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Nvidia says the water problem is solved. I'm not buying it.

Jun 25, 2026

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3 min read

Nvidia says the water problem is solved. I'm not buying it.

About 80% of a data center's water footprint comes from the power plant feeding it — not from the building itself.

The Capital Current

Your electric bill climbed 33% since 2019. Data centers helped push it there.

Jun 24, 2026

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4 min read

Your electric bill climbed 33% since 2019. Data centers helped push it there.

Utilities call the grid upgrades 'system benefits' — then split the tab among every home, school, and shop.

The Capital Current

FERC voted 5-0. Grid operators have 60 days.

Jun 22, 2026

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4 min read

FERC voted 5-0. Grid operators have 60 days.

All six regional grids got the same order — prove your rules still work, or file new ones.

The Capital Current

Utilities just became the biggest spenders in the entire U.S. economy.

Jun 21, 2026

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4 min read

Utilities just became the biggest spenders in the entire U.S. economy.

Capex was $173 billion last year. It jumps to $259 billion in 2026 alone.

The Capital Current

67 million Americans are subsidizing AI training

Jun 19, 2026

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3 min read

67 million Americans are subsidizing AI training

The grid's own watchdog says the price impacts are 'not reversible.'

The Capital Current

Your power bill is up 8.6%. The Fed just made it worse.

Jun 18, 2026

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5 min read

Your power bill is up 8.6%. The Fed just made it worse.

Maine is up 22.6%. Idaho 15.3%. And the big AI loads haven't even arrived yet.

The Capital Current

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The labs don't know. The utilities don't know. The hyperscalers don't know.

Jun 29, 2026

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3 min read

The labs don't know. The utilities don't know. The hyperscalers don't know.

The spread between their best and worst guesses is six full percentage points. That's what makes this so hard to price.

The Capital Current

Belgium paid €1,038 for power. For 15 minutes.

Jun 28, 2026

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4 min read

Belgium paid €1,038 for power. For 15 minutes.

France lost 4 GW of nuclear the same week — right when people needed it most.

The Capital Current

A county commissioner voted yes on a data center. He lost his primary.

Jun 26, 2026

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3 min read

A county commissioner voted yes on a data center. He lost his primary.

57% of Americans oppose a data center in their town. That's your new supply constraint.

The Capital Current