# Utilities Ration Data Center Power as Lenders Demand Proof on Project Jupiter - Powering AI Infrastructure - Week of October 8, 2026

> The Powering AI Infrastructure weekly for the week of October 8, 2026, synthesizing REIT, credit, utility and freight podcasts. Utilities are writing contracts that cut data centers off the grid first, data center project bonds now yield 8 to 9 percent versus about 6 percent a year ago, Project Jupiter debt trades below 90 cents on the dollar, and Realty Income's CEO said he hopes data centers become a much bigger portion of the company.

## Powering AI Infrastructure

### Week of October 8, 2026: Utilities Ration Data Center Power as Lenders Demand Proof on Project Jupiter

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AI demand for data centers still looks huge. What changed this week is everything around it. Utilities are now writing contracts that let them switch data centers off the grid first. Lenders are charging builders 8-9% where they used to charge 6%. And the Oracle–Blue Owl dispute in New Mexico has moved from a headline to a loss for the lenders on paper.

Meanwhile, one of the biggest landlords in the country called data centers "a once-in-a-generation type environment" and said it wants in. Both of those things can be true. Sorting out who wins when they are is the work of the next year.

## TL;DR

- **Power is now a rationed input, not a utility bill.** Constellation signed 20-year and 15-year nuclear deals with Google (890 MW of new capacity plus ~2.7 GW of existing output), and Google agreed to cut back when the grid is stressed. Entergy told Amazon it might be kicked off the grid at peak times. In PJM, the big East Coast grid, new data centers will be first in line to lose power from June 1, 2027.
- **The cost of building is rising faster than the rent.** Data center project bonds have gone from about 6% to 8-9%. Banks that looked at five to seven deals three months ago now look at three. The $18B of Project Jupiter debt is trading below 90 cents on the dollar.
- **That favors landlords who already own powered, leased buildings.** Higher rates (the 10-year Treasury is ~5.3%) are choking off new building in both data centers and warehouses. Existing assets with power hookups and strong tenants get scarcer. Speculative developers without them get squeezed.

## What's new

**1. Utilities are rewriting the deal: you can plug in, but you're first to be unplugged.**

On *The Information's TITV* ([Amazon's Data Center Power Warning](https://app.matterfact.com/podcasts/3dc407866c3ef9591b14124fc4efec21095516e2510a93bc878c331cb9502f65?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 8), reporter Catherine Perloff laid out her scoop. Entergy, the Mississippi utility, warned Amazon: "be prepared that during peak times… we might have to kick your data centers off." Amazon's answer was "Project Falcon," a system that lets *Entergy* automatically flip Amazon's sites over to backup generators. Perloff said this isn't a one-off:

- **Texas:** a state law now lets ERCOT, the Texas grid operator, do the same.
- **North Carolina:** Duke Energy is writing similar clauses into large-customer contracts.
- **PJM:** the eastern grid operator is trying to do the same.

Her point was that the problem has moved past *building* a data center. As she put it: "OK, you've constructed a data center. How are you going to make sure it stays on?"

On *Factor This* ([PJM's energy emergency](https://app.matterfact.com/podcasts/a9f7a7947a04d561f9bf9c864ec8f450d5394aa792b6f88655aea1a439ad4b58?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 8), operator Kamaya Abreu of Voltus explained how the PJM rules work. Voltus runs a "virtual power plant," which pools batteries and flexible demand in homes and businesses. Under the rules, new large loads connecting from June 1, 2027 won't have power bought for them by PJM. And "if someone's load needs to be shed, it's going to be the data centers first." John Gordon of Advanced Energy United (an industry group) added that the "reliability backstop procurement" has slipped from September to February. That process is how data centers can bring their own supply and avoid being cut off.

**Why it matters:** Uptime is the product a data center REIT sells. A building that can be switched off at the utility's request is worth less than one with firm power. That is the case for owners like Equinix and Digital Realty that already hold grid connections in established hubs. It's also why on-site backup power is moving from a nice-to-have to a requirement.

**2. Constellation's Google deal shows what "firm" power now costs, and comes with a curtail clause.**

On *Squawk on the Street* ([10AM Hour: … Nuclear Power Deal 10/6/26](https://app.matterfact.com/podcasts/8e62ba830ace10d28d83a16157c17b4e43ad603c05aab7f6382b20d75ce85550?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6), CNBC's Pippa Stevens covered the deal:

- **New capacity:** a 20-year deal for 890 MW from "uprates," meaning upgrades like new turbines or steam generators that squeeze more output from existing reactors. The work spans 11 units in Illinois, Pennsylvania and New Jersey, with more than $4.3B of investment.
- **Existing output:** a separate 15-year deal for about 2.7 GW inside PJM.
- **Curtailment:** Google also agreed to curtail non-critical load during high-stress grid events.

