Moiseus Infrastructure Brief — No. 10
Every week we cut the noise to a handful of stories that matter — and add what they mean from where we sit. This is our read, not a news wire.
A U.S. senator wants to tax away every state and local data-center incentive
Ohio Republican Bernie Moreno says he will introduce legislation imposing a federal tax equal to 100% of any tax break a state or local government grants a data center — leaving the incentives on the books but erasing their value. The bill has not been introduced yet.
Until now the incentive risk was local and could be diversified across states; a federal clawback would remove that hedge in one move. We treat abatements as upside, never as the reason a site clears underwriting.
PJM secures a federal emergency order to lean on large loads’ backup generation
During last week’s heat, PJM requested and received a combined emergency order from the U.S. Department of Energy, effective through Sept. 8, giving it temporary relief from environmental permit limits and the ability to direct backup generation at large loads to run if needed.
Being a large load now carries an obligation, not just a bill — on the worst days the grid expects you to supply yourself. On-site generation is quietly moving from a cost line to a condition of being connected at all.
A 2.88 GW gas plant and 700 MW of storage, built for one Louisiana campus
One Nuclear Energy signed a binding letter of intent for site control of Project Cayman — a 2.88 GW gas-fired plant plus a 700 MW / 2.88 GWh battery system next to a data-center complex near a 17,000-acre industrial park in Ascension Parish.
Note what came first: site control, then generation, then the load. The nuclear branding is for the decade after next — what actually gets financed this cycle is gas with storage bolted on, sited where the land and the gas already are.
A single proposed data center is driving a 465-mile HVDC rebuild
Minnesota Power broke ground on a $450 million modernization of a 50-year-old high-voltage DC line running 465 miles between North Dakota and Minnesota, with new converter stations and substations; the project is tied to a proposed $2 billion Google data center in Hermantown.
Wires are the slowest asset in the stack, and one campus can now justify rebuilding a corridor. Land that sits on existing, already-adequate transmission is worth more than land that needs a decade of new steel to be useful.
Contractors have the work; what they lack is people
ENR’s Top 400 contractors grew revenue 11.8% to $671.4 billion in 2025 on the back of data-center work, but report a widening gap between what is being designed and the labor and supply chain actually available to build it on compressed schedules.
Capital and permits are no longer the binding constraint — crews are. A schedule that assumes labor will be there on time is an assumption, and it belongs in the underwriting as one.
Incentives are being taxed away, large loads are being told to self-supply, and the wires and crews arrive last: every shortcut into the power stack is closing at once, and what remains is site control secured early. That is exactly where Moiseus Capital looks.
This material is for general informational purposes only. It is market commentary and reflects our own views. It is not an offer to sell or a solicitation of an offer to buy any security, and it is not investment advice. Moiseus Capital Corp is not currently offering securities. Third-party headlines are summarized and attributed to their sources; all trademarks belong to their respective owners.