WEBVTT

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<v Sarah>The <00:00:00.224>grid’s <00:00:00.620>busiest <00:00:01.100>regions <00:00:01.560>are <00:00:01.733>still <00:00:02.050>writing <00:00:02.467>rules <00:00:02.840>for <00:00:02.987>their <00:00:03.180>biggest <00:00:03.680>customers.

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<v Sarah>New <00:00:05.787>to <00:00:05.920>this? <00:00:06.448>Here’s <00:00:07.067>where <00:00:07.234>things <00:00:07.533>stand.

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<v Sarah>FERC’s <00:00:09.104>June <00:00:09.440>18 <00:00:09.989>orders <00:00:10.460>put <00:00:10.707>large-load <00:00:11.410>tariffs <00:00:11.813>under <00:00:12.128>show-cause <00:00:12.782>scrutiny <00:00:13.326>across <00:00:13.620>the <00:00:13.736>organized <00:00:14.310>markets. <00:00:15.280>In <00:00:15.653>PJM

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<v Sarah>the <00:00:16.697>reform <00:00:17.093>fight <00:00:17.410>already <00:00:17.813>includes <00:00:18.296>proposals <00:00:18.827>to <00:00:18.960>curtail <00:00:19.520>new <00:00:19.920>50 <00:00:20.400>MW-plus <00:00:21.200>loads <00:00:21.640>without <00:00:21.980>secured <00:00:22.514>supply <00:00:23.253>ahead <00:00:23.547>of <00:00:23.657>demand-response <00:00:24.542>programs <00:00:25.074>during

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<v Sarah>shortages. <00:00:26.480>It <00:00:26.688>also <00:00:26.949>covers <00:00:27.413>queue <00:00:27.749>reform, <00:00:28.624>ride-through <00:00:29.188>requirements, <00:00:30.427>IRAS, <00:00:31.320>and <00:00:31.491>governance <00:00:32.044>pressure <00:00:32.464>over <00:00:32.800>data-center <00:00:33.536>load <00:00:33.960>and <00:00:34.140>reliability <00:00:34.896>risk.

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<v Matt>This <00:00:36.480>is <00:00:36.800>The <00:00:36.880>Data <00:00:37.257>Center <00:00:37.680>Daily.

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<v Matt>Tariff <00:00:39.120>delays, <00:00:39.840>a <00:00:40.053>would-be <00:00:40.800>40-gigawatt <00:00:41.580>transformer <00:00:42.310>factory, <00:00:43.160>and <00:00:43.320>a <00:00:43.430>Chicago <00:00:43.984>land <00:00:44.320>grab—everyone’s <00:00:45.657>racing <00:00:46.040>ahead <00:00:46.267>of <00:00:46.340>the <00:00:46.480>rulebook.

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<v Sarah>Amyra <00:00:48.257>Mardhani, <00:00:49.067>writing <00:00:49.470>in <00:00:49.657>Enverus:

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<v Quote>The <00:00:50.986>pipeline <00:00:51.395>of <00:00:51.555>large <00:00:51.889>loads <00:00:52.252>waiting <00:00:52.515>to <00:00:52.654>come <00:00:52.862>online <00:00:53.502>is <00:00:53.871>concentrated <00:00:54.515>in <00:00:54.672>regions <00:00:55.054>that <00:00:55.222>are <00:00:55.382>seeking <00:00:55.710>more <00:00:55.966>time <00:00:56.275>to <00:00:56.444>finalize <00:00:56.969>their <00:00:57.148>tariff

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<v Quote>frameworks. <00:00:58.515>PJM <00:00:59.282>and <00:00:59.362>the <00:00:59.462>MISO <00:01:00.032>account <00:01:00.422>for <00:01:00.606>most <00:01:00.889>of <00:01:00.982>the <00:01:01.160>identified <00:01:01.806>high-confidence <00:01:02.675>large <00:01:03.022>load, <00:01:03.762>but <00:01:03.862>neither <00:01:04.182>has <00:01:04.342>a <00:01:04.418>finished <00:01:04.766>rulebook.

