Ta sekcja nie została jeszcze przetłumaczona. Poniższa treść jest wyświetlana po angielsku, w wersji opublikowanej. Przeczytaj wersję angielską.
Markets & Investment · US power · updated 31 Oct 2026
US data centre power: what the grid charges, who is queuing and what is really connectedPJM capacity auction results by year, the ERCOT large-load queue and utilities' own data centre pipelines, in one place. For engineers sizing power, buyers and consultants judging timelines, and investors following the cost of capacity. Every figure is dated, sourced and labelled Live, Confirmed or Projected.
PJM pricesERCOT queueReally connectedUtility pipelinesNew rulesQuestions
Not investment advice. Prices and pipelines come from grid operators, utilities and named publishers. Forecasts and plans are theirs, shown with their date. We make no forecasts or recommendations.
Confirmed
US$325.00/MW-day
PJM capacity price for 2028/29, cleared at the cap
Confirmed
US$16.4bn
value of capacity cleared in PJM's 2028/29 auction, up from US$2.2bn for 2024/25
Projected
about 474 GW
large loads asking to connect in Texas (ERCOT), June 2026
Live
4,132 MW
observed in use in September 2026, of 9,456 MW approved to energise in ERCOT
Source: ERCOT (opens in a new tab)
Projected
over 54 GW
data centre capacity in Dominion Energy's contracting stages, Q3 2026
Confirmed
84 GW
AEP contracted load through 2031, up 22% in a quarter
RTO-wide Base Residual Auction clearing price for unforced capacity (UCAP). From 2026/27 to 2028/29 the price cleared at a FERC-approved price cap, so the true market price would have been higher. PJM's own simulation without the cap and floor gives US$554.72 for 2028/29. Delivery years run June to May. Darker bars are years that cleared at the cap.
Source: PJM Interconnection: 2028/2029 Base Residual Auction Report (opens in a new tab) Published 14 Jul 2026. Accessed 31 Oct 2026.
| Delivery year (June to May) | US$ per MW-day (UCAP) | Note |
|---|---|---|
| 2018/19 | US$164.77 | |
| 2019/20 | US$100.00 | |
| 2020/21 | US$76.53 | |
| 2021/22 | US$140.00 | |
| 2022/23 | US$50.00 | |
| 2023/24 | US$34.13 | |
| 2024/25 | US$28.92 | |
| 2025/26 | US$269.92 | |
| 2026/27 | US$329.17 | Cleared at the cap |
| 2027/28 | US$333.44 | Cleared at the cap |
| 2028/29 | US$325.00 | Cleared at the cap |
PJM's figure: cleared megawatts times the clearing price in each zone. PJM says it is not the total cost to consumers, because load hedged through self-supply or bilateral contracts does not pay the auction price. Its own simulation with no price cap or floor puts 2028/29 at US$29.7bn. Darker bars are years that cleared at the cap.
Source: PJM Interconnection: 2028/2029 Base Residual Auction Report (opens in a new tab) Published 14 Jul 2026. Accessed 31 Oct 2026.
| Delivery year | Cleared value (US$bn) | Note |
|---|---|---|
| 2018/19 | US$10.9bn | |
| 2019/20 | US$7.0bn | |
| 2020/21 | US$7.0bn | |
| 2021/22 | US$9.3bn | |
| 2022/23 | US$3.9bn | |
| 2023/24 | US$2.2bn | |
| 2024/25 | US$2.2bn | |
| 2025/26 | US$14.7bn | |
| 2026/27 | US$16.1bn | Cleared at the cap |
| 2027/28 | US$16.4bn | Cleared at the cap |
| 2028/29 | US$16.4bn | Cleared at the cap |
| 2028/29 without cap or floor (PJM simulation) | US$29.7bn | Simulation, not a result |
Our commentary (not advice): the capacity bill grew about 7 times in four auctions while the price sat at the cap for the last three, so the cap, not the market, now sets the price. The Independent Market Monitor counted 17,071 MW of existing and forecast data centre load in the forecast behind the 2027/28 auction (Monitoring Analytics (PJM Independent Market Monitor): Analysis of the 2027/2028 RPM Base Residual Auction, Part A (opens in a new tab)). PJM's own simulation without the cap gives US$554.72 per MW-day for 2028/29. More on the money side: Markets & Investment.
