:21.657>unnamed <00:07:22.377>“leading <00:07:23.177>AI <00:07:23.597>lab,” <00:07:24.317>and <00:07:24.537>121 <00:07:25.637>megawatts <00:07:26.190>of <00:07:26.366>NVIDIA <00:07:26.921>GPUs <00:07:27.577>only <00:07:28.030>count <00:07:28.761>once <00:07:29.049>that <00:07:29.337>133 <00:07:30.597>megawatts <00:07:31.150>of <00:07:31.313>Norwegian

76
00:07:31.920 --> 00:07:35.577
<v Matt>supply <00:07:32.617>is <00:07:32.839>actually <00:07:33.388>delivering <00:07:33.927>through <00:07:34.201>four <00:07:34.550>halls.

77
00:07:35.597 --> 00:07:39.777
<v Sarah>The <00:07:35.708>disclosure <00:07:36.297>is <00:07:36.524>oddly <00:07:36.924>split-screen: <00:07:38.297>Dell <00:07:38.665>gets <00:07:38.897>a <00:07:39.017>name.

78
00:07:39.840 --> 00:07:42.857
<v Sarah>NVIDIA <00:07:40.337>too. <00:07:40.917>The <00:07:41.470>AI <00:07:41.837>lab <00:07:42.190>doesn’t.

79
00:07:43.057 --> 00:07:52.874
<v Sarah>Bitdeer <00:07:43.961>also <00:07:44.281>says <00:07:44.585>renewable <00:07:45.097>power <00:07:45.557>and <00:07:45.777>a <00:07:45.897>1.1 <00:07:46.777>PUE <00:07:47.348>target—strong <00:07:48.754>Nordic <00:07:49.177>economics, <00:07:50.337>but <00:07:50.477>the <00:07:50.581>delivery <00:07:51.004>dates <00:07:51.357>are <00:07:51.437>the <00:07:51.561>part <00:07:51.844>to <00:07:51.968>calendar.

80
00:07:52.874 --> 00:07:54.457
<v Matt>And <00:07:53.227>compare <00:07:53.625>that <00:07:53.849>with <00:07:53.997>the <00:07:54.177>U.S.

81
00:07:54.517 --> 00:08:01.817
<v Matt>stories <00:07:54.990>we <00:07:55.145>just <00:07:55.417>hit: <00:07:56.404>PJM <00:07:56.990>is <00:07:57.137>writing <00:07:57.477>curtailment <00:07:58.037>obligations <00:07:58.777>while <00:07:59.257>Texas <00:07:59.724>risks <00:08:00.117>pushing <00:08:00.617>load <00:08:00.997>off-grid.

82
00:08:01.977 --> 00:08:06.697
<v Matt>Norway <00:08:02.990>is <00:08:03.141>offering <00:08:03.555>dependable <00:08:04.230>hydro <00:08:04.797>and <00:08:05.137>a <00:08:05.337>16-year <00:08:06.137>runway.

83
00:08:06.910 --> 00:08:10.537
<v Matt>It’s <00:08:07.457>a <00:08:07.547>cleaner <00:08:07.977>setup—if <00:08:08.957>the <00:08:09.084>build <00:08:09.484>lands <00:08:09.870>on <00:08:10.073>time.

84
00:08:11.118 --> 00:08:12.558
<v Sarah>PR <00:08:11.418>Newswire <00:08:12.067>writes:

85
00:08:13.058 --> 00:08:21.618
<v Quote>The <00:08:13.194>financing <00:08:13.730>will <00:08:13.908>support <00:08:14.290>more <00:08:14.466>than <00:08:14.738>130 <00:08:15.678>megawatts <00:08:16.378>(MW) <00:08:16.560>of <00:08:16.638>new <00:08:16.889>capacity <00:08:17.561>across <00:08:18.242>four <00:08:18.578>key <00:08:18.878>markets <00:08:19.325>in <00:08:19.442>Flexential's <00:08:20.151>national <00:08:20.649>platform

86
00:08:21.666 --> 00:08:27.538
<v Quote>providing <00:08:22.138>a <00:08:22.240>scalable <00:08:22.784>source <00:08:23.085>of <00:08:23.208>capital <00:08:23.751>to <00:08:23.898>build <00:08:24.125>ahead <00:08:24.311>of <00:08:24.476>enterprise <00:08:25.118>and <00:08:25.458>AI-driven <00:08:26.231>infrastructure <00:08:27.045>needs.