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<v Quote>SPP <00:01:06.722>the <00:01:06.846>only <00:01:07.148>region <00:01:07.454>with <00:01:07.662>FERC-approved <00:01:08.449>large-load <00:01:09.012>tariffs <00:01:09.518>that <00:01:09.622>the <00:01:09.771>commission <00:01:10.102>has <00:01:10.272>pointed <00:01:10.675>to <00:01:10.809>as <00:01:10.902>a <00:01:11.009>model

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<v Quote>has <00:01:11.948>comparatively <00:01:12.588>little <00:01:12.920>identified <00:01:13.564>capacity.

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<v Sarah>On <00:01:14.863>FERC’s <00:01:15.343>large-load <00:01:16.133>tariffs: <00:01:16.803>all <00:01:17.203>six <00:01:17.551>grid <00:01:17.799>operators <00:01:18.383>now <00:01:18.687>want <00:01:18.996>until <00:01:19.334>November, <00:01:20.343>and <00:01:20.650>PJM <00:01:21.243>and <00:01:21.463>MISO <00:01:21.983>face <00:01:22.323>the <00:01:22.433>biggest <00:01:22.831>load <00:01:23.085>exposure.

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<v Sarah>The <00:01:24.691>twist <00:01:25.077>is <00:01:25.253>brutal: <00:01:26.224>SPP <00:01:26.844>has <00:01:27.044>the <00:01:27.184>FERC-approved <00:01:27.957>model <00:01:28.304>tariff, <00:01:29.224>but <00:01:29.395>comparatively <00:01:30.110>little <00:01:30.411>of <00:01:30.484>the <00:01:30.592>high-confidence <00:01:31.472>load <00:01:31.696>that <00:01:31.877>needs <00:01:32.251>it.

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<v Matt>So <00:01:33.144>the <00:01:33.324>crowded <00:01:33.804>regions <00:01:34.264>get <00:01:34.424>a <00:01:34.544>90-day <00:01:35.168>extension <00:01:35.797>to <00:01:35.971>write <00:01:36.371>rules <00:01:36.744>for <00:01:36.928>customers <00:01:37.594>already <00:01:38.281>lining <00:01:38.677>up <00:01:38.811>at <00:01:38.884>the <00:01:39.024>gate.

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<v Matt>Developers <00:01:40.664>are <00:01:40.828>supposed <00:01:41.211>to <00:01:41.331>price <00:01:41.713>transmission <00:01:42.366>upgrades

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<v Matt>generation <00:01:44.204>and <00:01:44.424>who <00:01:44.608>gets <00:01:44.917>stuck <00:01:45.216>with <00:01:45.364>the <00:01:45.568>bill <00:01:46.197>while <00:01:46.624>PJM <00:01:47.224>and <00:01:47.424>MISO <00:01:48.024>are <00:01:48.197>still <00:01:48.514>editing <00:01:48.891>their <00:01:49.104>tariffs?

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<v Sarah>FERC <00:01:50.512>gave <00:01:50.736>them <00:01:50.944>60 <00:01:51.344>days <00:01:51.704>after <00:01:51.924>the <00:01:52.048>June <00:01:52.504>18 <00:01:52.773>orders <00:01:53.237>to <00:01:53.437>amend <00:01:53.984>or <00:01:54.213>defend <00:01:54.664>these <00:01:54.934>tariffs, <00:01:55.784>and <00:01:55.952>said <00:01:56.202>extensions <00:01:56.830>wouldn’t <00:01:57.237>be <00:01:57.424>automatic.

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<v Sarah>They <00:01:58.997>do <00:01:59.136>have <00:01:59.304>a <00:01:59.376>real <00:01:59.574>problem: <00:02:00.588>protecting <00:02:01.086>existing <00:02:01.648>customers <00:02:02.251>while <00:02:02.435>accommodating <00:02:03.184>giant <00:02:03.644>new <00:02:03.917>loads.

