Moiseus Infrastructure Brief — No. 06
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.
Texas orders a full audit of its data-center interconnection queue
Gov. Greg Abbott directed the PUCT and ERCOT to review every large-load request in a queue that has swelled to roughly 474 GW — about 90% of it data centers — and the grid operator delayed its Batch Zero review process.
A queue more than five times the state’s record peak demand is a wish list, not a pipeline. Screening it separates paper projects from the ones with land, capital and power actually secured — and that favors the disciplined owner.
BNEF: the Texas pause puts 49.8 GW and up to $15B of project revenue at risk
BloombergNEF estimates the audit could delay 49.8 GW of data-center demand — nearly 20% of the US pipeline — costing delayed projects roughly $8–15 billion cumulatively by Q1 2027 depending on the AI-compute mix.
Time has become the most expensive input in compute. Every quarter someone else’s project slips, an already-interconnected, already-permitted site is worth more.
PJM asks FERC for a reliability backstop to close its capacity gap
PJM filed a Reliability Backstop Procurement plan — pairing facilitated bilateral matchmaking between large loads and suppliers with a centralized backstop auction — to bring new supply online faster than the queue delivers it.
Grid operators are steadily pushing large loads to bring their own capacity. That turns firm, dispatchable power from a utility service into something developers must own or contract for themselves.
Amazon permits a 7.65 GW on-site gas plant for a Texas data-center campus
Project permits for a site in Pecos County, Texas describe up to 7.65 GW from 35 natural-gas turbines, authorized to emit about 33 million tons of CO₂ a year, powering an adjacent data center behind the meter.
When the queue is the bottleneck, the largest buyers stop waiting and build their own power plants. Behind-the-meter generation is becoming the core asset, with gas as the bridge that gets electrons flowing this decade.
Data-center operators line up behind Texas’s new standards
Skybox, Mara, Digital Realty, QTS, Compass and Montera publicly committed to the governor’s standards on infrastructure cost responsibility, water use, load flexibility and disclosure, while Texas power companies called the review manageable.
The industry read the room: paying your own way is now the price of admission. Tighter standards quietly consolidate the field toward operators who can fund infrastructure instead of externalizing it.
Five stories, one signal: firm power is now being rationed by regulators and priced by markets — and the advantage sits with owners who hold interconnected land, power and permits before the queue reopens. 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.