# GE Vernova Gas Turbines Sold Out to 2029 as Power Becomes the AI Bottleneck - Powering AI: Grid, Gas, Generation & Nuclear - Week of June 26, 2026

> Powering-AI newsletter for the week of June 26, 2026. The bottleneck has migrated from silicon to substations, with GE Vernova booking more data-center power orders in a quarter than in all of last year, turbines sold out to 2029, and uranium's long-term price hitting $94/lb even as the bears flag phantom load and a transmission cost fight.

## Powering AI: Grid, Gas, Generation & Nuclear

### Week of June 26, 2026: GE Vernova Gas Turbines Sold Out to 2029 as Power Becomes the AI Bottleneck

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For two years the AI argument was about demand: would anyone actually pay for all this compute? This week the tape declared that question settled and moved to the harder one, can we physically build the power to run it? The answer, told from a turbine floor in South Carolina, a uranium fuel conference in Scottsdale, and a FERC press cycle timed to the closing bell, is that the bottleneck has migrated from silicon to substations. The people who make turbines, transformers, and yellowcake are now the ones setting the price.

## TL;DR

- **GE Vernova booked more data-center power orders in a single quarter than in all of last year.** Turbines are sold out to 2029, priced up 300% in three years, and hyperscalers are lining up at the factory door. The order book is real; the open question is conversion.
- **Uranium's long-term price hit $94/lb**, and the smart money says reported prices *understate* where contracts actually clear, while the binding constraint has quietly shifted back to mined pounds.
- **The bear case got airtime too:** "phantom load," roughly 30% of announced data centers actually getting built, and a transmission cost fight that can stall the very lines the bulls are counting on.

## What's new

**The turbine is the new oil barrel.** On [Telltales' Weekend Update](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgz1KZ-2BbxM9YEK8DJG8jSbcZYsXHhv9AwddhztDwS50-2F2Osd1yzx9npVWjznfR-2Fjo5UPdh-2BuVWjzdDPCW9mmjNwDF-2BTVwUmUAyvbfPVbuwSeg-3D-3D3YTE_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN0xVZxk2T0iNUjyW2xBGTVrJk02nR7Ucga1ylj7BECLr6bv6Al2Zqpqzx9tABW68NOkbIHrh0qbrwiIS1XAvDiXfxvXCEVwy0lmUHTHS1vsAcpCO9bULPBT6tsRKHLmCew-3D-3D), hosts Ava Cabot and Marcus Graham walked through GE Vernova booking $2.4 billion of data-center electrification orders in Q1 alone, more than all of last year, with a gas turbine backlog now past 110 GW stretching into 2029, and Bernstein opening at Outperform. Their caveat is the right one: GEV trades around 33x free cash flow with FCF up nearly 400% year-over-year, so "the orders are real, the execution is the open question." Watch the slots actually deliver.

**Hyperscalers are walking the factory floor.** From the Greenville plant, CNBC's Seema Mody reported on [Squawk on the Street](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOido1-2BlTzqIOtRWYuqQd78auJYQOMtq-2FXSkB7fVFOVLBk4XnNFM-2Bc2ItYZ60iZnZSgenLGiJ1qABix38HbM7OwqTkbr-2Fxvy4vVp57wpS1w-2FFg-3D-3DEVA-_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN-2FjVdSmntce0MqRlns0wkmFnOZsV3x1clfmpiNAcD-2Fce4Yq9VlNHwMnCJgT6nugEW3H8uXo-2FYxKY3PmhKIx3iTY6PR9kan1jtxy9g18XcBFqtm7Z-2FM6yC5xLDfynb-2BeiCQ-3D-3D) that GEV is sold out of gas turbines through 2029, with orders out to 2031 and pricing up 300% in three years. Microsoft bought seven turbines for a 2.7 GW Texas project, and, per Mody, executives from *every* hyperscaler, including OpenAI's head of power, have toured the floor. David Faber added that two more hyperscaler power deals look likely before Labor Day. When the buyer of last resort shows up in person, the supplier has pricing power.

