DECISION IMMINENT: US energy regulator FERC is poised to rule by end of June on how data centers connect to the grid. Former FERC Chairman Neil Chatterjee calls it "the most significant FERC action in decades." Two tracks to watch: 1) PJM co-location rules: clarifying whether hyperscalers can buy power directly from on-site generators without triggering tariff violations 2) A broader DOE-directed federal rulemaking that would standardize large load interconnection nationwide and may require hyperscalers to foot the full bill for grid upgrades Existing grid interconnects become more valuable if hyperscalers must self-fund upgrades, but even more importantly, regulatory certainty alone is likely enough to kick off a new investment cycle in PJM, where new capacity has badly lagged demand. F
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