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<v Sarah>But <00:02:05.077>every <00:02:05.411>month <00:02:05.784>without <00:02:06.144>terms <00:02:06.597>makes <00:02:06.944>cost <00:02:07.322>allocation <00:02:07.944>and <00:02:08.134>project <00:02:08.693>timing <00:02:09.161>harder <00:02:09.557>to <00:02:09.744>bank.

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<v Matt>And <00:02:10.704>capital <00:02:11.364>has <00:02:11.726>alternatives.

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<v Matt>Enverus <00:02:13.561>points <00:02:13.957>to <00:02:14.124>ERCOT’s <00:02:14.691>Batch <00:02:15.136>Zero <00:02:15.634>because <00:02:16.011>there’s <00:02:16.251>an <00:02:16.373>actual <00:02:16.854>process <00:02:17.397>there.

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<v Matt>November <00:02:18.824>may <00:02:19.011>sound <00:02:19.409>procedural <00:02:20.091>in <00:02:20.202>Washington.

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<v Matt>In <00:02:21.557>an <00:02:21.717>interconnection <00:02:22.451>queue, <00:02:23.077>it’s <00:02:23.364>another <00:02:23.573>season <00:02:24.037>of <00:02:24.197>somebody <00:02:24.684>reserving <00:02:25.184>capacity <00:02:25.881>before <00:02:26.284>anybody’s <00:02:26.853>agreed <00:02:27.304>who <00:02:27.504>pays <00:02:27.864>for <00:02:28.037>it.

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<v Sarah>This <00:02:29.761>one's <00:02:30.053>from <00:02:30.243>Latitude <00:02:30.821>Media:

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<v Quote>The <00:02:33.084>power <00:02:33.335>conversion <00:02:33.892>tech <00:02:34.134>company <00:02:34.564>Heron <00:02:34.964>Power <00:02:35.524>is <00:02:35.864>putting <00:02:36.071>steel <00:02:36.457>in <00:02:36.584>the <00:02:36.701>ground <00:02:37.064>for <00:02:37.184>its <00:02:37.404>first <00:02:37.640>commercial <00:02:38.064>factory

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<v Quote>just <00:02:39.191>miles <00:02:39.556>from <00:02:39.724>its <00:02:39.884>Silicon <00:02:40.210>Valley <00:02:40.531>engineering <00:02:41.104>hub.

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<v Quote>The <00:02:42.054>startup <00:02:42.591>which <00:02:42.777>in <00:02:42.946>February <00:02:43.501>closed <00:02:43.884>a <00:02:44.004>$140 <00:02:44.814>million <00:02:45.501>Series <00:02:45.964>B <00:02:46.137>to <00:02:46.292>fund <00:02:46.504>the <00:02:46.604>build-out

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<v Quote>aims <00:02:47.791>to <00:02:47.884>start <00:02:48.128>production <00:02:48.591>in <00:02:48.684>the <00:02:48.838>second <00:02:49.108>half <00:02:49.391>of <00:02:49.524>2027 <00:02:50.584>and <00:02:50.928>eventually <00:02:51.428>ramp <00:02:51.737>up <00:02:51.897>to <00:02:52.084>40 <00:02:52.464>gigawatts <00:02:52.991>of <00:02:53.124>capacity

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<v Quote>or <00:02:54.217>about <00:02:54.564>10,000 <00:02:55.311>of <00:02:55.404>its <00:02:55.564>“Heron <00:02:55.892>Link” <00:02:56.224>systems.

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<v Matt>Steel’s <00:02:57.465>in <00:02:57.538>the <00:02:57.655>ground <00:02:58.025>at <00:02:58.135>Morgan <00:02:58.542>Hill—that <00:02:59.550>part <00:02:59.731>is <00:02:59.902>real.

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<v Matt>But <00:03:01.098>Heron <00:03:01.422>says <00:03:01.729>production <00:03:02.298>won’t <00:03:02.625>start <00:03:03.011>until <00:03:03.318>the <00:03:03.484>second <00:03:03.822>half <00:03:04.105>of <00:03:04.318>2027.