Texas: the ERCOT large-load interconnection queueEvery point is ERCOT's own count of large-load interconnection requests (75 MW or more), as published by ERCOT or reported from its filings. Requests are not a forecast of demand: many are speculative or for the same project at several sites.
Published by ERCOT ERCOT's count as reported by a named outlet. Hover or tap a bar for its own source and date.
Sources, ERCOT first: Dec 2024: ERCOT: Board item 16.2: System Planning and Weatherization Update (large loads as of 18 November 2025) (opens in a new tab); Nov 2025: ERCOT: Board item 16.2: System Planning and Weatherization Update (large loads as of 18 November 2025) (opens in a new tab); Sep 2024: The Texas Tribune: Data center explosion creates planning problems for Texas (opens in a new tab); Oct 2025: The Texas Tribune: Data center explosion creates planning problems for Texas (opens in a new tab); Jun 2026: Utility Dive: Facing an estimated 474 GW of interconnection requests, Texas hits pause on data centers (opens in a new tab). Accessed 31 Oct 2026.
| When | GW requested | Who published the figure | Source |
|---|---|---|---|
| Dec 2024 | about 63 GW | ERCOT | ERCOT: Board item 16.2: System Planning and Weatherization Update (large loads as of 18 November 2025) (opens in a new tab) |
| Nov 2025 | about 226 GW | ERCOT | ERCOT: Board item 16.2: System Planning and Weatherization Update (large loads as of 18 November 2025) (opens in a new tab) |
| Sep 2024 | about 56 GW | The Texas Tribune, from ERCOT filings | The Texas Tribune: Data center explosion creates planning problems for Texas (opens in a new tab) |
| Oct 2025 | about 205 GW | The Texas Tribune, from ERCOT filings | The Texas Tribune: Data center explosion creates planning problems for Texas (opens in a new tab) |
| Jun 2026 | about 474 GW | Utility Dive, from ERCOT filings | Utility Dive: Facing an estimated 474 GW of interconnection requests, Texas hits pause on data centers (opens in a new tab) |
Batch Zero is ERCOT's one-time study of large loads that want to connect. Conditional classification issued 3 September 2026, final decisions due in December after the governor's audit. ERCOT's deck gives the studied total as both 125.4 GW (chart) and 127.9 GW (summary). Base load includes some loads that are already energised. The three groups are one set of submissions split by status, so they can be shown together.
Source: ERCOT: Batch Zero Update (board item 14) (opens in a new tab) Published 11 Sept 2026. Accessed 31 Oct 2026.
| Classification | GW requested | Projects |
|---|---|---|
| Excluded | 302.2 GW | 373 |
| Studied load (conditional) | 125.4 GW | 158 |
| Base load (conditional) | 66.4 GW | 204 |
ERCOT adds up each approved load's highest use in the month. It says this is how much approved load it believes is now operating. For scale, ERCOT set a September demand record of 86,647 MW on 12 September 2026.
Source: ERCOT: Monthly Operational Overview, September 2026 (opens in a new tab) Published 16 Oct 2026. Accessed 31 Oct 2026.
Live · Company figure
over 1.2 GW
Data centre load already online across Southern Company's system, with data centre electricity use up 49% in the first half of 2026. As of 30 Jul 2026.
Source: Southern Company: Second Quarter 2026 Earnings Conference Call slides (opens in a new tab) Published 30 Jul 2026. Accessed 31 Oct 2026.
Live · Official estimate
176 TWh
US data centre electricity use in 2023, about 4.4% of US electricity (Lawrence Berkeley National Laboratory for the DOE). Its 2028 scenarios, 325 to 580 TWh, are forecasts. As of 2023.
Source: US Department of Energy: DOE releases new report evaluating increase in electricity demand from data centers (opens in a new tab) Published 20 Dec 2024. Accessed 19 Oct 2026.
Each utility reports its pipeline on its own definition and date, so these cards are not a ranking and are never added up. How much each utility plans to spend on the grid is compared in US utility capex plans, and the nuclear and gas power producers signing deals with data centres (Constellation, Vistra, Talen) in power producers' Q3 2026 results.