Constellation called the deals "a direct response to PJM's bring-your-own-power proposal." Stevens cited Bernstein's view that signed binding agreements are "the strongest tier of deals announced." The deal came a week after a similar Amazon agreement. On *The Rundown* ([SpaceX in Talks to Borrow $40B to Buy Nvidia Chips…](https://app.matterfact.com/podcasts/0eec98d7fab48c4f5b39419f8860979b723086062ea4f7626393c3e95fd6f25e?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 7), Public.com analyst Zaid Admani noted Constellation jumped 12% and Vistra 11% on the Google news. On *Wealthion* ([Uranium's Supply Crunch Is Getting Worse](https://app.matterfact.com/podcasts/4eeb231a38d09a7ed516df0f8001eb874c74795ff9a859c32212d4abb10d7eef?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 7), Justin Huhn of Uranium Insider made the same point. He noted that "this additional capacity is 100% via uprates" on existing plants, the cheapest and fastest nuclear megawatts available.

**Why it matters:** Even Google, with the best credit in the world, had to accept being curtailed to get power. That tells you how tight the grid is. It also explains why power-rich landlords and IPPs (independent power producers) keep winning pricing power.

**3. The money to build data centers just got more expensive and pickier.**

On *The Information's TITV* ([Cracks Emerge in AI's Data Center Financing](https://app.matterfact.com/podcasts/1846ec1a597d698c1f0721fd58a6f85f1629d20c6bd3a6fdb7e69b1b00a0a42b?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 2), reporter Dakin Campbell walked through the math:

- **Bond yields:** last fall, mostly below-investment-grade developers could sell bonds "with yields in the 6% range." Today, "a lot of them are now paying yields of 8%, 9%."
- **The squeeze on returns:** developers aim for a 12% "yield on cost," meaning annual rent divided by what the building cost. "The number that I've heard a lot is 12%." If the lease is already signed and financing costs jump, that cushion shrinks.
- **Banks:** "if a bank was looking at five or seven deals three months ago, they're now looking at three." They are choosing short builds, experienced developers and investment-grade tenants. A project leased to "a neocloud that's not investment grade" (a newer GPU cloud like CoreWeave) gets left out.

The *Artificial Developer Intelligence* hosts ([ADI Pod #41](https://app.matterfact.com/podcasts/60dac1113ec3726bf5fc91126192ea5fc203b180e1404ac9bb63b323940add34?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 2) cited a sharp comparison from *The Economist*. Alphabet sold $2.75B of 50-year bonds at 5.7%. CoreWeave, the biggest neocloud, borrowed $2.6B in July at "almost double" that rate.

**Why it matters:** This is the split that will define the next two years. A REIT with an investment-grade balance sheet and hyperscaler tenants has a cost of capital advantage that just widened. A developer leasing to a neocloud and funded by high-yield bonds is exposed.

**4. Project Jupiter's force majeure now has a price tag.**

Last week Oracle told its New Mexico developer it wouldn't pay full rent until the site has power. "Force majeure" is a contract clause that suspends obligations when something outside a party's control gets in the way. This week the hosts of *The Promote Podcast* ([Mana From Hedgie Heaven & Blue Owl Force Majeured](https://app.matterfact.com/podcasts/0271d1eec60508c26a88ae012ae2af27ffcfc1e9d11804a3a58971a76b89e9a9?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 7) laid out the numbers:

- **The project:** a 1,400-acre site developed by Stack Infrastructure, which they described as a Blue Owl subsidiary.
- **The capital stack:** Blue Owl put in $3B of equity alongside $18B of debt.
- **The loss:** "pieces of that debt are trading below $0.90 on the dollar, and that implies a paper loss of almost $2 billion."
- **The reaction:** Oracle, Blue Owl and Bloom Energy (which had agreed to power the campus) all fell 3%+. The ADI hosts put Oracle down 12% over five trading days.

They were careful to say "This isn't a cancellation of the project." Blue Owl insists the parties remain "fully aligned." But they flagged a warning from law firm Quinn Emanuel:

"in AI data center projects, force majeure is no longer a back-end boilerplate provision. It is a core litigation and risk allocation tool."

They also quoted Sean McDevitt of Arthur D. Little: "The financing side of the AI build-out is starting to ask much harder questions than the demand side."

