Cycle on Jul 27, 2026

I will begin by listing the open threads for this topic to understand what specific questions or watches are currently outstanding.

I will now list the existing notes for this topic to see what prior findings look like and check their slugs.

I see several active threads related to Louisiana, Oregon, and PJM. Let's look at the current date: **July 27, 2026**. Let's see what has been happening in the market and what new developments exist. Wait, let's search for: 1. PJM capacity auctions or accelerated backstop reliability auction. 2. The Louisiana Public Service Commission (LPSC) decisions or meetings. Wait, the LPSC meeting is scheduled for August 12, 2026, which is in the future relative to July 27, 2026. 3. The Oregon PUC Schedule 96 reconsideration is due by September 4, 2026, also in the future. 4. Let's see if there are any new developments about Louisiana LED or the Louisiana PSC's decision on Entergy's seven gas plants for Meta (slug: `louisiana-ai-data-center-power-boom`). 5. Let's search for recent utility earnings calls or regulatory developments for AEP, Constellation, Vistra, Talen, NRG, Southern, Dominion, etc. 6. Let's look at recent capacity auctions or PJM developments. 7. Let's check `market_view` first to see if there are any specific market views we should pull. Let's do a `market_view` for kind='macro', and maybe kind='sector' or kind='ticker' for some key utilities like VST, CEG, TLN, AEP, SO, D. First, let's search the web for recent data center utility rate cases, PJM developments, or utility earnings from July 2026. Let's run a search.

Let's fetch the EEI Large Load Projects and Tariffs from July 2026. Wait! Let's do a search on EEI (Edison Electric Institute) or look specifically at the first URL: `https://www.eei.org/-/media/Project/EEI/Documents/Issues%20and%20Policy/List%20of%20Large%20Customer%20Projects%20and%20Tariffs` — but it's a PDF, and `web_fetch` might not handle PDF directly unless it has been converted, or maybe we can search for specific terms like "FirstEnergy Ohio data center tariff" or "Duke Energy North Carolina data center tariff" or "Michigan data center tariff". Let's search for "FirstEnergy Ohio data center tariff" first. FirstEnergy's Ohio utilities are Illuminating Company, Toledo Edison, and Ohio Edison. Let's see if they filed a new Data Center Tariff.

Let's fetch the page: `http://www.energychoicematters.com/stories/20260615y.html` to see the details of FirstEnergy's proposed data center tariff in Ohio. Let's do a `web_fetch`.

This is an interesting development! FirstEnergy's Ohio utilities (Ohio Edison, Cleveland Electric Illuminating Company, and Toledo Edison) filed a proposed data center tariff (Schedule DCT) on June 15, 2026. This tariff requires data centers to take generation service from a competitive retail electric provider (CRES Provider), has an 85% minimum take-or-pay billing demand (similar to AEP Ohio's tariff), and includes provisions for behind-the-meter generation, collateral, and exit fees. Let's do some more searches on FirstEnergy's tariff in Ohio and see if there are other similar filings, or if the PUCO (Public Utilities Commission of Ohio) has made comments or if there is a docket. The docket is `26-0697-EL-ATA` as mentioned in the EEI July 2026 document. Let's search for this docket to get more details about it.

Ah, the EEI document is a PDF. Let's see if we can search for the PUCO chair French comments or other news on FirstEnergy Ohio data center tariff. Let's search for: `FirstEnergy proposed data center tariff "26-0697-EL-ATA" OR "26-0697"` or just `FirstEnergy data center tariff Ohio`. Let's run a search.

Let's fetch the cleveland.com article from July 2026: `https://www.cleveland.com/metro/2026/07/as-data-centers-boom-ohio-and-neighboring-states-add-safeguards-for-electric-customers.html` to see the latest on Ohio and neighboring states adding safeguards for electric customers. This will let us update our existing findings or write a new one if necessary. Let's do a `web_fetch`.

This cleveland.com article from July 2026 is a goldmine. Let's summarize the key facts it gives us: 1. **Ohio**: AEP Ohio has its 85% minimum take-or-pay / 12-year tariff. In addition, Ohio's Lieutenant Governor/Senator Jon Husted (wait, the article says "U.S. Sen. Jon Husted of Ohio introduced the Ratepayer Protection Act" — wait, is he a US Senator or Lieutenant Governor? Let's check the text: "Last week, U.S. Sen. Jon Husted of Ohio introduced the Ratepayer Protection Act, which would direct state utility regulators to require large electricity users, including data centers, to pay the full incremental cost... As lieutenant governor, Husted was responsible for attracting..."). 2. **Michigan**: Approved terms for Consumers Energy in November 2025: customers seeking >= 100 MW must sign contracts lasting at least 15 years and pay for 80% of contracted demand. Exit fees apply. 3. **Indiana**: Indiana Michigan Power's tariff covers >= 70 MW single-site or 150 MW multi-site. Contracts last >= 12 years, monthly billing >= 80% of contracted demand, and early termination charges. 4. **Pennsylvania**: Pennsylvania PUC created a model framework in May 2026 for utilities serving > 50 MW single-site or 100 MW multi-site. Large customers must cover project-related infrastructure and connection costs, with deposits, collateral, minimum terms, and exit provisions. 5. **Homer City redevelopment in PA**: Developer plans a 3,200-acre data center campus paired with on-site natural gas generation of up to 4.4 GW (EQT Corporation). 6. **Kentucky**: House Bill 593 passed House in March 2026 but stalled in Senate. 7. **West Virginia**: Created certified microgrid districts where large users can rely on dedicated generation, and the state law requires the generator or users inside the district to bear all associated costs, protecting outside ratepayers. Let's do a search on Pennsylvania PUC's May 2026 large load model tariff framework to get more detailed quotes and links. This is a crucial regional development! Let's search for "Pennsylvania PUC" "large load model tariff framework" May 2026.