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<v Matt>And <00:03:06.318>40 <00:03:06.558>gigawatts <00:03:07.198>is <00:03:07.378>the <00:03:07.500>eventual <00:03:08.068>ceiling—about <00:03:09.438>10,000 <00:03:10.138>Heron <00:03:10.478>Links.

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<v Matt>You <00:03:11.958>won’t <00:03:12.218>see <00:03:12.442>anything <00:03:12.846>like <00:03:13.086>that <00:03:13.358>land <00:03:13.705>in <00:03:13.811>an <00:03:13.958>interconnection <00:03:14.678>queue <00:03:14.958>next <00:03:15.318>quarter.

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<v Sarah>Exactly. <00:03:16.691>Latitude’s <00:03:17.941>number <00:03:18.148>matters <00:03:18.678>because <00:03:18.985>it <00:03:19.102>puts <00:03:19.422>real <00:03:19.748>factory <00:03:20.318>math <00:03:20.665>on <00:03:20.738>the <00:03:20.858>transformer <00:03:21.591>workaround.

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<v Sarah>Heron <00:03:23.244>raised <00:03:23.598>$140 <00:03:24.498>million <00:03:25.251>in <00:03:25.429>February

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<v Sarah>is <00:03:26.678>still <00:03:26.922>developing <00:03:27.398>its <00:03:27.575>manufacturing <00:03:28.408>process

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<v Sarah>and <00:03:29.558>doesn’t <00:03:29.895>expect <00:03:30.291>first <00:03:30.602>commercial <00:03:31.118>output <00:03:31.655>before <00:03:32.062>late <00:03:32.638>2027.

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<v Sarah>It <00:03:34.058>won’t <00:03:34.382>ease <00:03:34.658>the <00:03:34.775>supply <00:03:35.187>crunch <00:03:35.668>anytime <00:03:36.270>soon.

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<v Matt>And <00:03:37.678>we <00:03:37.886>just <00:03:38.128>covered <00:03:38.598>ISOs <00:03:39.228>pushing <00:03:39.505>large-load <00:03:40.215>tariff <00:03:40.615>reform <00:03:41.011>to <00:03:41.171>November.

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<v Matt>We’re <00:03:42.438>still <00:03:42.678>waiting <00:03:43.011>on <00:03:43.138>the <00:03:43.262>rulebook, <00:03:44.018>and <00:03:44.098>the <00:03:44.211>alternative <00:03:44.845>transformer <00:03:45.428>factory <00:03:45.998>is <00:03:46.220>eighteen <00:03:46.764>months <00:03:47.118>out.

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<v Matt>Meanwhile, <00:03:49.082>somebody’s <00:03:49.545>still <00:03:49.738>reserving <00:03:50.220>capacity <00:03:50.798>today.

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<v Matt>Who <00:03:52.126>gets <00:03:52.345>to <00:03:52.458>sit <00:03:52.665>in <00:03:52.766>that <00:03:53.011>queue <00:03:53.318>while <00:03:53.554>everyone <00:03:53.886>else <00:03:54.158>waits?

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<v Sarah>Heron’s <00:03:55.729>California <00:03:56.295>choice <00:03:56.678>makes <00:03:56.931>sense <00:03:57.238>for <00:03:57.438>a <00:03:57.571>first <00:03:57.891>complicated <00:03:58.548>product—Baglino <00:04:00.211>wants <00:04:00.542>engineers <00:04:01.158>close <00:04:01.411>to <00:04:01.538>the <00:04:01.678>factory.

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<v Sarah>Still, <00:04:03.470>this <00:04:03.651>is <00:04:03.838>early <00:04:04.296>industrialization.

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<v Sarah>There <00:04:06.138>isn’t <00:04:06.438>a <00:04:06.534>warehouse <00:04:07.086>full <00:04:07.331>of <00:04:07.482>finished <00:04:07.898>modular <00:04:08.386>transformers <00:04:09.238>waiting <00:04:09.538>for <00:04:09.667>hyperscaler <00:04:10.387>pickup.