Projected · Pipeline in contracting stages
over 54 GW
Dominion Energy (Virginia (PJM)): Data centre capacity in various stages of contracting, including over 12 GW under signed electric service agreements. Over 6 GW was added since the end of 2025 (13%). As of 30 Oct 2026.
Source: The Motley Fool: Dominion Energy (D) Q3 2026 earnings call transcript (opens in a new tab) Published 30 Oct 2026. Accessed 31 Oct 2026. Also: Dominion Energy: Dominion Energy Announces Third-Quarter 2026 Results (opens in a new tab) Published 30 Oct 2026. Accessed 31 Oct 2026.
Confirmed · Contracted load through 2031
84 GW
American Electric Power (11 states incl. Ohio, Texas, Virginia): Contracted load up 22% from 69 GW a quarter earlier, mainly SB Energy's 10.4 GW data centre campus in Piketon, Ohio. AEP has 14.4 GW of active requests for generation from its utilities. As of 28 Oct 2026.
Source: Utility Dive: AEP increases investment plan 30% on generation, transmission spending (opens in a new tab) Published 29 Oct 2026. Accessed 31 Oct 2026.
Confirmed · Contracted large load
17 GW
Southern Company (Georgia, Alabama, Mississippi): Contracted large-load customers across 31 projects, with 8 GW more in late stages and a prospective pipeline above 75 GW. Over 1.2 GW of data centre load is already online. As of 30 Jul 2026.
Source: Southern Company: Second Quarter 2026 Earnings Conference Call slides (opens in a new tab) Published 30 Jul 2026. Accessed 31 Oct 2026.
Confirmed · Requests and grid room
19,565 MW asked, 1,200 MW allocated
Alberta (AESO) (Canada, for comparison): Data centre load requested against the first-stage grid room for large loads, which is fully allocated. As of 31 Oct 2026.
Source: Government of Alberta: Grid: AI data centres in Alberta (opens in a new tab) Accessed 31 Oct 2026. Also: Alberta Electric System Operator (AESO): Large Load Projects (opens in a new tab) Accessed 31 Oct 2026.
AEP's own plan as reported by Utility Dive from its third-quarter 2026 call on 28 October 2026. The new plan runs through 2031 and also includes about US$8bn for renewable energy. These are planned amounts, not money spent. AEP said the rise is driven by generation and transmission needed for contracted load, mostly data centres.
Source: Utility Dive: AEP increases investment plan 30% on generation, transmission spending (opens in a new tab) Published 29 Oct 2026. Accessed 31 Oct 2026.
| Part of plan | Previous plan | New plan (Oct 2026) |
|---|---|---|
| Whole plan | US$78bn | US$100bn |
| Transmission | US$33bn | US$37bn |
| Gas-fired generation | US$13bn | US$20bn |
PJM pays power plants to be ready for peak demand. That price shot up after 2024/25 and has since hit the agreed ceiling.
Why it matters The price rose about elevenfold in four years.
Source: PJM
About US$16bn a year for the next two years, up from around US$2bn.
Why it matters That is roughly seven times more, though PJM says it is not the full cost to households.
Source: PJM
Huge. Requests to connect big users to the Texas grid reached around 474 GW, and about 9 in 10 are data centres.
Why it matters Only a fraction of these requests passed the first study.
Source: ERCOT
Many requests are early bets. Developers apply for the same project in several places, before they have land, customers or money.
Why it matters In Texas, less than half the power approved for use was actually being drawn.
Source: ERCOT
About 4 in every 100 units of US electricity in 2023, and that could double or triple by 2028.
Why it matters The 2028 figures are forecasts, not measurements.
Source: Lawrence Berkeley National Laboratory
Dominion, AEP and Southern Company report the most, but each counts differently, so it is not a ranking.
Source: Company reports
Coverage limits: this page covers PJM and ERCOT in detail, CAISO's new rules, three utilities that publish data centre pipelines, and Alberta for comparison. MISO, SPP, the Southeast outside Southern Company, the West and New York are not yet covered. Company logos come from Wikimedia Commons and are shown for identification only. They do not imply endorsement, and CoolPower Index is vendor-neutral. Flags: flag-icons (MIT licence). Charts: Apache ECharts (Apache 2.0). This is not investment advice. Related: North America briefing · Power and water forecasts · Markets & Investment · United States market profile · Energy supply pathways.
