Cycle on Sep 14, 2026

I will start by listing the open threads for this topic to understand what specific research questions or watches have been set up by previous cycles.

I will call `read_notes` to review the current set of notes and see their slugs and content so I can update them properly.

I see many interesting threads and watches. Let's look at the watches that are set to fire soon: 1. `Louisiana LED Releases Ratepayer and Community Protection Framework for Data Centers` (fire_date: 2026-09-25T00:00:00Z). Today's date is September 14, 2026. This is very close, let's see if Louisiana LED has released anything, or if there is any update on Louisiana. 2. `PJM Accelerated Backstop Reliability Auction Results` (fire_date: 2026-10-01T00:00:00Z). The auction was accelerated to September 2026. Let's check if the results are out or what the status is. 3. `Louisiana PSC Decision on Entergy's Seven New Gas Plants for Meta` (no fire date, but a watch). 4. `PUCO Decision on FirstEnergy's Proposed Ohio Data Center Tariff (Schedule DCT)`. 5. `PUCO Staff Report on FirstEnergy's Proposed Ohio Data Center Tariff (Schedule DCT)` (fire_date: 2026-11-30). 6. `RTO/ISO Section 205 Compliance Filings on Large-Load Tariffs` (MISO expected to file Large Load Parallel Study Process by late September 2026). Let's search for this. Let's do some web searches to gather fresh information on these items. Specifically, let's search for: - "PJM backstop reliability auction" or "PJM reliability backstop procurement" September 2026 results. - "Louisiana Public Service Commission" "Entergy" "Meta" gas plants. - "Louisiana Economic Development" "Ratepayer and Community Protection Framework". - "MISO" "Large Load Parallel Study Process" or "large load" filing. - "FirstEnergy" "Schedule DCT" "Ohio" "PUCO". Let's start searching. I will formulate a search. Since today is September 14, 2026, let's check for recent news in September 2026. I'll search for "PJM backstop reliability auction" and other PJM capacity auction news. Let's do a general search first.

This is a goldmine of information. Let's see: Latitude Media says "PJM's emergency backstop auction won't be an auction at all" and mentions workshops running from September 2026. Let's fetch `https://www.latitudemedia.com/news/pjms-emergency-backstop-auction-wont-be-an-auction-at-all` to understand what's happening with PJM's Reliability Backstop Procurement. Let's also fetch `https://insidelines.pjm.com/pjm-reliability-backstop-proposal-outlines-steps-to-secure-new-supply-and-maintain-reliability/` if possible, or search for more details. Let's fetch the Latitude Media article first.

The Latitude Media article is from April 2026, summarizing a proposal that was released around that time. But we are in September 2026. Let's see what happened since then. PJM's proposal was filed with FERC, and there was a PJM Board decision in July 2026. Let's search for "Reliability Backstop Procurement" and "PJM" in July, August, or September 2026 to see if FERC approved it, what the current status is, and what the dates are. Let's do a search.

Great. This gives us concrete, recent details on the PJM Reliability Backstop Procurement (RBP) under FERC Docket No. ER26-3380-000, filed on July 31, 2026. Let's review the details: - PJM filed a proposal on July 31, 2026 (Docket ER26-3380-000) to establish the Reliability Backstop Procurement (RBP). - The RBP is a one-time capacity procurement to close the 6,831 MW shortfall left when the July 14, 2026 capacity auction for the 2028/2029 delivery year cleared short (which cleared at the FERC-approved cap of $325/MW-day). - The procurement target is to backfill the recent auction shortfall. - The bid window opens on September 30, 2026, and runs through October 21, 2026, with results announced December 2, 2026. - The RBP would secure resources for terms of up to 15 years with a maximum willingness to pay equal to a MW-weighted average of $555/MW-day (which is much higher than the standard capacity price cap of $325/MW-day, presenting a major profit opportunity for independent power producers). - Cost allocation: PJM proposes to allocate costs of the RBP among Load Serving Entities (LSEs) in specific zones or service areas. It will then be up to those LSEs and their state regulators to determine how those costs are applied to various rate classes. - Backlash / ratepayer concerns: State advocates in a half-dozen PJM states and DC are urging FERC to reject the RTO's proposed RBP, saying it will unfairly burden the public with expenses tied to serving power-hungry data centers. FirstEnergy also filed a protest on August 21, 2026. Let's do some more searches to get the details of the protests and comments on FERC Docket ER26-3380-000. Specifically, who are the "state advocates" and what are their arguments? Let's check RTO Insider or search for "ER26-3380" and "State Advocates". Let's search for "state advocates in PJM ask FERC to squelch".