Let's fetch the Energy Choice Matters story `http://www.energychoicematters.com/stories/20260513d.html` and the Daily Energy Insider story `https://dailyenergyinsider.com/hearing-summaries/52122-pennsylvania-puc-adopts-large-load-tariff-framework-imposes-but-for-cost-standard-and-authorizes-customer-self-construction/` to learn more about this model tariff. Let's do a `web_fetch` on the first one.

This is excellent. Let's also fetch the PA Environment Daily blog or Daily Energy Insider to get some more details and quotes from the Pennsylvania PUC's May 13, 2026 decision (Docket M-2025-3054271). Let's do a `web_fetch` of `http://paenvironmentdaily.blogspot.com/2026/05/puc-releases-final-order-establishing.html`.

Wow, this is fantastic detail. Let's look at the key elements of the Pennsylvania model tariff: - Voluntary large-load model tariff framework established on May 13, 2026. - Applies to customers exceeding 50 MW individually or 100 MW in aggregate. - Cost responsibility protections: reinforces "cost causation" principles to ensure large-load customers pay for infrastructure and interconnection costs. - Collateral and financial security requirements (deposits and collateral) to mitigate stranded costs from delayed, abandoned, or underutilized projects. - Interconnection study timelines: 6 months. - Contract terms and exit provisions: load ramping schedules, minimum contract terms, exit provisions. - Public interconnection queue transparency. - Customer self-construction options: allows customers to self-construct certain infrastructure upgrades subject to utility, safety, reliability, and regulatory standards. Let's see if we should write a new note about Pennsylvania's model tariff and other mid-Atlantic / midwest states (like Michigan, Indiana, Ohio FirstEnergy) implementing similar frameworks. The existing note `regulatory-backlash-data-center-ratepayer-protections` is titled: "Regulatory and Legislative Backlash: Shielding Ratepayers and Communities from AI Data Center Costs". Let's check if we should update that note, or write a dedicated note on these state-level large-load tariffs. Wait, let's look at the existing note `regulatory-backlash-data-center-ratepayer-protections` preview: "As the AI data center buildout accelerates, a massive regulatory, legislative, and community backlash has erupted across the United States. State public utility commissions (PUCs), state..." Yes! We can update `regulatory-backlash-data-center-ratepayer-protections` to incorporate these highly detailed developments from Pennsylvania (May 2026 model tariff), Ohio (FirstEnergy's June 2026 filing), Michigan (Consumers Energy Nov 2025 tariff), Indiana (Indiana Michigan Power), and Kentucky/West Virginia. Wait, let's also look for any news regarding our active watches: 1. **Louisiana LED releases 90-day framework details** (fire date Sept 25, 2026). Let's search if there has been any early release or draft released by LED. 2. **Oregon PUC Decision on Amazon and DCC Reconsideration of Schedule 96** (due Sept 4, 2026). Let's search for any updates on docket UM 2377 or Oregon Schedule 96. 3. **Louisiana PSC Vote on Entergy's Cottonwood Power Plant Purchase** (scheduled Aug 12, 2026). Let's search if there are any new filings or developments on Cottonwood or LPSC. 4. **Louisiana PSC Decision on Entergy's Seven New Gas Plants for Meta**. Let's search if there are any updates on Entergy Louisiana's seven new gas plants for Meta. 5. **PJM Accelerated September 2026 Backstop Reliability Auction**. Let's check if there are any updates or announcements regarding PJM's accelerated backstop reliability auction. Let's do a search on Oregon PUC UM 2377 first.

Let's fetch the PDF of the news release from the Oregon PUC on July 7 or June 9 or other documents to see if there's any recent decision. Look at the title: `Oregon PUC Plans for PGE Rate Filing Decision on July 7` or `ORDER NO. 26-206 ENTERED Jun 09 2026`. Let's search for "UM 2377" "July 2026" or "July 7" to see what happened. Let's do a search.

Let's fetch the RTO Insider article `https://www.rtoinsider.com/136239-oregon-puc-introduces-data-center-rate-hikes-pge/` or the Newsdata article `https://www.newsdata.com/clearing_up/courts_and_commissions/oregon-puc-approves-29-percent-data-center-rate-increase-for-pge/article_7c8e7d45-9c33-4771-bdf8-1a1d8f0a7b25.html` to find out the exact details of the July 7, 2026 Oregon PUC decision. This is highly relevant since the Oregon Schedule 96 tariff note is `oregon-pwr-act-pge-schedule-96-tariff`! We can update that note with this major new decision. Let's do a `web_fetch` of the RTO Insider or Newsdata article. Let's try RTO Insider first. If it's a paywall we'll see, otherwise we'll try Newsdata or the Oregon.gov PDF. Let's fetch `https://www.rtoinsider.com/136239-oregon-puc-introduces-data-center-rate-hikes-pge/`.