87
00:08:27.654 --> 00:08:33.218
<v Quote>Projects <00:08:28.610>currently <00:08:28.938>under <00:08:29.187>construction <00:08:29.838>include <00:08:30.338>a <00:08:30.498>36 <00:08:31.165>MW <00:08:31.591>facility <00:08:32.071>in <00:08:32.228>Atlanta-Douglasville

88
00:08:33.268 --> 00:08:36.898
<v Quote>Georgia; <00:08:33.978>a <00:08:34.258>36 <00:08:34.845>MW <00:08:35.271>facility <00:08:35.725>in <00:08:35.840>Portland-Hillsboro

89
00:08:36.967 --> 00:08:42.018
<v Quote>Oregon; <00:08:37.578>and <00:08:37.978>a <00:08:38.098>22.5 <00:08:39.298>MW <00:08:39.689>facility <00:08:40.311>in <00:08:40.475>Denver-Parker <00:08:41.360>Colorado.

90
00:08:42.194 --> 00:08:52.418
<v Quote>Also <00:08:42.958>planned <00:08:43.418>are <00:08:43.578>another <00:08:44.018>36 <00:08:44.578>MW <00:08:44.969>facility <00:08:45.565>in <00:08:45.671>Portland-Hillsboro <00:08:46.858>and <00:08:47.298>a <00:08:47.538>4.5 <00:08:48.445>MW <00:08:48.882>expansion <00:08:49.556>adjacent <00:08:50.365>to <00:08:50.482>Flexential's <00:08:51.111>existing <00:08:51.603>operations <00:08:52.311>in

91
00:08:52.478 --> 00:08:54.098
<v Quote>Atlanta-Norcross <00:08:53.763>Georgia.

92
00:08:54.462 --> 00:08:59.822
<v Sarah>Flexential <00:08:55.162>put <00:08:55.422>$800 <00:08:56.102>million <00:08:56.999>behind <00:08:57.390>more <00:08:57.614>than <00:08:57.902>130 <00:08:58.842>megawatts

93
00:08:59.870 --> 00:09:06.862
<v Sarah>with <00:09:00.142>36 <00:09:00.969>MW <00:09:01.552>already <00:09:01.955>under <00:09:02.271>construction <00:09:02.915>in <00:09:03.082>Douglasville <00:09:03.882>and <00:09:04.342>another <00:09:04.782>36 <00:09:05.555>MW <00:09:06.035>in <00:09:06.182>Hillsboro.

94
00:09:07.934 --> 00:09:13.174
<v Sarah>This <00:09:08.035>is <00:09:08.190>what <00:09:08.435>build-ahead <00:09:09.062>looks <00:09:09.326>like <00:09:09.614>when <00:09:09.902>11 <00:09:10.275>banks <00:09:10.574>have <00:09:10.746>actually <00:09:11.182>signed <00:09:11.682>the <00:09:11.814>paperwork.

95
00:09:13.174 --> 00:09:21.742
<v Matt>And <00:09:13.662>those <00:09:13.902>are <00:09:14.062>not <00:09:14.449>vapor <00:09:14.862>campuses: <00:09:15.822>22.5 <00:09:16.995>MW <00:09:17.475>in <00:09:17.639>Denver-Parker, <00:09:18.926>plus <00:09:19.202>the <00:09:19.333>Portland <00:09:19.942>and <00:09:20.132>Atlanta <00:09:20.695>expansions.

96
00:09:21.842 --> 00:09:24.942
<v Matt>But <00:09:22.182>after <00:09:22.402>the <00:09:22.649>PJM <00:09:23.182>filing <00:09:23.715>we <00:09:23.870>just <00:09:24.112>covered

97
00:09:24.995 --> 00:09:34.597
<v Matt>every <00:09:25.319>credit <00:09:25.710>committee <00:09:26.182>ought <00:09:26.409>to <00:09:26.515>be <00:09:26.691>asking <00:09:27.222>one <00:09:27.694>rude <00:09:28.176>little <00:09:28.453>question—what <00:09:29.993>supply <00:09:30.595>is <00:09:30.782>secured <00:09:31.390>when <00:09:31.622>those <00:09:31.902>halls <00:09:32.350>need <00:09:32.569>to <00:09:32.689>energize?

98
00:09:34.597 --> 00:09:39.182
<v Sarah>GI <00:09:35.084>Partners <00:09:35.622>and <00:09:35.875>MSIP <00:09:36.352>backing <00:09:36.742>a <00:09:36.838>dedicated <00:09:37.382>development <00:09:37.872>vehicle <00:09:38.292>matters.

