• THE GRID
AI's Fuel Bill Just Doubled
Eighteen billion cubic feet of gas. Per day.
That's how much natural gas U.S. data centers will burn by 2035. BloombergNEF published the forecast on Sunday.
For context: that's more gas than Germany and Japan consume together.
Nine months ago, BNEF's own number was roughly half this size. They doubled it in one report.
Why gas? It's cheap in America. Gas turbines ramp fast. And AI data centers run every hour of every day. They need power that never stops. Nuclear can do that too — but a new reactor takes a decade to build. A gas plant? Two years.
BNEF projects gas will supply 69% of the power for new grid-connected data centers through 2035. Add the private gas plants that operators build behind the meter, and the real share climbs higher.
DC Gas Demand, 2035
18 bcf/d
| Gas Share of New DC Power
69%
|
U.S. Power-Sector Gas, 2035
54 bcf/d
| BNEF Forecast Change
2×
|
Forget SpaceX, this is Elon’s Next Breakthrough
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 I believe will be his next breakthrough…
Something he called “the greatest tech invention in history.”
Elon is predicting this new AI breakthrough will unleash…
A $1 quadrillion new wealth wave.
That’s more than 30 times bigger than the entire U.S. economy.
And just to give you an idea of how much wealth we're talking about...
That would be enough to send a check for $2.8 million to every single American.
Click here to see the details because I believe this invention will make a lot of people rich.
Follow the math. Total U.S. power-sector gas consumption rises from about 36 bcf/d today to 54 bcf/d by 2035. Data centers drive 15 billion of that 18 billion cubic-foot jump. That's more than 80% of all new gas-fired power demand — from one customer.
The only force pulling more gas in the next decade? LNG exports, at 21 bcf/d. Between data centers and LNG, America needs to produce vastly more gas. Soon.
"Our power demand estimates are definitely not low, but they're not the highest on the Street."
That line stuck with me. If BNEF's doubling is the conservative call, the pressure on supply only gets worse.
Wood Mackenzie was blunter in July. They declared that the era of cheap Henry Hub gas is ending. Data centers and LNG are pulling on the same pipeline. Producers can't drill fast enough.
Most investors still call AI a chip story. Or a cloud story. Follow the actual watts — and they lead to the Permian Basin and the Haynesville Shale.
The AI trade is a natural gas trade. The gas market hasn't woken up to it yet.
This is where Elon Musk is housing an AI technology that Jeff Brown believes will help power the next monster IPO on Wall Street.
You see, while everyone was distracted by the SpaceX IPO…
Elon Musk quietly started backing a NEW AI startup that has been called…
"The fastest-growing business in the history of capitalism."
And Jeff will also show you how to claim a stake for as little as $50.
• VOLTAGE
The Pipeline Pivot
A pipeline company just became a power company.
Williams Companies brought its Socrates plant online this summer. Two hundred megawatts. Built for a Meta data center in Ohio. On time. On budget.
Williams has moved gas through pipes for over a century. Now it burns that gas to make electricity — on site, behind the meter. The company has committed $5.1 billion to power projects. Blackstone is backing the expansion with $5.3 billion in joint-venture capital.
On its Q2 call, Williams raised EBITDA guidance to $8.3–$8.5 billion. Management lifted the long-term growth target to over 11% annually through 2030. A year ago, that number was 5–7%.
Why the pivot? Grid connections take years now. Data centers can't wait. So they buy power from whoever delivers fastest. Pipeline operators sitting on gas supply are a natural fit.
Williams isn't alone. Kinder Morgan says more than 60% of its $9.6 billion backlog is tied to power generation and local distribution company demand. Energy Transfer signed a deal to pipe gas straight to a Texas data center.
Fortune called Williams the "poster child" for this shift back in April. That was before Socrates went live. Before the Blackstone money arrived. Pipeline revenue used to mean moving molecules. Now it means selling watts.
The midstream sector is going from mover to maker. That's a structural shift — not a trade.
• WIRED IN
Capital Chasing Watts
Power and utility M&A hit a record $205 billion across 92 deals in H1 2026, Deloitte reports. That total is larger than every first half from 2019 through 2025 — combined. Capital is flooding into gas, grid, and dispatchable power assets.
That flow is reshaping who owns what. Constellation Energy agreed to buy a 609-MW gas plant in Rhode Island from Shell for $715 million. At the same time, it's selling a 606-MW Texas gas plant to LS Power for $860 million. Same fuel, different market, higher value.
And the equipment makers can't keep up. Eaton reported a U.S. data center backlog of 307 gigawatts on its Q2 call — fifteen years of work at current build rates. Data center organic revenue grew 65%. Management raised full-year organic growth guidance to 12%.
M&A triples, fleets reshuffle, and equipment backlogs stretch to fifteen years. The buildout is accelerating — not peaking.