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<v Sarah>From <00:04:12.242>The <00:04:12.366>Real <00:04:12.702>Deal:

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<v Quote>Jeff <00:04:13.837>Aeder’s <00:04:14.297>Chicago-based <00:04:15.277>JDI <00:04:15.837>Realty <00:04:16.367>earlier <00:04:16.765>this <00:04:17.021>year <00:04:17.346>bought <00:04:17.797>the <00:04:17.957>$35 <00:04:18.557>million <00:04:19.161>mortgage <00:04:19.581>loan <00:04:19.901>note <00:04:20.197>for <00:04:20.357>about <00:04:20.637>$10 <00:04:20.967>million <00:04:21.629>from <00:04:21.805>Signature <00:04:22.301>Bank

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<v Quote>ahead <00:04:23.224>of <00:04:23.317>its <00:04:23.483>merger <00:04:23.805>with <00:04:24.037>New <00:04:24.205>York-based <00:04:24.797>Esquire <00:04:25.341>Bank

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<v Quote>at <00:04:26.037>a <00:04:26.130>significant <00:04:26.779>discount.

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<v Quote>Buck <00:04:28.521>originally <00:04:29.021>paid <00:04:29.317>$53 <00:04:30.007>million <00:04:30.677>for <00:04:30.817>the <00:04:30.925>site <00:04:31.170>in <00:04:31.357>2023 <00:04:32.337>but <00:04:32.683>failed <00:04:33.010>to <00:04:33.163>secure <00:04:33.490>an <00:04:33.643>anchor <00:04:33.974>tenant <00:04:34.357>for <00:04:34.517>its <00:04:34.677>planned <00:04:35.014>office <00:04:35.426>towers <00:04:35.890>at <00:04:36.077>645 <00:04:36.925>West

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<v Quote>Madison <00:04:37.654>Street.

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<v Sarah>Digital <00:04:38.869>Realty <00:04:39.333>is <00:04:39.491>reportedly <00:04:40.020>the <00:04:40.140>mystery <00:04:40.613>buyer <00:04:40.937>behind <00:04:41.333>Hawthorne <00:04:41.888>Race <00:04:42.137>Course, <00:04:42.937>paying <00:04:43.320>$90 <00:04:43.790>million <00:04:44.600>for <00:04:44.760>a <00:04:44.870>Chicago-area <00:04:45.792>site.

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<v Sarah>Land <00:04:47.093>is <00:04:47.244>changing <00:04:47.667>hands <00:04:48.034>before <00:04:48.260>the <00:04:48.387>power <00:04:48.773>rules <00:04:49.060>are <00:04:49.180>settled—especially <00:04:50.620>awkward <00:04:51.080>after <00:04:51.467>PJM <00:04:52.040>and <00:04:52.200>MISO’s <00:04:52.697>filing <00:04:53.120>delay.

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<v Matt>A <00:04:54.640>racetrack <00:04:55.413>is <00:04:55.600>a <00:04:55.747>great <00:04:56.147>place <00:04:56.533>to <00:04:56.700>buy <00:04:56.944>acreage.

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<v Matt>It <00:04:58.140>isn’t <00:04:58.560>a <00:04:58.707>magic <00:04:59.109>portal <00:04:59.573>to <00:04:59.747>energized <00:05:00.380>megawatts, <00:05:01.323>transmission <00:05:01.902>upgrades, <00:05:02.627>water, <00:05:03.160>and <00:05:03.440>a <00:05:03.627>cooperative <00:05:04.000>suburb.

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<v Sarah>The <00:05:05.520>Real <00:05:05.904>Deal <00:05:06.240>also <00:05:06.630>reports <00:05:07.168>that <00:05:07.520>JDI <00:05:08.080>Realty <00:05:08.606>bought <00:05:08.944>John <00:05:09.248>Buck's <00:05:09.578>distressed <00:05:10.240>$35 <00:05:11.060>million <00:05:11.888>note <00:05:12.440>for <00:05:12.600>about <00:05:12.880>$10 <00:05:13.230>million.