Ah, the markdown is very short, but it confirms: "The Oregon Public Utilities Commission approved Portland General Electric’s proposal to increase electricity rates for data centers by 29% and is utility’s response to a state mandate requiring the facilities bear most of their own interconnection costs." Let's see if we can get more details by searching for the Oregon PUC's July 7, 2026 decision or PGE Schedule 96. Let's do a search.

Let's fetch the Hillsboro Herald article `https://hillsboroherald.com/the-pge-rate-hike-on-data-centers-is-framed-as-a-victory-but-it-is-much-ado-about-not-enough/` because it seems to have a highly analytical and detailed breakdown of the July 7, 2026 Oregon PUC decision! This is perfect for our regional, investable exposure map. Let's do a `web_fetch`.

This is an exceptional find! It outlines the Oregon PUC's July 7, 2026 decision: - Approved Portland General Electric's (PGE) new rate structure under the POWER Act. - Data centers on PGE's system pay **29.7% more** (under Schedule 96). - Residential customers see a **1.3% decrease**, commercial customers 2.1%, other industrial users 1.4%. - Rates took effect July 8, 2026. - This creates a dedicated rate class for data centers, minimum demand charges (take-or-pay), and a requirement to cover 100% of the infrastructure built specifically to serve them. - However, residential rates had already been raised by 5% in April, so the 1.3% decrease only nets back about a quarter of the April hit. - Data center demand growth on PGE's system: industrial deliveries (which include data centers and chip fabs) grew **34.7%** over the past five years, while residential deliveries grew only **6.4%**. - Before this rate change, data centers paid around **8 cents per kilowatt-hour**, while households paid close to **20 cents per kilowatt-hour**. After the 29.7% increase, the actual cents-per-kWh comparison remains unpublished/unclear but is still estimated to be far lower than residential rates. - This order only applies to PGE. Pacific Power's comparable decision is expected around November 2026. Let's check if the Oregon PUC decision on Amazon and DCC's Reconsideration watch has fired or if this is the final decision. Wait, let's look at the watch: "The Oregon Public Utility Commission must rule on applications for reconsideration filed by Amazon Data Services, the Data Center Coalition, Verrus, and AWEC regarding Portland General Electric's Schedule 96 large-load tariff (Docket UM 2377). The ruling is due by September 4, 2026." Wait, does the July 7, 2026 decision resolve that, or is there still a reconsideration pending? Let's search for "UM 2377" "reconsideration" or "Amazon" or "Data Center Coalition" to see if the July 7 meeting was the final approval of the *compliance filing* (ADV 26-24) or if there was a separate order on reconsideration, or if they are the same. Let's search.

Let's see: the applications for reconsideration were filed on **July 6, 2026** by the Data Center Coalition, Amazon Data Services, Verrus, and AWEC, asking the OPUC to reconsider its order approving PGE's new large-load rate framework (Order No. 26-154, entered May 7, 2026). Wait, the July 7, 2026 PUC meeting was to approve PGE's *compliance filing* (ADV 26-24) which implemented the rates (effective July 8, 2026) while the reconsideration of the underlying Order No. 26-154 is still pending. Let's double-check the dates. Yes! The applications for reconsideration were filed on July 6, 2026. The OPUC has 60 days to rule on them, which makes the deadline **September 4, 2026** (as stated in our watch). So, the watch on the Oregon PUC Decision on Amazon and DCC Reconsideration of Schedule 96 is still active and has *not* fired yet. The July 7 decision approved the actual rates (a 29.7% increase for data centers) as a compliance filing, but the underlying legal challenge (reconsideration) is still pending and will be decided by September 4, 2026. This is a very clear and important distinction! We will update our note `oregon-pwr-act-pge-schedule-96-tariff` to include: 1. The July 7, 2026 approval of PGE's compliance filing (ADV 26-24), which officially hiked data center rates by 29.7% (effective July 8, 2026) and cut residential rates by 1.3%. We'll quote the Hillsboro Herald and Oregon CUB. 2. The July 6, 2026 filing of applications for reconsideration by Amazon, DCC, Verrus, and AWEC, and that the OPUC decision on this is due by September 4, 2026 (keeping the watch active). Let's check the other watches. What about Louisiana? Let's search for Louisiana PSC developments on Entergy Louisiana's Cottonwood plant purchase or the seven gas plants for Meta. Let's search for "Entergy Louisiana" "Cottonwood" 2026 or "Meta" "Richland Parish" 2026. This is related to the watches: - Louisiana PSC Vote on Entergy's $1.4B Cottonwood Plant Purchase (scheduled Aug 12, 2026). - Louisiana PSC Decision on Entergy's Seven New Gas Plants for Meta. Let's run a search.

Let's fetch the Axios article `https://www.axios.com/local/new-orleans/2026/07/13/meta-rate-increase-louisiana-power-plants` and the RTO Insider article `https://www.rtoinsider.com/136600-louisiana-ai-project-to-grow-to-5gw/` to get the latest details about the Louisiana AI data center power boom and the controversy surrounding Entergy's Cottonwood purchase and the seven new gas plants. Let's start with Axios. Let's do a `web_fetch`.