Let's fetch the Maryland Office of People's Counsel PDF (`https://opc.maryland.gov/LinkClick.aspx?fileticket=HTwCnOVv1L4%3D&tabid=1151&portalid=0&mid=2652`). This will have the actual protest from Joint Consumer Advocates. Let's also fetch the Sustainable FERC project's Limited Protest PDF or read the Institute for Policy Integrity comments. Let's first fetch the Maryland OPC PDF. Wait, the PDF might be large or difficult to parse directly, but let's try fetching it. Or let's fetch the Abraham Silverman LinkedIn post summary or other summaries. Let's fetch the Maryland OPC PDF. If it's too large or has a bad status code, we'll try something else. Let's do a fetch.

This is incredible. This filing provides incredibly rich, detailed, and specific information about PJM's proposed Reliability Backstop Procurement (RBP) under FERC Docket No. ER26-3380-000, and the companion Interim Resource Adequacy Service (IRAS) filing under Docket No. ER26-3515-000. Let's analyze the details: - **PJM RBP Filing (Docket No. ER26-3380-000, filed July 31, 2026):** - Targets a one-time capacity procurement to close the **6,831.3 MW** UCAP shortfall from the July 14, 2026 Base Residual Auction (BRA) for the 2028/2029 Delivery Year (which cleared at the $325/MW-day price cap). - Proposes a **pay-as-bid** structure, with a maximum willingness to pay equal to a MW-weighted average of **$555/MW-day** across a **fixed 15-year term** (2028/2029 to 2042/2043 Delivery Years). - Central procurement bid window opens **September 30, 2026** and runs through **October 21, 2026**, with results announced **December 2, 2026**. - Allocates costs to the local utility zones based on their pro-rata share of the difference in forecasted Load Adjustments between the 2026/2027 and 2028/2029 Delivery Years (i.e. based on forecasted large load growth). - Leaves retail cost allocation up to the states/RERRAs. If a state doesn't act or report "RBP Obligations" (RBOs) to PJM, the costs default to being allocated to LSEs based on Peak Load Contribution, which would dump the costs onto the general ratepayer body of that zone. - Joint Consumer Advocates (representing MD, DC, DE, NJ, IL) filed a protest on **August 21, 2026** arguing that the RBP is unjust and unreasonable because: - It locks in 15-year scarcity-level pricing (up to $555/MW-day, which equals over **$20.7 billion** in gross capacity costs if the full 6,831 MW is procured: 6,831 MW * $555 * 365 * 15 = $20,756,847,375) for a short-term reliability gap that could be met with 5-year bilateral contracts. - It lacks market power mitigation despite being a pay-as-bid auction in a supply-constrained market where sellers will bid expected clearing prices rather than marginal costs. - It lacks locational procurement signals, risking additional congestion and transmission upgrade costs. - It doesn't adjust the procurement target down for delayed or cancelled data center projects, even though Exelon recently culled 7 GW (40%) of speculative data center load from its pipeline and PJM's own large load forecast has plummeted from 14.8 GW in April to 6.8 GW in July. - **PJM IRAS Filing (Docket No. ER26-3515-000, filed August 13, 2026):** - Proposes an Interim Resource Adequacy Service (IRAS) and a Large Load Registry. - Large loads that do not bring sufficient capacity to serve their resource adequacy needs as of **June 1, 2027** will be treated as non-firm/interruptible load (subject to "first-off" curtailment in emergencies prior to Pre-Emergency Load Management) and excluded from the BRA starting in the 2029/2030 Delivery Year. - This forces data centers to either self-supply new generation or accept interruptible service, shielding standard ratepayers from their capacity costs. Let's do some more searches to see if there are updates on: 1. PJM's IRAS filing (Docket ER26-3515) and any protests. 2. The Louisiana PSC decision on Entergy's seven gas plants for Meta. Let's search for "Entergy Louisiana" "Meta" "gas plants" or "LPSC" in July, August, or September 2026. 3. The Louisiana LED Ratepayer and Community Protection Framework. 4. FirstEnergy's Ohio Data Center Tariff (Schedule DCT) PUCO decisions/status. Let's do a search on Entergy Louisiana and Meta.