**FERC blinked toward the market, carefully.** On [POLITICO Energy](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjgMqr0j8-2BZWspDH-2FZqTKZS63sgK8TQSeW5IxbLBC72A94q8vZzAklI58Fu2Y0-2BVYqPq5r26jA5n6ps9pKX-2Bdb4BfcCYzhwZI8KXc4Yc3OS6A-3D-3Dzebh_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN15nhoO1iIILp8zugJn1OXA7kSziQj5MSq6QhaGmebfexjJZE5PPUrM422rlkWvd9-2BidzYLF6Q41ZPJIKHnY9UrnoCRAW2HNF-2FtiQiACyGMzzbQnaH1sZ1ETL6X70tSRsg-3D-3D), FERC Chair Laura Swett explained why the agency skipped a single national rulebook on who pays for data-center interconnection and instead issued show-cause orders to the regional grid operators, with SPP leading and PJM already advanced through its co-location proceeding. Tell worth noting for anyone trading the regulated names: Swett deliberately released the notice *after* the close, saying a careless FERC release "can tank a stock." This is a regulator who watches the tape.

**Uranium's price discovery is broken, bullishly.** Two of the sharpest fuel-cycle voices converged this week. On [The KE Report](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhGE6EKDQkvnqTWlpZ-2B-2FJwolR-2B8WP8Pv4O2cm9avP06yMn2-2F0eb9Z9h1a44TANnfTKQdEWFxHFENWxv0wQWXiodYlzV5oQfXAdQFGa-2B26eoOQ-3D-3D_len_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN8Y3UGXdnDbd2fTpOd9CHwN23uoWyYsB3xBZK5YTQVNSFP9LVYPZ2s2uge8sr40mefgaszsfy7DpXKvs0c3oJDxima9MYwwSBFJc4lIHHnynCFHVKWDeOpFi2bbqh8hCMA-3D-3D), Justin Huhn flagged that the long-term price has reached $94/lb (up $14 in a year) on ~150M lbs contracted in ten months, and relayed UXC president Jonathan Hinze naming uranium itself, the mined front end, as the supply piece he's now most worried about. On [Money of Mine](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgqwPYzJt6tY746u8cs8rqe7TcDns1VxqgV6x6GgCyYz7xyMtiOGRWoVFYjLG3J2f2SWWVk4IsO-2FNMqjwS-2BV4Pk-2FMq7Y-2Bkdo8L9xKww91IjsA-3D-3D7MIh_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN6iuwL5WxS8xTPIxNY74S2hk8CLNG0c7CDO7JBpWhrowIO10v752m99JYZXovZxx9jNbRGbtgRM-2FPsF9ERe2U4IzP2URaVrYepguXs0yPj-2F6ucCtHL1q28ZEpyW1ceCTuw-3D-3D), Sachem Cove's Mike Alkin argued the ~$85 reported spot and ~$93-95 reported contract numbers capture only the small fixed-price slice; the bulk trades on market-related structures, with Cameco collars he pegs settling toward $160-175/lb. His kicker: Cameco is the *largest spot buyer* because it under-produces against what it's already sold.

**The gas tug-of-war is real, the build rate isn't (yet).** On [Energy News Beat](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjOYRnmz5Yp9SHZupg04ooqcSnjhQpNN3WkGe39Mn8oM6H7qPVihrCQP4g6hYDngRJE-2Fnny9zwTyIiyVeTbxvP0VrGqWo464fcewmgAizgAow-3D-3D4LSu_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN-2FImIHtUb3VwDbCL4GF0WK8kkp4ybGs-2BQ4oJDJZMsMMYUlJgKsb5aSjGJm-2B-2BYcsEy6xaRLEu7W-2FRgHJ2-2FZlBLwNcMWYi73bWo5Kmo7WFJtVoOTObZTATofH-2Bl6Lmcw2PLg-3D-3D), Reese Energy's Steve Reese, who's done the gas-supply studies for actual data-center projects, said early developer volume expectations were "delusional," that maybe ~30% of announced US data centers get built, and that a genuine tug-of-war is forming between data-center and LNG demand for the same molecules as new pipe gets built from Waha to the Gulf. Exxon, EQT and Liberty are now elbowing into the hyperscaler power space.