Let's fetch the RTO Insider story as well: `https://www.rtoinsider.com/136600-louisiana-ai-project-to-grow-to-5gw/` to get more details on Meta's 5 GW expansion and the Texas gas plant purchase. Let's do a `web_fetch`.

Ah! The web search tool is telling me that the web_search budget is spent. No problem, we have plenty of highly detailed, primary-source information to write some very high-quality findings and resolve/update threads. Let's carefully evaluate what we have: 1. **Oregon PGE Rate Hike Approved**: - Oregon PUC approved a **29.7% rate hike for data centers** on Portland General Electric's system under Schedule 96, effective **July 8, 2026** (Order ADV 26-24 approved on July 7, 2026). - Concurrently, residential rates *decreased* by **1.3%**, commercial rates decreased by 2.1%, and other industrial rates decreased by 1.4%. - However, this 1.3% residential decrease only offsets a fraction of a **5% rate increase** that took effect in April 2026. - Grounding data: Over the past five years, residential electricity deliveries on PGE's system grew by **6.4%**, while industrial deliveries (driven by data centers and semiconductor fabs) grew **34.7%**. - Before this tariff, data centers paid about **8 cents/kWh** compared to households playing close to **20 cents/kWh**. - We have an open watch: `Oregon PUC Decision on Amazon and DCC Reconsideration of Schedule 96` (due by September 4, 2026). On July 6, 2026, the Data Center Coalition, Amazon Data Services, Verrus, and AWEC filed applications for reconsideration of Order No. 26-154 (entered May 7, 2026). The July 7 compliance filing approved the rates, but the underlying reconsideration remains pending. This is a crucial distinction. We will update the note `oregon-pwr-act-pge-schedule-96-tariff` to capture these events. 2. **State-Level Large-Load Tariffs Proliferate (PA, OH, MI, IN)**: - **Pennsylvania**: On May 13, 2026, the Pennsylvania PUC issued its Final Order (Docket M-2025-3054271) establishing a first-of-its-kind **voluntary Large Load Model Tariff Framework** for customers exceeding **50 MW individually or 100 MW in aggregate**. It establishes "cost causation" principles, requiring large loads to pay for 100% of incremental infrastructure, and mandates collateral/deposits to protect existing ratepayers from stranded assets. It also allows customer self-construction options. - **Ohio**: FirstEnergy subsidiaries (Ohio Edison, Cleveland Electric Illuminating, Toledo Edison) filed a proposed data center tariff (Schedule DCT) on **June 15, 2026** (Docket 26-0697-EL-ATA). It requires data centers to select generation from competitive retail suppliers (CRES), mandates an **85% minimum take-or-pay billing demand**, and includes behind-the-meter generation restrictions, collateral requirements, and exit fees. This follows AEP Ohio's pioneering tariff approved in July 2025. - **Michigan**: Michigan Public Service Commission approved a tariff for Consumers Energy in **November 2025** for customers seeking >= 100 MW. It requires a **15-year contract** and an **80% minimum take-or-pay** billing demand. - **Indiana**: Indiana Michigan Power's approved tariff covers customers requesting >= 70 MW single-site (or 150 MW multi-site) with **12-year contracts** and an **80% minimum take-or-pay** requirement. - We will update the note `regulatory-backlash-data-center-ratepayer-protections` to incorporate these highly specific state-level tariff details and frameworks. 3. **Louisiana AI Data Center Power Boom & Entergy's Cottonwood Plant Purchase**: - Meta is doubling its artificial intelligence supercluster under construction (Hyperion) in Richland Parish, North Louisiana, to **5 GW**. - Entergy Louisiana is planning to build/contract 10 new power plants (including the 7 new gas plants announced in March 2026) to supply Meta with **7.5 GW** of power capacity. For context, Meta's power demand is **six times** the peak summer day demand of the entire city of New Orleans (1,200 MW). - Entergy's proposed **$1.4 billion purchase** of the 21-year-old **Cottonwood Generation Facility** in Texas (plus $300 million in upgrades) has faced severe pushback. Commission consultant Lane Sisung's report warns that this acquisition would cost the average Entergy Louisiana residential ratepayer roughly **$8 per month** (or up to $13/month in some estimates) in rate hikes. - While Entergy and Meta claim "no single customer is driving" this purchase and that Meta "pays its own way" under its 15-to-20-year contract, Sisung's report contends that Entergy needs Cottonwood as a "bridge" to meet Louisiana's overall grid demand before the Meta-specific plants are online. - Public Service Commissioner Davante Lewis stated on July 13, 2026, that the Cottonwood purchase is "nowhere near done" and will take another **5 to 6 months** before a commission vote might happen. This directly impacts our watch: `Louisiana PSC Vote on Entergy's $1.4B Cottonwood Plant Purchase` (which was scheduled for August 12, 2026). Let's record an event or update the watch details. Wait! Since the vote is now delayed by 5-6 months according to Commissioner Lewis, we should update the watch or record an event to adjust the expectation. - Gov. Jeff Landry's Executive Order JML-26-058 (signed on June 25, 2026) directed Louisiana Economic Development (LED) to create a "Ratepayer and Community Protection Framework" within 90 days. - We will update the note `louisiana-ai-data-center-power-boom` to capture these details. Wait, let's also pull the public-markets data! The prompt says: "This topic has the public-markets datasource. When it concerns a company, sector, or the macro backdrop, your FIRST research step is to call `market_view` to pull the cited figures, then write findings grounded in them... Every finding that states a number must cite the view's /markets URL." Let's call `market_view` for some of the key companies mentioned: - PGE (Portland General Electric): ticker is POR. Let's see if we can pull POR. - Constellation Energy (CEG) - Vistra Corp (VST) - Entergy (ETR) - American Electric Power (AEP) - FirstEnergy (FE) - PPL Corp (PPL) Let's make some `market_view` calls to ground our numbers in real market data. This is a critical rule! Let's do a `market_view` for ETR, POR, and FE. Let's start with ETR and POR.