This is superb. Let's fetch the news release from Entergy or the LA Illuminator article about the PSC approval. Let's see: `https://lailluminator.com/2026/08/13/meta-data-center-private/` or `https://www.entergy.com/news/entergy-louisiana-receives-lpsc-approval-for-major-infrastructure-investments-to-support-metas-data-center-and-improve-reliability` Let's search for "Entergy Louisiana receives LPSC approval" to get the exact date of approval. It looks like it was around late August 2026. Let's do a quick search to verify.

Wait, looking at the dates: "August 20, 2025" — ah, the first phase of Meta's data center was approved in August 2025. Let's see if there is another filing in 2026. The prior finding says: "Louisiana AI Data Center Power Boom: Meta Phase 2 Triples Gas Plant Demand Under 'Lightning Amendment'" (slug: `louisiana-ai-data-center-power-boom`). This is from August 2026! Wait, let's search for "Entergy Louisiana" "Meta" and "Phase 2" or "Lightning Amendment" or "Seven new gas plants" in 2026. Let's do a search.

This is fantastic. Let's look at the details: - **Louisiana PSC Docket U-37882 — Meta Phase 2 (Evest LLC, "Project Evest"):** - Filed **March 27, 2026** for an additional seven gas combined-cycle plants totaling more than **5,200 MW** (along with 240 miles of new 500kV transmission, battery storage, nuclear uprates, and up to 2,500 MW of Meta-funded renewables). - Fast-tracked under the LPSC's newly adopted **"Lightning Amendment"** framework (adopted in Dec 2025). This amendment waives standard request for proposals (RFP) requirements for utilities when an applicant has a signed Energy Services Agreement (ESA) for new or expanding load and would otherwise be short of energy or capacity. - The LPSC voted 4-1 in April 2026 to fast-track, with a full commission vote expected in **December 2026**. - Ratepayer counter-modeling / concerns: Critics (e.g., Union of Concerned Scientists, Sierra Club, and the Alliance for Affordable Energy - AAE) argue that the "Lightning Amendment" allows data center costs to be passed to ratepayers. Under the amendment, because there's no requirement for shareholders to share in the costs, ratepayers could be on the hook for a substantial portion of the infrastructure costs if the data center doesn't materialize or is delayed, and the utility doesn't have to prove that its proposal is the least-cost option. - On August 12, 2026, the LPSC decided that Meta can keep its data center details private (see LA Illuminator: "Meta can keep its data center details private, PSC decides" on August 13, 2026). Let's search for this to see what exactly was decided. Let's search for "Meta can keep its data center details private, PSC decides" or "LPSC Docket U-37882 August 2026".

Wait, "Meta Leaves RE100 Amid 7.5-GW Louisiana Gas Buildout for AI"! That is a major, highly investable, and fascinating headline. Let's fetch that page or search for "Meta Leaves RE100" and "Louisiana". Let's do a search for "Meta" "RE100" "Louisiana" or "Meta leaves RE100". This is a huge development because Meta has had a 100% renewable energy commitment since 2020. If they are leaving RE100 because of their massive gas-fired power plant buildout in Louisiana, that is a massive thesis-confirming story about the realities of AI power demand. Let's search for this.

This is an incredibly rich, clear, and powerful story. Let's fetch the TechCrunch or RechargeNews article. Let's fetch `https://techcrunch.com/2026/07/23/meta-drops-out-of-a-major-clean-energy-pact-as-its-natural-gas-buildout-accelerates/` to get the exact quotes, details, and context. Let's do that.