## The debate

**Bull: this is one supercycle, not five.** The strongest read of the tape is that grid, utilities, IPPs, gas and uranium are re-rating *together* off the same demand shock. GEV's order book is the cleanest evidence; copper's structural deficit, uranium's exhausted supply pipeline, and 7-8 year interconnection queues (per the EQT guest on [The Rules of Investing](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOht7jtnVP-2Frk4caai9QidV3BtASN6SC5mN1j-2BEZCqRQ-2BbBwFU5Ee0oKbHegrH2JqrKtdQIPm2VhlzS3DNjo8Rl4CdHV-2FqpThvQ-2BtaB9OgD7Ww-3D-3DIcug_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN8320BUi-2BZnmlVAdpCymUJ-2BMkDRXTbFSH-2BKlzYTOEmR8gVw1zBNXXTvSI4TUoo4jQ5Qrymsg8azX0jqMAA2NAiQ7-2B-2BQegeRA6iYjEsSVf4JY9eLFrDyjDjGMF2o3AnkkZw-3D-3D), who reckons the wait caps deployable capacity at a third of potential) all point the same direction. Former Southern CEO Tom Fanning, on [SunCast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjkN2fuqx1CtTN1LI3tZeCmcg6cwfLz9ggcHGicJ-2FjP3fVfXSyGJ5jpJjMy7qmKt-2Fh0Hlqpi86FtZ-2Bo3PSd9dYrwNFZbXkP0jaHKf6-2BjZNSrg-3D-3D9yPL_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN4WT7r14YkIPYwfNq-2Fbmonp-2F3zt-2BrIwYohWzMDoxa-2FjLanFYRi0ZitJLyRKCdos7kBPalYaJsHXwqJr-2Fq9ZxH9zdBVDwOjzjYQ8qn-2FZwvckjqy23pmzs0TjuKyLI6i3-2FnA-3D-3D), framed it as a national infrastructure emergency with PJM rate increases already running 25-35%.

**Bear: the load forecast is a story, and the lines may not get built.** The most useful skepticism came from [Energy Capital Podcast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiDp9YY8Jmnxp-2F2FUAOQWiCqpkrwWgVISlFvxvjLj-2FMFrpoiJ5wWef4dHkDikfYlNbU-2BCSPX3bn-2FX3-2B7WobEbxai5O9Dd4iEBk73H48w58bOw-3D-3DgIVn_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUNx3LK9u0deL7yNqJDUWsIFFNbQZuJID-2BxL21klOJMj4uxEttohbzgrU-2FsE-2FFFiN14EpiZlZrbGDnUhhWnGNS9C9G4SN-2FmaFrqQ9hdob02XQ1-2BM9Z-2F6QJEsqsOCVwAoyJeg-3D-3D), where guests noted Dominion is forecasting 70 GW of new large-load capacity against a 24 GW system peak, numbers PJM's own market monitor called "fantasy," driven by "phantom load" as developers bid the same project into multiple jurisdictions. Worse for the behind-the-meter thesis: take-or-pay rules can force a large load to pay ~60% of minimum generation for 14 years *even if it brings its own power*. And on the demand-side, Accenture's Molly Bauch argued on [SunCast](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjuKj52-2F73QJzK4tWaMvOvPD8Ve7-2BbWx656xT9OCQOe7xx6fVbWHBdkVhvsFiZ6WAL6JGnV5AHjdJsGZX1J1XPmKcf-2Bfiw3eF-2Bw-2BRvaqT37IA-3D-3DVC3v_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUNxIzLPR66M-2FljlGTkoqdvPkcqwN7JHHGSdNq5Sy5NT1uZPeVdMX8xB5mRd0hR-2FYSJu7LElBLxyEWVV-2FuerllSKMgV3tBm6v-2B2ZHQ-2F0e5HtYE2sXvln9W-2BVcC3W3H9mfDOw-3D-3D) that virtual power plants are 20-40% cheaper and 3x faster to stand up than gas peakers.