Let's also call `market_view` for POR (Portland General Electric) and FE (FirstEnergy). This will give us the durable `/markets` URLs to cite in our findings. This is extremely important, so let's do it.

Excellent! Now let's do a `market_view` for FirstEnergy (FE). FirstEnergy's subsidiaries filed the proposed Ohio tariff Schedule DCT on June 15, 2026. Let's pull FE.

The system reminds me that the search budget is spent, which is perfectly fine. I have all the detailed primary sources and data I need to write outstanding, highly-grounded findings. Let's organize the notes to write: 1. **Oregon PGE Rate Hike Approved**: We will update the existing note `oregon-pwr-act-pge-schedule-96-tariff` to include Portland General Electric's (POR) 29.7% rate hike under Schedule 96, effective July 8, 2026. This note must cite the `/markets/POR/2026/07/27` URL and the Hillsboro Herald and Oregon CUB. 2. **State-Level Large-Load Tariffs Proliferate (PA, OH, MI, IN)**: We will update the existing note `regulatory-backlash-data-center-ratepayer-protections` to incorporate Pennsylvania's May 13, 2026 Large Load Model Tariff, FirstEnergy's June 15, 2026 DCT filing in Ohio, Michigan's Consumers Energy tariff, and Indiana Michigan Power's tariff. This note must cite `/markets/FE/2026/07/27`. 3. **Louisiana AI Data Center Power Boom**: We will update the existing note `louisiana-ai-data-center-power-boom` to capture Meta's 5 GW expansion, Entergy Louisiana's (ETR) 7.5 GW supply pipeline, the $1.4B Cottonwood plant controversy, and the delayed schedule (5-6 months) for the PSC vote on Cottonwood. This note must cite `/markets/ETR/2026/07/27`. Let's double-check the rules: - No YAML frontmatter. - Body shape: first heading is `# <Title>`, then markdown body, then `## Sources` block. - Carry 1-2 representative verbatim quotes, copied exactly, with the links they came from. - Slug is a parameter passed to the tool. - Reuse slugs of existing notes to update them: - `oregon-pwr-act-pge-schedule-96-tariff` - `regulatory-backlash-data-center-ratepayer-protections` - `louisiana-ai-data-center-power-boom` - Link other findings using wikilinks like `[[slug]]` (e.g. `[[louisiana-ai-data-center-power-boom]]`). - State numbers grounded in the public markets views and cite their `/markets` URLs. Let's draft the first note: `oregon-pwr-act-pge-schedule-96-tariff`. Wait, let's look at the existing note's content or what it was. We can update it in place. Let's see what PGE's numbers were from the market view: - POR trades at $52.05, market cap $6.02B. - TTM Revenue is $3.53B. - Latest quarter EPS was $0.58 (missed $0.77). - Net income for latest quarter was $45.0M. - Total debt is $4.95B. We will include these numbers and cite `/markets/POR/2026/07/27`. Let's write the first note.

Now let's draft the second note: `regulatory-backlash-data-center-ratepayer-protections`. Wait, let's look at the details we have for this note: - State-level large-load tariffs are proliferating across the US as states take an active role in protecting residential customers. - **Pennsylvania**: On May 13, 2026, the Pennsylvania PUC issued its Final Order (Docket M-2025-3054271) establishing a voluntary Large Load Model Tariff Framework. It applies to customers exceeding 50 MW individually or 100 MW in aggregate. It reinforces "cost causation" principles, requiring large loads to pay for 100% of incremental infrastructure, and mandates collateral/deposits to protect existing ratepayers from stranded assets. It also allows customer self-construction options. - **Ohio**: FirstEnergy subsidiaries (Ohio Edison, Cleveland Electric Illuminating, Toledo Edison) filed a proposed data center tariff (Schedule DCT) on June 15, 2026 (Docket 26-0697-EL-ATA). It requires data centers to select generation from competitive retail suppliers (CRES), mandates an 85% minimum take-or-pay billing demand, and includes behind-the-meter generation restrictions, collateral requirements, and exit fees. This follows AEP Ohio's pioneering tariff approved in July 2025. - **Michigan**: Michigan Public Service Commission approved a tariff for Consumers Energy in November 2025 for customers seeking >= 100 MW. It requires a 15-year contract and an 80% minimum take-or-pay billing demand. - **Indiana**: Indiana Michigan Power's approved tariff covers customers requesting >= 70 MW single-site (or 150 MW multi-site) with 12-year contracts and an 80% minimum take-or-pay requirement. - **Kentucky**: House Bill 593 passed House in March 2026 but stalled in Senate. - **West Virginia**: Created certified microgrid districts where large users can rely on dedicated generation, and the state law requires the generator or users inside the district to bear all associated costs, protecting outside ratepayers. Let's check FirstEnergy's numbers from the market view: - FE trades at $49.92, market cap $28.88B. - TTM Revenue is $15.34B. - Latest quarter EPS was $0.72 (in line with estimates). - Net income for latest quarter was $405.0M. - Total debt is $28.06B. We will include these numbers and cite `/markets/FE/2026/07/27`. Let's write this note.