**Why it matters:** Every data center lease in development now gets read for its power-delay clause. Landlords whose tenants can point to a late grid hookup as a reason not to pay rent carry a risk that stabilized, powered buildings do not.

**5. One of the world's biggest REITs wants a bigger slice of data centers.**

On *Bloomberg Businessweek* ([S&P 500 Edges Closer to Record](https://app.matterfact.com/podcasts/275128bde5264dfeff4942c0ff98d7cac50d10023ee33575a0f094112024f3e9?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 5), Realty Income CEO Sumit Roy (operator) said data centers are "circa 1%" of the company today, "but the hope is it's going to be a much bigger portion." His reasoning:

"What we saw on the data center side is a once-in-a-generation type environment where there is so much focus on building out the infrastructure required."

He stressed being "hyper, hyper selective" about location, development partner and the tenant "we are going to be exposed to for 15, 20 years." He wouldn't give a target, just: "There are trillions and trillions of dollars that will need to be invested in this space." He also noted the 10-year Treasury "hovering right around the 5.3%." Net-lease REITs, which own single-tenant buildings on long leases, are "the most sensitive to what happens to the rate environment." That's why Europe made up about 50% of Realty Income's 2025 investments.

**Why it matters:** More cheap, patient capital chasing long hyperscaler leases supports data center valuations (bullish for owners selling assets or joint-venture stakes). It also means more competition for the best-credit deals (a headwind for development returns).

## The debate

**The bull case, as argued this week: scarcity pays the landlord.**

Every constraint voiced this week makes existing, powered, leased capacity more valuable:

- **Power:** the Constellation deals, Entergy, the PJM rules.
- **New building:** on the *Walker Webcast* ([Dr. Peter Linneman, Part 27](https://app.matterfact.com/podcasts/0b545120bd7908d8d9aba68b796bcf2298cb5a28eb88380ea41017f8ee81b3af?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 8), Wharton economist Peter Linneman said "a loan that would have been a 65 percent loan now only pencils as a… fifty eight percent loan." Developers must find 7% more equity, and "the one thing that's been scarce… is not the debt. It's the equity." Walker & Dunlop CEO Willy Walker agreed that development over the next 12 months will be lower than people expected three months ago.
- **Gas demand:** on *Tortoise Capital QuickTake* ([Oil Is Rising. Power Demand Is Surging.](https://app.matterfact.com/podcasts/317855825a24a5a28cedc114af9bc22bed3e387c0cea450f6cdbadcaf4cf4c42?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6), Tortoise's Matt noted Bloomberg New Energy Finance "just doubled their estimate" of gas needed for data centers. He added "our view is they're probably still too low."
- **Texas:** Matt also said Texas has paused both grid interconnects and the air permits needed for on-site generation, the usual workaround. "If you can't do either one, that's a big problem." He called the resulting delay "probably healthy," because it means slower, longer growth.

**The bear case, as argued this week: the money doesn't add up yet.**

- **Capex:** on *The Canadian Investor* ([The $1 Trillion AI Spending Boom](https://app.matterfact.com/podcasts/d672c0a1f5e6a1d014a26ce2524486693892f4f6561b1b2b22a7ffc31c631931?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 3), Braden Dennis and the hosts put the five big spenders at $586B of capex over the trailing 12 months, with 2027 "close to $1 trillion." One host framed it as a real estate investor would: "if my capital costs go up 50% on a renewal or… my next project… I have to stop growing at the same rate."
- **Revenue needed:** on *Manifold* ([AI Boom or Bust? – #122](https://app.matterfact.com/podcasts/bfb130fa92ef672a13d3cc573bcb9cc32c085d5e7c38667056d80de53af25ac8?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 8), the host estimated the AI industry needs roughly "$150 to $200 billion a year" of revenue just to earn a modest 10% return on what's been spent. He added that "even these numbers could be optimistic."
- **Private credit:** on *Eurodollar University* ([Private Credit Investors Want Their Money Back](https://app.matterfact.com/podcasts/bb6aa7273d1f937cde1740020a91d53d2e226f598cebd7dd18577dc16e2ffbac?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 5), Jeff Snider pointed out that investors asked to pull 39% of the ~$5B Blue Owl Technology Income Corp in Q3. The KBW bank index is down ~14% from its August peak.
- **Neoclouds:** on the *Chip Stock Investor Podcast* ([Are AI Data Centers a Bubble?](https://app.matterfact.com/podcasts/2201191ccb7f4d5cf327cc1df4cb10d0a51f3221cc359bf65a06af6c932b55f2?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6), Nick Rossolillo called the neocloud space "a pocket within the market where things are definitely getting overheated." His evidence was "the most absurd of the absurd": the company formerly known as Allbirds rebranding as "Smartbird." He was clear he doesn't think it unhinges the broader bull market.

