Moiseus Infrastructure Brief — No. 11
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.
PJM moves to make large loads ride through grid disturbances instead of dropping off
After roughly 4,000 MW of northern Virginia data-center load unexpectedly disconnected and switched to backup generation on July 22 — the third such measurable event in two years — PJM proposed new interconnection standards on Sept. 8 requiring large computational loads to stay connected through normally cleared voltage and frequency excursions, with a transition plan for existing sites.
A data center that trips offline to protect its own chips is now treated as a grid event, not a private decision. Ride-through capability is becoming part of the price of a large interconnection — and it should be underwritten as equipment, not as a compliance footnote.
Pennsylvania opens the question of who pays — and who gets curtailed first
The Pennsylvania PUC voted to examine ratemaking, allowed return on equity and curtailment rules as large loads grow, citing PJM’s July 2026 capacity auction shortfall of 6,831 MW for the 2028–29 delivery year. A tentative order goes to the commission on Oct. 1, with a vote targeted for Jan. 28.
Cost allocation and curtailment order are the two variables that quietly decide a site’s economics for twenty years, and they are being rewritten state by state right now. We read these dockets before we read the brochure.
With gas turbines sold out to 2032, a developer orders boilers instead
Applied Digital has ordered 1.2 GW of steam turbines fed by gas-fired industrial boilers for a North Dakota data center under a $2.4 billion design-build agreement with Base Electron, with two more sites being finalized; its CEO says gas turbines ordered today may not be delivered until 2032. More than 12,000 U.S. projects are currently in interconnection queues.
When the preferred technology is sold out for six years, developers do not wait — they substitute. Older, unglamorous thermal equipment is being repriced as a scarce asset, and the winners are the sites where fuel and interconnection are already in place.
Two-year lead times on bushings are now a grid constraint
Trench Group’s CEO told POWER that high-voltage components — bushings, instrument transformers, reactors — have become a binding constraint as utilities, developers and hyperscalers compete for the same equipment. The company opened a $60-million-plus plant in Charlotte, N.C. in July 2026 for 25 kV–765 kV dry-type bushings, initially about 3,500 units a year, and has signed a capacity agreement with Meta.
Hyperscalers are no longer buying power — they are buying the factory slots that make power deliverable. Any schedule that assumes substation hardware arrives on request is understating its own timeline by years.
Flex buys EPC Power for $4.4B to own the conversion layer
Contract manufacturer Flex agreed to acquire power-conversion maker EPC Power for $4.4 billion, targeting next-generation 800-volt data-center architectures, solid-state transformers and storage-backed microgrids; the deal is expected to close in Q4 2026, subject to regulatory approval.
Billions are moving into the boring hardware between the grid and the rack, because that is where the shortage actually sits. Consolidation here tightens supply further for everyone who is not already in the queue.
Reliability rules, rate cases, sold-out turbines, two-year bushings and a $4.4B hardware deal all point one way: the scarce thing is no longer capital or compute — it is a site that is already connected, already supplied, and already compliant. 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.