Outstanding! Now let's draft the third note: `louisiana-ai-data-center-power-boom`. Wait, let's look at the details we have for this note: - Meta's Richland Parish Hyperion data center is expanding to **5 GW** (doubling in size). - To power this, Entergy Louisiana is building/contracting 10 new power plants (including the 7 new gas plants announced in March 2026) to supply Meta with **7.5 GW** of power capacity. For context, Meta's power demand is **six times** the peak summer day demand of the entire city of New Orleans (1,200 MW). - Entergy's proposed **$1.4 billion purchase** of the 21-year-old **Cottonwood Generation Facility** in Texas (plus $300 million in upgrades) has faced severe pushback. Commission consultant Lane Sisung's report warns that this acquisition would cost the average Entergy Louisiana residential ratepayer roughly **$8 per month** (or up to $13/month in some estimates) in rate hikes. - While Entergy and Meta claim "no single customer is driving" this purchase and that Meta "pays its own way" under its 15-to-20-year contract, Sisung's report contends that Entergy needs Cottonwood as a "bridge" to meet Louisiana's overall grid demand before the Meta-specific plants are online. - Public Service Commissioner Davante Lewis stated on July 13, 2026, that the Cottonwood purchase is "nowhere near done" and will take another **5 to 6 months** before a commission vote might happen. - Gov. Jeff Landry's Executive Order JML-26-058 (signed on June 25, 2026) directed Louisiana Economic Development (LED) to create a "Ratepayer and Community Protection Framework" within 90 days. Let's check Entergy's numbers from the market view: - ETR trades at $115.95, market cap $54.10B. - TTM Revenue is $13.29B. - Latest quarter EPS was $0.86 (beat $0.84 estimate). - Net income for latest quarter was $390.8M. - Total debt is $34.06B. We will include these numbers and cite `/markets/ETR/2026/07/27`. Let's write this note.

This is going beautifully. We have updated three existing notes with highly detailed, grounded, and cited facts. Now let's check our active threads and see what we can resolve or update. Let's list the threads again to review: 1. `Louisiana LED Releases Ratepayer and Community Protection Framework for Data Centers` (fire date Sept 25, 2026). This is still in the future. 2. `Oregon PUC Decision on Amazon and DCC Reconsideration of Schedule 96` (due Sept 4, 2026). This is still in the future. 3. `Louisiana PSC Vote on Entergy's $1.4B Cottonwood Plant Purchase` (scheduled August 12, 2026). Wait! In our research, we found that Public Service Commissioner Davante Lewis stated on July 13, 2026, that the Cottonwood purchase is "nowhere near done" and will take another **five to six months** before a commission vote might happen. Wait, since the vote is now delayed, we can update the thread or record an event. But wait, can we update the thread's description or fire date? There isn't a tool to directly edit a thread's fire_date or description, but we can do a `record_event` or keep it open. Let's look at `record_event`: - `thread_id`: `019f368a-84de-7966-96da-e934c102b368` - `cycle_id`: `5e419f1b-be54-47b7-a3fd-20e39460749a` - `summary`: `LPSC Commissioner Davante Lewis announces Cottonwood vote is delayed 5-6 months` - `resolves`: `false` (since the vote itself has not happened yet, the watch remains open but is delayed) - `outcome`: `delayed` - `salience`: `4` Let's call `record_event` on this thread to notify the user and update the watch status. This is a perfect use of the tool! Let's do it.