**My read:** The bears this week aren't really arguing demand will vanish. They're arguing *financing* gets tighter and some tenants (neoclouds, levered developers) won't make it. That is a bear case for the edges of the system, not its core. If you own the buildings, the question is tenant credit and lease terms, and the gap between those two groups widened this week.

## Names in play

- **Equinix (EQIX) / Digital Realty (DLR):** My inference from the evidence above: rising project bond yields, picky banks and grid rationing all favor large, investment-grade owners with existing connections in established hubs. The risk to watch in Q3 results (late October) is whether any development leases carry Jupiter-style power-delay clauses. Also watch whether lease rates are rising fast enough to offset higher building and financing costs.
- **Realty Income (O):** Roy's comments make it a new, credible bidder for long-lease, single-tenant data center buildings. The bull case is a new growth channel. The risk is that at ~1% of the portfolio, it's a small piece of a very rate-sensitive company with the 10-year at 5.3%.
- **Oracle (ORCL) / Blue Owl (OWL):** These remain the lease-credit bellwethers. Jupiter debt below 90 cents and 39% redemption requests at a Blue Owl tech fund mean the next catalyst is whether lenders or rating agencies treat Jupiter as a one-off or a template.
- **Constellation (CEG):** The Google deal, a week after Amazon's, gives the clearest evidence yet that hyperscalers will sign binding, long-term nuclear deals, uprates included. The catch for data center tenants is that the power comes with curtailment strings attached.

## Read-throughs

**Utilities and policy: data centers pay their own way.**

- **New Jersey:** on *Shift Key* ([Governor Mikie Sherrill on Electricity Prices, Nuclear Power…](https://app.matterfact.com/podcasts/7138f10127c7f9591ae8fe0d82ce72c13214d158de8209276b3b6065c2e70299?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 2), Governor Sherrill said data centers "need to bring their own energy" and have been put "in their own rate class so they are not harming other rate payers." She pointed to the state's enforcement action against the Vineland Data Center.
- **Permitting bill:** on *Open Circuit* ([Clean energy loves the permitting bill…](https://app.matterfact.com/podcasts/6103af922c2c29e868cd110a4aa1b0b7fb739b99442b9ea49099b7b728b9a98f?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6), Jigar Shah recounted a case "where Microsoft offered to pay for a lot of upgrades and Dominion said, hells no." The regulator then overruled Dominion. The new bill would make data centers pay for both existing and new transmission costs.
- **Regulated vs. competitive markets:** a re-released *Interchange Recharged* ([Building the plane while it's flying](https://app.matterfact.com/podcasts/325942bd9a66e7871a0cc633cf6f362af4a5be703afb9f254216066f894939fd?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6) featured Wood Mackenzie's Chris Seipel. He made the point that "whether you're in a regulated market or a competitive one suddenly matters a lot," because regulators "have not regulated them in a world that has demand growth." That episode cited 175 GW of committed large-load capacity.
- **Grid queues:** on *Factor This*, operator Adam Stern of Clearway Energy (14 GW across 27 states) described PJM's interconnection queue as "somewhat of a cost discovery tool." Developers don't know their hookup cost until they're in line, so they flood the queue with projects.

**Electrical equipment.** On *Squawk on the Street* (same Oct 6 hour), CNBC's David Faber noted Marvell expects "total data center CapEx to reach $3 trillion… by 2030," a 35% annual growth rate from 2025. On *Stock Market Today With IBD* ([Market Powers Higher…; Eaton, Wesco, Zebra In Focus](https://app.matterfact.com/podcasts/dce041f43e41b6f21c15c80d3100306073b1832347d9206f4d59fca24d952cb1?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6), Justin Nielsen flagged Eaton up 2.9% and approaching a $450 buy point. He disclosed that he has a stake in the stock.

**Towers: the satellite scare looks overdone.** On *Global Research Unlocked* ([There's space for traditional wireless too](https://app.matterfact.com/podcasts/96e15339895138f75ce0263518cc9d7e1dad8bb7764a97f9de64ed8511a399bd?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 5), BofA analyst Mike Funk argued that fear of low-Earth-orbit (LEO) satellite competition after the SpaceX IPO is "overblown for telecom." His numbers:

- **Femtocells:** Starlink's plan of satellites plus tiny "femtocell" base stations would need "upwards of 4 million femtocells in an area like New York City."
- **Capacity:** it could serve only about "200 subscribers per square kilometer" in dense cities.
- **Building a real network:** a proper ground network would mean renting macro tower sites. That would take until "2029, 2030 at the earliest," and "covering New York City alone with annual tower rents could be $120 to $130 million a year."