Honest read: the bull case dominated the equipment and commodity shows; the bear case lived almost entirely on the grid-economics and forecasting pods. Nobody this week made a credible case that GE Vernova's *current* backlog is soft, the bear argument is about the air pocket *after* it, and about whether the transmission to carry all this ever gets approved.

## The names in play

**GE Vernova (GEV)** is the week's center of gravity, up 60%+ YTD and recently pulled back, per [Schwab Network](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhuR5SmZnSsSA24hfAfK6Jh-2FCB-2B3ds44BpLuLySWXPTSVdm3UuJjlSJ4oFzJqW7xJ9XrJv6OynlyYnZ95XJMnZua3iOBQ70lk-2Bq6mr93b6MAw-3D-3DBHDu_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN-2F84WOPGhGy77O29KBytwze7411GDELgP70uiRMb6QOck446xDkaBHY2-2FaNHX8CJM8TE3L8A10QdbK8JOPwQW-2BYKeCqpQriyEGW7zdNiqP9vFdi9av1GY0vlDgdPp4MyiQ-3D-3D), with [Motley Fool](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgM-2Bx8tvCzwWGItCFhG6ia8qZbEVj-2BGjzFL02VdeE7hXiM41k0AyfUl9camUOLcSWfNX0Uh-2FVCqJmvke1TWqrSoHjOoKbhCwNPSflvq6AB0Sw-3D-3DzT2a_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN85X8O6uG-2FWkrSBTRVHkWmNgdOdmNmDGGyiOh3-2FxmptALX7wEXI1J174k851NhbBg3mNEfhLabqBNeBGVBbSx5ocF-2BGgFk6851xjTAgMxcfMX71K8isIMQ5vLDBJUcyF3Q-3D-3D) noting roughly a quarter of data-center capacity under development is planning off-grid power. Next catalyst: those two hyperscaler deals Faber expects before Labor Day. **Cameco (CCJ)** drew explicit praise from Rick Rule on [Thoughtful Money](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOh5Se0VSgsyjEt7DsytvK8PY9rcMkzCxS2dk24IHMMVrecDceJvuw2oFE8k1-2F41RIRNekUZqfDf9LJpsFbOm-2B4SLJmA2IuyHWu6mBhG0u8uvA-3D-3DqHWr_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN2fZyjQgrHcFwt0PSPiF2roQVV3X9oS2uA-2FXhqEGKbT8P-2BXW1bJwqKfvo2OCxmZK5f5KmDCzAtFqxL5bErL7uwxlvnQ-2FWJpCbvYp66CgHYKMU-2FXEDwJHNlJApEg7hfZRUg-3D-3D) as "progressing fastest" post-Westinghouse. **NextEra (NEE)** is the cautionary tale: its ~$1B Mid-Atlantic Reliability Line is stuck in a cost-allocation fight, with Maryland refiling at FERC in May, per [Catalyst with Shayle Kann](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhtP7-2FZKrf-2F8-2FlVOTaTE8BFWwQ-2FZnxYRXeuFfjRER31S-2B6BXafp-2FPbfkZpXchLUV4dnDZovHIk-2BfPQvg2zrVd60F3nZeDuuSb7Ms0DlDmcUFg-3D-3DKgu7_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN6Td5AvszSzNN8dQUi5LBw-2B9y5zld93A3zDXkMYWeMOE24anIf8oTBm0B-2BgVJ-2BPgSXvjrIXnY14ejEM1t8AR0rAjdzjfszTsa6zmon4ji5LgF9IgxhFbCMkypgUiOkFRBA-3D-3D). On the merchant names (VST, CEG), the phantom-load critique is a reason to discount the most aggressive PJM load math.

