• THE GRID
The Biggest Grid in America Just Drew a Line
I was reading PJM's latest filing to FERC when one sentence stopped me cold.
Bring your own power. Or get cut off.
That's the gist. PJM — the grid that serves 67 million people across 13 states — filed a proposal on August 13 to force data centers to secure their own electricity supply. If they don't, PJM can reduce their power to protect the rest of the grid.
This is new. Grid operators have never told a class of customers: find your own juice or we'll pull the plug.
But PJM is running out of room. It expects 70 gigawatts of new large-load demand by 2038. Meanwhile, 15 gigawatts of generation have retired since 2022. The math doesn't work.
PJM Wholesale Cost H1 2026
$114.50/MWh
| YoY Increase
+50.3%
|
DC Added Cost per MWh
$11.11
| Capacity Shortfall
6,831 MW
|
BofA: Digital Dollar Coming 2025-2030
Bank of America just revealed your expiration date.
In their Bloomberg interview, they didn't just predict the digital dollar. They gave us the timeline…
2025 to 2030.
We're in that window right now.
Their exact words: CBDCs are an "inevitable evolution of today's electronic currencies."
The Federal Reserve has already asked for public comment. The infrastructure is being built as you read this.
Once the digital dollar launches, every transaction you make will be tracked. Your spending could be controlled. Your accounts could be frozen.
China already did this. Nigeria already did this.
But there's still a legal backdoor.
I'm Tan Gera, ex-Wall Street banker and CFA Charterholder.
I left the system when I saw what was coming.
Over 4,500 investors have already used this legal backdoor to hold assets CBDCs can't freeze and generate yields the Federal Reserve can't touch.
Bank of America said 2025-2030. We're already in 2026.
The window is closing.
P.S. Bank of America called the digital dollar "inevitable." Discover the legal backdoor investors are using to escape →
The damage is already showing. Wholesale power costs in PJM's territory surged 50.3% in the first half of this year. Capacity costs tripled. And PJM's own market monitor found that data center demand added $11.11 to every megawatt-hour sold across the region.
"The price impacts on customers have been very large and are not reversible."
Not reversible. That phrase matters. Once capacity clears at a high price, ratepayers are locked in for years.
PJM's fix has two parts. First, create a Large Load Registry so regulators know exactly who is drawing what, and where. Second, make new data centers prove they have contracted power — or face curtailment when the grid gets tight.
PJM also plans to fund up to $20 billion in new power plants to serve data centers through 2027. It expects to seek proposals by September 30.
Virginia lawmakers have pushed for this. So has FERC. The House is set to vote on a ratepayer bill this very week. The political wind is all blowing one direction.
The nation's largest grid just told data centers the free ride is over. Every other grid operator is watching.
While everyone was distracted with the recent SpaceX IPO…
Elon Musk quietly filed a patent with the U.S. Patent and Trademark Office to protect what Jeff Brown believes will be his next breakthrough…
Something he called "the greatest tech invention in history."
Click here to see the details because Elon is predicting this new AI breakthrough will unleash a $1 quadrillion new wealth wave.
• BLACKOUT WATCH
Three Risks Nobody Wants to Price
Markets love the AI power story. I get it. But three cracks are forming — and none of them show up in a stock screen.
Up to half the pipeline is slipping. Energy firm Currence estimates 30% to 50% of large data centers due in 2026 will be delayed. Power constraints and gear shortages are the main cause. Sightline Climate flagged the same range in February. The builds that get announced aren't the same as the builds that get done.
Backup power is sold out. Diesel generator orders from Cummins, Caterpillar, and Rolls-Royce are booked through 2027 to 2028. And the fuel to run them is vanishing. The EIA's September outlook forecasts U.S. distillate inventories will fall below 100 million barrels in October — the first time since 2003. Retail diesel is headed for $5.55 a gallon by Q4. Data centers that can't get grid power can't easily get backup power either.
The revenue math still doesn't close. J.P. Morgan calculated that the AI industry needs $650 billion in annual revenue — in perpetuity — just to earn a 10% return on the infrastructure being built. Hyperscaler capex is now absorbing 90% to 100% of operating cash flow this year. If AI revenue growth slows, these data centers become the most expensive empty buildings ever constructed.
The market is pricing a world where every data center gets built, gets powered, and gets paid for. That world doesn't exist yet — and these three gaps are the reason.
• RESISTANCE
The House Votes This Week: Data Centers Pay Up
Fifty-two to zero. That's how the House Energy and Commerce Committee voted to advance the Ratepayer Protection Act back in July. Not a single "no."
Now Speaker Johnson has fast-tracked it for a floor vote this week.
H.R. 9340 — The Ratepayer Protection Act would require state utility commissions to consider standards that make data centers pay for the generation and transmission upgrades they need. Sponsored by Rep. Gabe Evans (R-CO) and Rep. Kathy Castor (D-FL). Being brought to the floor under suspension — a fast-track signal that leadership expects it to pass.
Bipartisan is rare in Washington. But data center costs have united both parties. The bill would codify what the White House's Ratepayer Protection Pledge already asked for — that households don't subsidize tech companies' power needs.
Congress isn't alone. Oklahoma passed its own version in May. House Bill 2992 requires large-load users — including data centers and crypto mines — to cover their share of grid costs. Senator Blumenthal introduced the Affordable Electricity Rates Act in August, which would prohibit rate increases that increase overall electricity prices by over 5%. Senator Schiff's bill would force data centers to bring their own power as a condition of grid access.
All of this is happening while utilities have filed $18.6 billion in rate hikes in the first half of 2026. Residential rates are up 33% since 2019. Midterm ads attacking data centers are flooding the airwaves.
A 52-0 committee vote means this isn't close. Congress has picked a side — and it's the ratepayer's side.
Forget Nvidia and SpaceX - These 5 Stocks Could Soar Next
Everyone is watching SpaceX.
But Wall Street’s top-rated analysts are pointing to 5 different stocks right now.
MarketBeat’s Top 5 Stocks to Buy Now report reveals the names getting some of the strongest analyst support before the broader market catches on.