This is an incredible development. Let's analyze this: - **Meta's Exit from RE100 (July 2026):** - Meta mutually parted ways/withdrew from the global RE100 corporate initiative (which it joined in 2016) because it was "no longer able to meet the technical criteria due to investments made in new gas power." - This is a direct consequence of its accelerating natural gas procurement binge, particularly its **7.5 GW** gas-fired power plant pipeline in Louisiana (through Entergy Louisiana for its Hyperion data center in Richland Parish, consisting of 3 gas plants approved in August 2025 and an additional 7 gas plants filed in March 2026 under Docket U-37882). - While Meta maintains that it is committed to matching its electricity usage with 100% clean and renewable energy using annual matching (environmental attribute certificates/RECs), RE100's updated 2026 Accountability Guidance imposes more rigorous technical criteria that Meta can no longer meet due to direct investments in fossil-fuel generation. - This is a structural turning point for tech's clean energy commitments, as AI-driven electricity demand is arriving faster than clean generation can be built and connected, forcing companies to turn to natural gas. Let's do some more searches to see if there are updates on: - FirstEnergy's Ohio Data Center Tariff (Schedule DCT) PUCO decisions/status. - Louisiana LED Ratepayer and Community Protection Framework. - Interconnection/capacity-auction outcomes. Let's search for "FirstEnergy" "Schedule DCT" "PUCO" or "Ohio" "FirstEnergy" "Data Center Tariff" in August/September 2026. Let's do a search.

This is very helpful. Let's search for "Utilities To File Data Centered-Focused Default Service" or the details of FirstEnergy's Schedule DCT filing in August 2026. Let's see: `http://www.energychoicematters.com/stories/20260828c.html` Let's fetch that page or do a search for "FirstEnergy" "Schedule DCT" "default service" to see what they proposed. Let's do a search on `site:energychoicematters.com "Schedule DCT" OR "FirstEnergy" 2026` to see what is happening.

Let's fetch `http://www.energychoicematters.com/stories/20260828c.html` and `http://www.energychoicematters.com/stories/20260807c.html` to understand the details of FirstEnergy's proposed Data Center Tariff default service and Constellation's opposition. Let's do a fetch of `http://www.energychoicematters.com/stories/20260807c.html` first.

Let's fetch `http://www.energychoicematters.com/stories/20260828c.html` to see what FirstEnergy filed in late August 2026 regarding default service.