That is excellent. Let's see if there are other threads we should record or resolve. Wait, let's look at the other threads: - `Louisiana PSC Decision on Entergy's Seven New Gas Plants for Meta` (thread ID: `019eee6e-7999-77fb-81a7-d30d411389c0`). We noted that regulators are still reviewing those plans under a fast-tracked consideration period, but they are lock-in contracts. - `PJM Accelerated Backstop Reliability Auction Results` (thread ID: `019eca69-825a-7c29-b776-0fa0f8768504`). This is scheduled for September 2026, which is in the future. - `Oregon PUC Decision on Amazon and DCC Reconsideration of Schedule 96` (thread ID: `019f5a96-90e2-7c84-b08d-97328f23d33d`). This is scheduled for September 4, 2026, which is in the future. - `Louisiana LED Releases Ratepayer and Community Protection Framework for Data Centers` (thread ID: `019f7ea1-964c-7859-a3db-184c934fec57`). This is due by September 25, 2026, which is in the future. Wait, are there any new forward-looking watches we should register? Let's see: - Pennsylvania's Large Load Model Tariff framework was released in May 2026, but the EDCs (Electric Distribution Companies) must file their own specific tariff proposals before the Commission. This is a great thing to watch for! We can register a watch for when a major Pennsylvania utility (like PPL, PECO, or Duquesne Light) files its specific Large Load Tariff based on the PUC's model framework. - FirstEnergy's proposed Schedule DCT in Ohio (Docket 26-0697-EL-ATA) was filed on June 15, 2026. We should register a watch for the PUCO's decision on this proposed tariff. Let's register these two watches! First, let's register a watch for the PUCO's decision on FirstEnergy's Schedule DCT in Ohio. - `topic_id`: `019e89cc-63bd-7bf7-9468-ba5ee76fd2d8` - `cycle_id`: `5e419f1b-be54-47b7-a3fd-20e39460749a` - `title`: `PUCO Decision on FirstEnergy's Proposed Ohio Data Center Tariff (Schedule DCT)` - `cardinality`: `one_shot` - `watch_type`: `live_process` - `entity`: `FE` - `note`: `PUCO rules on FirstEnergy's June 15, 2026 Schedule DCT filing (Docket 26-0697-EL-ATA).` Let's do it.

Excellent! Now let's register a watch for the first Pennsylvania EDC to file a large-load tariff under the PUC's May 13, 2026 Model Tariff Framework. - `topic_id`: `019e89cc-63bd-7bf7-9468-ba5ee76fd2d8` - `cycle_id`: `5e419f1b-be54-47b7-a3fd-20e39460749a` - `title`: `Pennsylvania EDC Files Large Load Tariff Under PUC Model Framework` - `cardinality`: `one_shot` - `watch_type`: `live_process` - `entity`: `Pennsylvania PUC` - `note`: `The first major Pennsylvania electric utility (e.g. PECO, PPL, Duquesne Light) formally files a large-load tariff implementing the PUC's May 13, 2026 model framework (Docket M-2025-3054271).` Let's call `record_watch` for this.

We have successfully recorded these watches and registered the event. Let's call `finish_cycle` to complete this research cycle. Wait, let's verify if there are any other actions required. - We listed threads. - We gathered and confirmed evidence. - We wrote/updated three distinct notes: - `oregon-pwr-act-pge-schedule-96-tariff` - `regulatory-backlash-data-center-ratepayer-protections` - `louisiana-ai-data-center-power-boom` - We recorded an event on thread `019f368a-84de-7966-96da-e934c102b368` (Entergy Cottonwood plant purchase vote delayed by 5-6 months). - We registered two new watches: - `PUCO Decision on FirstEnergy's Proposed Ohio Data Center Tariff (Schedule DCT)` (Docket 26-0697-EL-ATA). - `Pennsylvania EDC Files Large Load Tariff Under PUC Model Framework`. - We pulled public-market data for ETR, POR, and FE, and cited them appropriately. Everything is in perfect order! Let's call `finish_cycle` to conclude.

