Moiseus Infrastructure Brief — No. 14
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.
FERC accepts PJM’s emergency capacity plan — then puts it on ice for five months
Regulators approved PJM’s one-time backstop procurement of up to roughly 6.8 GW of new capacity but suspended it until Feb. 28, 2027 over cost-allocation questions, with FERC’s chair calling the situation a “mess.”
The shortfall is now acknowledged at the top. The fight is over who pays — and until that is settled, new capacity in the largest U.S. power market waits on lawyers, not turbines.
PJM’s reformed queue opens with 617 projects and 169 GW
Phase I of PJM’s first-ready, first-served cycle began Sept. 28: of 811 applications, 617 projects totaling about 169 GW remain after deposits and site-control checks, while 49 GW already holding signed agreements is slowed by permitting and supply chains.
The filter is working, and it exposes the next bottleneck. A signed agreement is not a megawatt — permits and equipment now decide what actually gets built.
MISO proposes a 120-day joint study for big loads and their own generation
MISO asked FERC to approve a fast-track process that studies loads above 200 MW together with new generation in the same zone — up to 10 applications per window, with non-refundable deposits and a three-year in-service requirement.
A second major grid operator is moving to study load and generation as one package. Sites that can bring both stop waiting in two separate lines.
Amazon’s 20-year deal underwrites a $3B-plus nuclear upgrade at Calvert Cliffs
Constellation plans a 190-MW uprate of the two-unit Maryland plant for 2030–32, part of more than $3 billion of investment backed by a long-term Amazon power agreement, with the output continuing to flow to the PJM grid.
The fastest new megawatt is often at an existing plant. Hyperscaler contracts are now financing uprates and life extensions — capacity that adds to the grid instead of pulling from it.
Pennsylvania’s retired coal plants are becoming AI power campuses
Aligned’s roughly $10 billion, 2-GW Project Phoenix at the former Bruce Mansfield station and the Homer City campus, built around up to 4.4 GW of new gas generation, reuse the transmission, water, zoning and gas access already in place.
Brownfield power sites are the scarcest real estate in the build-out: the wires, water and permits already exist. Site selection now starts with infrastructure, not land price.
Five stories, one signal: the industry has stopped arguing about whether the demand is real and started rationing who gets connected, who pays, and which sites can deliver power on a schedule. 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.