His other paths for SpaceX are "spectrum hosting" on an existing carrier's towers or a wholesale MVNO deal (renting another carrier's network). In both cases the traffic still runs over towers.

**For AMT, CCI and SBAC:** a satellite entrant that needs terrestrial sites is a potential new tenant, not a replacement.

**Commercial real estate lending: industrial still gets financed.** On *The TreppWire Podcast* ([CRE Lending Through Cycles…](https://app.matterfact.com/podcasts/88441995b37f508602dda0ed62a0f718dc504653f607f278a52ab8c21b46e831?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6), Voya's Stefanie Stewart (lender, operator) said her team deployed "a billion dollars of capital" in the last 60-90 days, during "a very hard environment." That includes refinancing partly vacant industrial buildings and funding the rest of the lease-up. She said industrial occupancy in those situations has "continue[d] to improve," market by market. Multifamily values are "still down 15% plus or minus." On *America's Commercial Real Estate Show* ([How Foreign Investors See US Commercial Real Estate](https://app.matterfact.com/podcasts/728d6a4e2d96ca2039536a8a8d65f6c623258db897063e58c12a44b12ff8feae?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 7), AFIRE CEO Gunnar Branson said data centers are "the largest kind of asset class that everyone's trying to get a piece of right now." He added that "a lot of data center developers are having to actually develop energy infrastructure in order to have a data center."

**Freight: the recovery is driven by supply, and warehouse jobs are slipping.**

- **Trucking:** on *FTR | State of Freight* ([Trucking Market Update – Week Beginning October 5](https://app.matterfact.com/podcasts/81a9e018c0f3e32cf69c8acb7ae60ad22b88a6a2779234bad1281ab27c700f27?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 7), FTR's Avery Weiss said trucking added 8,000 payroll jobs over three straight months. Employment was up 0.1% year over year in September, "the first prior year comparison that is positive since April of 2023."
- **Warehousing:** warehousing and storage jobs fell by 4,100 in August, "the third straight month-over-month decrease," and are down 1.2% year over year. That's a soft signal for warehouse demand.
- **Diesel:** fell 18.3 cents to $6.199 a gallon, down 33 cents in two weeks, after a G7 diesel release.
- **Rail:** in the FTR rail update ([Rail Market Update – Week ending October 2](https://app.matterfact.com/podcasts/2763b4f66b70418737b31f8c0db3b9c3d3aa39373e9a51d3a27786a30d05dab3?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 7), Joseph Towers reported North American rail traffic up 3.5% year over year, with intermodal up 5.3%.
- **Intermodal:** on *Talking Transports* ([Intermodal's Moment Could Gain Momentum](https://app.matterfact.com/podcasts/5bc3d9c4d6ef72d155fbbd42ab0ea99a48a64c258ae45a3165be6824b5cb3eb7?utm_source=newsletter&utm_medium=llm&utm_campaign=2026-10-08-data-centers-grid-says-wait-lenders-prove-it), Oct 6), IANA CEO Anne Reinke (industry insider) explained the gain. "This is not demand growth necessarily. It's really because of supply." Roughly 100,000 motor carriers have been pushed out by stricter enforcement of licensing and English-language rules. Intermodal holds about 14% of the 500-mile-plus market, up from ~8% in 2018.

**For PLD, REXR, FR and EGP:** freight volumes are firming because truck supply is shrinking, not because shipments are booming. Falling warehouse employment is the number to square with last week's improving rent outlook.

## What changed

- **Jupiter went from event to loss.** Last week it was a force majeure notice. This week the debt is trading below 90 cents, there's a ~$2B paper loss and lawyers are calling force majeure a "core litigation" tool. Financing costs for data center projects are quantifiably higher (6% to 8-9%).
- **Grid rationing went national.** Curtailment provisions are now confirmed at Entergy, ERCOT, Duke and PJM, and Google accepted one in its Constellation deal.
- **Rates moved against REITs.** Guests now cite the 10-year at ~5.3%, up from ~5% in last week's discussions. Linneman and Walker both expect less development over the next year.
- **Towers re-entered the conversation** via BofA's LEO-vs-terrestrial argument.
- **Diesel eased** to $6.199 from last week's $6.382.

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