99
00:09:39.262 --> 00:09:46.862
<v Sarah>Flexential <00:09:39.942>can <00:09:40.126>fund <00:09:40.444>projects <00:09:40.990>from <00:09:41.235>planning <00:09:41.692>through <00:09:42.000>delivery <00:09:42.842>instead <00:09:43.289>of <00:09:43.398>reopening <00:09:43.922>the <00:09:44.032>capital <00:09:44.452>markets <00:09:44.962>for <00:09:45.086>each <00:09:45.422>site—but <00:09:46.574>committed

100
00:09:46.905 --> 00:09:51.342
<v Sarah>construction <00:09:47.482>capital <00:09:47.969>doesn’t <00:09:48.442>manufacture <00:09:49.145>transmission <00:09:49.742>capacity.

101
00:09:51.432 --> 00:09:59.102
<v Matt>Exactly. <00:09:52.329>An <00:09:52.769>oversubscribed <00:09:53.644>facility <00:09:54.195>tells <00:09:54.502>you <00:09:54.692>lenders <00:09:55.232>believe <00:09:55.622>the <00:09:55.822>dirt, <00:09:56.602>permits, <00:09:57.202>and <00:09:57.324>customer <00:09:57.891>demand <00:09:58.362>are <00:09:58.638>real.

102
00:09:59.342 --> 00:10:04.942
<v Matt>It <00:09:59.854>does <00:10:00.062>not <00:10:00.350>give <00:10:00.622>Atlanta, <00:10:01.555>Portland, <00:10:02.115>or <00:10:02.313>Denver <00:10:02.982>a <00:10:03.150>free <00:10:03.438>pass <00:10:03.849>on <00:10:03.922>the <00:10:04.089>wires.

103
00:10:05.544 --> 00:10:11.304
<v Host>If <00:10:05.724>The <00:10:05.848>Data <00:10:06.150>Center <00:10:06.491>Daily <00:10:06.877>is <00:10:07.032>part <00:10:07.251>of <00:10:07.336>your <00:10:07.524>routine, <00:10:08.378>please <00:10:08.648>subscribe <00:10:09.244>and <00:10:09.344>leave <00:10:09.597>us <00:10:09.744>a <00:10:09.841>review <00:10:10.228>wherever <00:10:10.604>you’re <00:10:10.792>listening.

104
00:10:11.480 --> 00:10:14.264
<v Host>Your <00:10:12.230>review <00:10:12.557>helps <00:10:12.864>other <00:10:13.110>people <00:10:13.448>find <00:10:13.724>the <00:10:13.864>show.

105
00:10:15.104 --> 00:10:23.984
<v Host>Mark <00:10:15.384>these <00:10:15.664>dates: <00:10:16.864>PJM’s <00:10:17.477>proposed <00:10:17.961>supply <00:10:18.373>cutoff <00:10:18.804>for <00:10:18.944>new <00:10:19.344>50 <00:10:19.824>MW-plus <00:10:20.571>loads <00:10:21.211>is <00:10:21.488>June <00:10:21.904>1, <00:10:22.544>2027.

106
00:10:24.104 --> 00:10:34.144
<v Host>Bitdeer <00:10:24.674>targets <00:10:25.064>phase <00:10:25.324>one <00:10:25.547>commencement <00:10:26.117>at <00:10:26.244>the <00:10:26.357>Tydal <00:10:26.704>campus <00:10:27.211>on <00:10:27.308>December <00:10:27.744>31, <00:10:28.784>2026, <00:10:29.913>followed <00:10:30.677>by <00:10:30.837>phase <00:10:31.204>two <00:10:31.584>on <00:10:31.797>March <00:10:32.144>31, <00:10:33.024>2027.

107
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<v Host>Links <00:10:35.211>to <00:10:35.317>every <00:10:35.637>story <00:10:35.944>are <00:10:36.091>in <00:10:36.164>the <00:10:36.272>show <00:10:36.544>notes, <00:10:37.397>so <00:10:37.536>take <00:10:37.704>a <00:10:37.776>look <00:10:37.931>at <00:10:38.004>the <00:10:38.128>ones <00:10:38.404>you’d <00:10:38.592>like <00:10:38.811>to <00:10:38.914>explore <00:10:39.324>further.

108
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<v Host>That’s <00:10:40.804>The <00:10:40.928>Data <00:10:41.218>Center <00:10:41.491>Daily <00:10:41.864>for <00:10:42.077>today.

109
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<v Host>This <00:10:43.451>is <00:10:43.544>a <00:10:43.644>Lantern <00:10:44.154>Podcast.