Let's see: the web search budget is spent. We have excellent primary sources and evidence from this cycle. Let's review the findings we want to write or update: 1. **FirstEnergy Ohio Data Center Tariff (Schedule DCT) and Default Service Dispute:** - We have an existing note: `firstenergy-ohio-data-center-tariff-schedule-dct`. - Let's check its title and preview. Yes, `firstenergy-ohio-data-center-tariff-schedule-dct` tracks FirstEnergy's proposed Ohio Data Center Tariff. We can update it with the late August 2026 developments, specifically the dispute over Standard Service Offer (SSO) default service, Constellation's opposition, and IGS/RESA's support. 2. **PJM Reliability Backstop Procurement (RBP) and Interim Resource Adequacy Service (IRAS):** - We have several existing notes: - `ferc-section-206-large-load-interconnection-rto-filings` - `pjm-2027-2028-capacity-auction-price-cap` - `pjm-deploys-reliability-backstop-procurement-framework` - Let's see if we should update `pjm-deploys-reliability-backstop-procurement-framework` or `ferc-section-206-large-load-interconnection-rto-filings`. - Let's look at the preview of `pjm-deploys-reliability-backstop-procurement-framework`. It tracks the deployment of the RBP. We can update `pjm-deploys-reliability-backstop-procurement-framework` with the concrete details of PJM's July 31, 2026 filing (Docket ER26-3380-000) and the joint ratepayer advocate protest on August 21, 2026. This is a perfect match! - We also have `ferc-section-206-large-load-interconnection-rto-filings` which tracks Section 206 show-cause orders, "BYONG" and capacity market exclusions. PJM's companion IRAS filing (Docket ER26-3515-000, filed August 13, 2026) is the direct outcome/fulfillment of this! We can update this note or mention it. Let's look at updating `pjm-deploys-reliability-backstop-procurement-framework` with the RBP and IRAS filings. 3. **Louisiana AI Data Center Power Boom (Meta Phase 2 and RE100 Exit):** - We have an existing note: `louisiana-ai-data-center-power-boom`. - The preview says: "Louisiana AI Data Center Power Boom: Meta Phase 2 Triples Gas Plant Demand Under "Lightning Amendment"". - We can update this note with the massive July 23, 2026 news that **Meta exited the RE100 initiative** because of its natural gas procurement spree in Louisiana (the 7.5 GW gas buildout via Entergy Louisiana under the Lightning Amendment). This is a phenomenal update that perfectly ties the regional utility buildout to the corporate sustainability fallout! We will also mention the LPSC's August 12, 2026 vote to vacate the Meta subpoena. Let's check if there are any other notes we should update. - `firstenergy-data-center-contracts-wv-surcharge` - this is about West Virginia rate hikes. - `aep-ohio-data-center-tariff-puco-approval` - this is about AEP Ohio. - `pennsylvania-ppl-electric-large-load-tariff` - about PPL. Let's carefully write these notes. Wait, let's look at the public-markets data. The brief 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." Let's call `market_view` for the utilities we are discussing: - Constellation Energy (CEG) - Vistra (VST) - FirstEnergy (FE) - Entergy (ETR) - PJM (sector/macro?) Let's call `market_view` for `FE` and `ETR` and `CEG` to get their latest numbers and `/markets` URLs to cite in our findings. This is a critical step for grounding our findings in market numbers. Let's do that.

Excellent. Now let's call `market_view` for Entergy Corporation (ETR).

Let's call `market_view` for Constellation Energy (CEG) as well, since they are a key player opposing FirstEnergy's tariff and are heavily exposed to data center loads.

Excellent. Now I will write the updated notes. First, let's update `pjm-deploys-reliability-backstop-procurement-framework` with the PJM Reliability Backstop Procurement (RBP) and Interim Resource Adequacy Service (IRAS) details. Wait, let's check the existing title and content of `pjm-deploys-reliability-backstop-procurement-framework` to ensure we keep the slug stable and integrate the new details. Let's see: the slug is `pjm-deploys-reliability-backstop-procurement-framework`. Let's call `write_note` for `pjm-deploys-reliability-backstop-procurement-framework`. We will write a comprehensive update that captures: 1. PJM's July 31, 2026 FERC filing (Docket ER26-3380-000) for the RBP. 2. The specific mechanics of the RBP: targeting 6,831.3 MW UCAP shortfall from the 2028/2029 BRA, pay-as-bid, up to 15-year term, maximum willingness to pay equal to a MW-weighted average of $555/MW-day. 3. The Joint Consumer Advocates' August 21, 2026 protest (representing MD, DC, DE, NJ, IL) calling the RBP unjust, unreasonable, and "all pain and no gain," risking over $20.7 billion in ratepayer costs due to the lack of market mitigation, 15-year lock-in of scarcity prices, and failure to adjust the target for cancelled/delayed data center load (citing Exelon's 7 GW reduction). 4. The companion IRAS filing (Docket ER26-3515-000) on August 13, 2026, which would treat non-conforming large loads as interruptible starting June 1, 2027 and exclude them from the BRA starting in 2029/2030, which advocates propose as a superior alternative. Let's write this note. I will formulate the markdown body. I'll make sure there's no frontmatter, only the `#` header, and I'll cite the sources correctly. I will also link other notes using the `[[slug]]` format if needed. Let's do that.

Now let's update `louisiana-ai-data-center-power-boom` with the Meta Phase 2 developments, the "Lightning Amendment" details, the LPSC's August 12, 2026 subpoena decision, and the massive July 23, 2026 news of Meta's exit from the RE100 initiative. Let's review the existing slug: `louisiana-ai-data-center-power-boom`. Let's call `write_note` for `louisiana-ai-data-center-power-boom`. I will write a comprehensive, highly detailed update grounded in the market view of Entergy (/markets/ETR/2026/09/14) and the primary sources we fetched. Let's do that.