I have completed this research cycle on the regional, investable exposure map of the AI data center buildout. Here is a summary of the key findings, updates, and regulatory developments tracked during this cycle: ### 1. Oregon Approves PGE's 29.7% Data Center Rate Hike under Schedule 96 Under the landmark **POWER Act**, the Oregon Public Utility Commission (OPUC) officially approved **Portland General Electric's (PGE)** compliance filing (**ADV 26-24 / Docket UM 2377**) on July 7, 2026. Effective July 8, 2026, the new **Schedule 96** tariff implements a **29.7% rate increase** exclusively for data center customers on PGE's system. Concurrently, residential ratepayers received a modest **1.3% rate decrease** (commercial customers received a 2.1% cut, and other industrial users received a 1.4% cut). * **The Math Behind the Rate Disparity:** Over the past five years, residential electricity deliveries on PGE's system grew by just **6.4%**, while industrial deliveries (dominated by Hillsboro's booming AI data centers and semiconductor fabs) surged by **34.7%**. Prior to the implementation of Schedule 96, data centers were paying an artificially low rate of approximately **8 cents per kilowatt-hour (kWh)**, while residential households were paying close to **20 cents/kWh**. * **Active Legal Challenges:** On July 6, 2026, a coalition consisting of **Amazon Data Services**, the **Data Center Coalition (DCC)**, data center developer **Verrus**, and the **Alliance of Western Energy Consumers (AWEC)** filed formal applications for reconsideration of the OPUC's core May 7, 2026 order (Order No. 26-154). The OPUC is scheduled to issue a final ruling on these applications for reconsideration by **September 4, 2026** (which keeps our active watch open). * **Utility Context:** As of July 27, 2026, **Portland General Electric Co. (POR)** trades at $52.05 with a market capitalization of $6.02 billion, carrying a heavy debt load of $4.95 billion (4.6x debt-to-EBITDA). PGE reported a 58.2% YoY earnings decline for Q1 2026 ($0.58 EPS vs. $0.77 expected). * *Updated Note:* `[[oregon-pwr-act-pge-schedule-96-tariff]]` (grounded in PGE's market view: `/markets/POR/2026/07/27`). --- ### 2. State-Level Large-Load Tariffs Proliferate (PA, OH, MI, IN) Regulators and state legislatures are rapidly erecting protective barriers to prevent utilities from socializing the massive transmission, distribution, and capacity investments required to serve AI workloads: * **Pennsylvania:** On May 13, 2026, the Pennsylvania PUC issued its Final Order (**Docket M-2025-3054271**) establishing a voluntary **Large Load Model Tariff Framework** for customers exceeding **50 MW individually or 100 MW in aggregate**. It establishes strict "cost causation" (but-for) principles, requiring large loads to pay for 100% of incremental infrastructure, and mandates collateral/deposits to protect existing ratepayers from stranded assets. It also allows customer self-construction options. * **Ohio:** Following AEP Ohio's pioneering tariff approved in July 2025, **FirstEnergy Corporation (FE)** subsidiaries—Ohio Edison, Cleveland Electric Illuminating, and Toledo Edison—jointly filed a proposed **Schedule DCT (Data Center Tariff)** on June 15, 2026 (**Docket 26-0697-EL-ATA**). It requires data centers to select generation from competitive retail suppliers (CRES), mandates an **85% minimum take-or-pay billing demand**, and includes behind-the-meter generation restrictions, collateral requirements, and exit fees. FirstEnergy (FE) currently trades at $49.92 with a market capitalization of $28.88 billion and carries $28.06 billion in total debt. * **Michigan & Indiana:** Michigan regulators approved terms for **Consumers Energy** in November 2025 requiring data center customers seeking >= 100 MW to sign **15-year contracts** and pay a minimum **80% take-or-pay** billing demand. **Indiana Michigan Power's** approved tariff covers customers requesting >= 70 MW single-site (or 150 MW multi-site) with **12-year contracts** and an **80% minimum take-or-pay** requirement. * *Updated Note:* `[[regulatory-backlash-data-center-ratepayer-protections]]` (grounded in FirstEnergy's market view: `/markets/FE/2026/07/27`). --- ### 3. Louisiana AI Data Center Power Boom: Meta's 5 GW Expansion & Cottonwood Delay * **Meta's Richland Parish Expansion:** In July 2026, Meta announced a doubling in size of its Richland Parish AI supercluster to a staggering **5 GW** power requirement. To power this, Entergy Louisiana is planning to build or contract **10 new power plants** (including seven gas-fired plants announced in March 2026) to supply Meta with **7.5 GW** of power capacity. For comparison, Meta's single data center expansion will consume over **six times** the peak summer power demand of the entire city of New Orleans (1,200 MW). * **The Cottonwood Purchase Controversy:** Entergy Louisiana’s proposed **$1.4 billion purchase** of the 21-year-old **Cottonwood Generation Facility** in Texas (plus $300 million in upgrades) has faced severe pushback. Commission consultant Lane Sisung's report warns that this acquisition would cost the average Entergy Louisiana residential ratepayer roughly **$8.00 to $13.00 per month** in rate hikes. While Entergy and Meta claim "no single customer is driving" this purchase, Sisung's report contends that Entergy needs Cottonwood as a "bridge" to meet Louisiana's overall grid demand before the Meta-specific plants are online. * **Vote Delayed:** On July 13, 2026, LPSC Commissioner Davante Lewis announced that the Cottonwood purchase is "nowhere near done" and will take another **five to six months** before a commission vote can occur. * **Executive Action:** Governor Jeff Landry signed **Executive Order JML-26-058** on June 25, 2026, directing Louisiana Economic Development (LED) to establish a "Ratepayer and Community Protection Framework" within 90 days. This framework requires data center developers to comply with strict ratepayer protections to claim the state's Data Center Sales and Use Tax Exemption. * **Utility Context:** As of July 27, 2026, **Entergy Corporation (ETR)** trades at $115.95, near its 52-week high, with a market capitalization of $54.10 billion. ETR reported Q1 2026 revenue of $3.19 billion (up 12.0% YoY) and net income of $390.8 million ($0.86 EPS). Its aggressive capital expenditure program is reflected in $34.06 billion in total debt (6.2x debt-to-EBITDA) and negative free cash flow of $1.42 billion for the quarter. * *Updated Note:* `[[louisiana-ai-data-center-power-boom]]` (grounded in Entergy's market view: `/markets/ETR/2026/07/27`). --- ### Thread and Watch Management * **Recorded Event:** Filed an ongoing event on thread `019f368a-84de-7966-96da-e934c102b368` (**Louisiana PSC Vote on Entergy's $1.4B Cottonwood Plant Purchase**) noting that the vote has been delayed by 5-6 months according to Commissioner Lewis. * **New Watch Registered:** `PUCO Decision on FirstEnergy's Proposed Ohio Data Center Tariff (Schedule DCT)` (Docket 26-0697-EL-ATA), tracking the regulatory approval of FirstEnergy's June 15, 2026 filing. * **New Watch Registered:** `Pennsylvania EDC Files Large Load Tariff Under PUC Model Framework`, tracking which major Pennsylvania utility (e.g. PECO, PPL, Duquesne Light) is the first to formally implement the PUC's May 13, 2026 model tariff framework. The updated findings have been successfully persisted as living notes, ensuring that our investable regional exposure map remains fully up-to-date.