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<v Sarah>In <00:05:14.790>Chicago <00:05:15.328>real <00:05:15.577>estate, <00:05:16.020>you <00:05:16.120>can <00:05:16.280>buy <00:05:16.458>discounted <00:05:17.104>debt <00:05:17.467>or <00:05:17.752>expensive <00:05:18.457>optionality.

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<v Matt>Hawthorne <00:05:20.240>may <00:05:20.533>be <00:05:20.720>Bannock <00:05:21.177>County <00:05:21.573>in <00:05:21.780>a <00:05:21.913>sport <00:05:22.144>coat.

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<v Matt>A <00:05:23.107>giant <00:05:23.511>proposed <00:05:24.192>load <00:05:24.693>shows <00:05:25.013>up <00:05:25.160>for <00:05:25.333>local <00:05:25.664>officials, <00:05:26.600>and <00:05:26.776>residents <00:05:27.320>are <00:05:27.504>left <00:05:27.792>with <00:05:28.027>noise <00:05:28.600>and <00:05:28.787>water <00:05:29.192>questions.

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<v Matt>Meanwhile, <00:05:31.380>the <00:05:31.496>developer <00:05:32.064>gets <00:05:32.360>there <00:05:32.640>before <00:05:33.160>the <00:05:33.344>rulebook.

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<v Matt>Digital <00:05:35.029>Realty <00:05:35.474>bought <00:05:35.720>a <00:05:35.840>site; <00:05:36.773>it <00:05:36.920>may <00:05:37.056>have <00:05:37.184>also <00:05:37.486>bought <00:05:37.840>a <00:05:37.984>very <00:05:38.309>public <00:05:38.787>fight.

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<v Host>If <00:05:41.050>The <00:05:41.158>Data <00:05:41.396>Center <00:05:41.723>Daily’s <00:05:42.139>useful, <00:05:42.824>please <00:05:43.102>subscribe <00:05:43.850>and <00:05:44.190>leave <00:05:44.430>a <00:05:44.527>review <00:05:44.923>wherever <00:05:45.370>you’re <00:05:45.558>listening.

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<v Host>It <00:05:46.763>helps <00:05:47.062>more <00:05:47.224>people <00:05:47.494>find <00:05:47.770>the <00:05:47.894>show, <00:05:48.670>and <00:05:48.817>we’re <00:05:48.998>glad <00:05:49.230>you’re <00:05:49.590>here.

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<v Host>We’re <00:05:50.893>watching <00:05:51.239>November—the <00:05:52.281>next <00:05:52.583>tariff <00:05:52.908>checkpoint

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<v Host>if <00:05:54.097>FERC <00:05:54.446>grants <00:05:54.937>all <00:05:55.277>six <00:05:55.737>ISO/RTO <00:05:56.825>extension <00:05:57.328>requests—and <00:05:58.677>Heron <00:05:58.990>Power’s <00:05:59.401>plan <00:05:59.684>to <00:05:59.777>start <00:06:00.035>production <00:06:00.670>at <00:06:00.817>its <00:06:00.983>Morgan <00:06:01.289>Hill <00:06:01.477>factory <00:06:01.924>in <00:06:01.997>the <00:06:02.114>second <00:06:02.521>half

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<v Host>of <00:06:03.017>2027. <00:06:04.317>You’ll <00:06:04.985>find <00:06:05.230>links <00:06:05.550>to <00:06:05.724>every <00:06:06.137>story <00:06:06.564>in <00:06:06.637>the <00:06:06.745>show <00:06:07.017>notes <00:06:07.497>if <00:06:07.677>you <00:06:07.769>want <00:06:07.924>to <00:06:08.037>dig <00:06:08.324>in.

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<v Host>That’s <00:06:09.597>The <00:06:09.721>Data <00:06:10.011>Center <00:06:10.284>Daily <00:06:10.657>for <00:06:10.857>today.

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<v Host>This <00:06:12.244>is <00:06:12.377>a <00:06:12.507>Lantern <00:06:12.957>Podcast.