## Read-throughs

The turbine sell-out reads straight through to **gensets**: with large turbines back-ordered and AI workloads throwing dangerous load transients at the grid (the framing on [The QTS Experience](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjZJNGPlTF8uqO3jt-2BXI6pSFralWB2Te8rnpo6yh08zVDbOu5kBVRpFLriefJDDe9KzvbKHdjry3qSWsTTTbewOYFzbQMbsovBJMRDc1BloYQ-3D-3Dd2xm_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN8IQQjmVAolQ7ncrs1Vt3l0LZuhNDB-2BZk200815Y-2Bnqc-2BC0C8BHUP3cSj0uwdp-2BpX8XrDtTO1ro1bNLeO-2B-2Fy-2BRN313kwZcnF-2FQtL8-2FRbMdrn1AiBrK-2BGdOn1XeO2AmfwGg-3D-3D)), operators are stitching together small reciprocating units, supportive for CMI and CAT. The buildout is brutally **copper**-intensive, ~27 tons per MW, per Ian Harris on [The David Lin Report](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjtav12niUMNSn49mvn6b8Pp4xTJCClLwOuiRl3ZcQ2nIO5jIOGW8irn0qqrXLGLyDRVNWDge9FkPjk1xSoDDP8vicWv1gyGyw5JCLHHVoehg-3D-3DLEJP_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN9wco0jHMXhu65zB4EFGDT9COSwoAZfunl9OKEzCM49pXndqFnteCiBwLzI-2F6Mhl1EWiZQHLb6WNALxCLSZgr1OL-2FX35bYyVsTYKg66t3LhRTIat0R7i5I7SFNW99Fq2ig-3D-3D), against a deficit that [Equity Mates](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiqLVfRAzDfF8GKrf4adZmunQE6wbL9U05XkwDjmPoYYv6M4hYAGAw-2BYbY6rMYatVsVgS8trOisjRnW4j78a9N4s5uaOyYDIL9NEL3fZwRCNg-3D-3Dx_O7_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUNxvh39IdZOIreLHcJggbBYGP9xirpxO44RedMhwydumL7UpinRPaww-2BRreS-2BEPw5fozmib4rfa81LfWoqDYwE2SEtJcXSSEQ-2By-2FU-2BNg0V3rRvZ11TWEEm5RaPWi03MpjVQ-3D-3D) and BHP's outgoing CEO on [Leaders with Francine Lacqua](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiS1sLwoDG73ar5cCuecT5Wwc7Vm9l7a5hwuRzApcyiAeF7dV9XYMnTepZceAXxO4Jul61dIgofc9h9lKxKPehXWl6xS3IhoxBi-2FAZWOoeBeQ-3D-3DV7m6_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbXehCGtFjog9RvkhtmicTFgxpjzU8KEA6B3NIGUaISUN43bQbjhOgOrj12q7O7sDrzL9i4Jjwz2bwmF1xGFdigsFPMHMrfLRfYxfd5Bpv3Tw8UZkG-2FahTE8OvbpbnEbBF1cLh7JPYZGyG4yeX-2B6WHaj-2Bco-2BgMmp2Gprp4EeomyG7w-3D-3D) both call structural, read FCX and the cable/conductor chain. The gas tug-of-war reads to **midstream** (WMB, KMI, OKE, LNG) and Waha-exposed E&Ps. And every one of these deals is ultimately underwritten by **hyperscaler** balance sheets, Microsoft, Chevron, OpenAI, which is the load, and the funding, behind the whole trade.

## What changed

The FERC story genuinely moved this week: the agency went from a contemplated national rulemaking to issuing targeted show-cause orders, and Maryland escalated its cost-allocation complaint. For the regulated utilities, the *mechanism* for who pays for data-center grid costs is now actively being written, a swing factor for NEE and the PJM-zone names into the back half of the year.