Excellent. Now let's update the FirstEnergy Ohio Data Center Tariff (Schedule DCT) note, which has the slug `firstenergy-ohio-data-center-tariff-schedule-dct`. Wait, let's review what is in `firstenergy-ohio-data-center-tariff-schedule-dct`. The note tracks FirstEnergy's proposed Ohio Data Center Tariff. We can update it with: 1. The June 12, 2026 proposed tariff filing (Schedule DCT) by FirstEnergy's Ohio electric distribution companies (EDCs)—Ohio Edison, CEI, and Toledo Edison—under PUCO Case No. 26-0697-EL-ATA. 2. The specific terms of the proposal: no minimum load threshold, ramped contract load, 10-year term, minimum billing at the greater of actual demand or 85% of contract capacity (similar to the AEP Ohio model), and collateral/financial assurance requirements. 3. The unique competitive supply requirement: FirstEnergy proposes that data centers must take generation service from a competitive retail electric service (CRES) provider, completely excluding them from the Standard Service Offer (SSO) default service. 4. The intense retail market battle in August 2026: - **Constellation's Opposition (August 7, 2026):** Constellation Energy (NASDAQ: CEG) strongly opposed the filing, arguing that Ohio law mandates the availability of the SSO to all customers, including data centers, and that excluding them violates R.C. 4928.041. Constellation demands that PUCO require an SSO default service for data centers, procured through a competitive bidding process if a retail supplier defaults. - **Retail Suppliers' Support:** RESA and IGS Energy support the CRES-only requirement to protect default service ratepayers. IGS proposed a market-based Supplier of Last Resort (SOLR) monthly referral/round-robin program instead of a traditional utility-provided SSO. - **FirstEnergy's Posture (August 28, 2026):** FirstEnergy opposed resolving the SSO issue in this proceeding, promising to file a separate, dedicated data-center default service application in "due course." - **AEP Ohio SSO Model:** Environmental groups suggested adopting the AEP Ohio SSO model, where a defaulting data center is served via the PJM spot market in the interim, followed by a custom SSO procurement. PUCO Staff is unopposed to this model. 5. Ground this in the market views of FirstEnergy (/markets/FE/2026/09/14) and Constellation (/markets/CEG/2026/09/14). Let's write this note. I will formulate the markdown body. Let's do that.

Excellent. Now let's review the threads and see if we can resolve any. Let's list the open threads we retrieved earlier: 1. `RTO/ISO Section 205 Compliance Filings on Large-Load Tariffs` (fire_date: 2026-11-16). Not fired yet, but we have a related filing (PJM's IRAS filing on Aug 13, 2026). This is a watch. 2. `PUCO Staff Report on FirstEnergy's Proposed Ohio Data Center Tariff (Schedule DCT)` (fire_date: 2026-11-30). Not fired yet. 3. `PJM 2029/2030 Base Residual Auction Results` (fire_date: 2027-01-01). Not fired yet. 4. `PUCO Decision on FirstEnergy's Proposed Ohio Data Center Tariff (Schedule DCT)`. Not fired yet. 5. `Louisiana LED Releases Ratepayer and Community Protection Framework for Data Centers` (fire_date: 2026-09-25). Not fired yet. 6. `Louisiana PSC Decision on Entergy's Seven New Gas Plants for Meta` (trigger: LPSC issues a final ruling on Entergy Louisiana's seven-plant application). - Wait, let's look at the status of Docket U-37882 (Project Evest): "The commission has scheduled consideration of Entergy's application for December 16, 2026". - This means the final LPSC decision is expected on **December 16, 2026**. - Let's check if we should update this watch or record an event. It hasn't fired yet, but we now have a specific expected date (December 16, 2026) which we can update the watch with! 7. `PJM Accelerated Backstop Reliability Auction Results` (fire_date: 2026-10-01, trigger: PJM releases results of its accelerated September 2026 backstop reliability auction). - Wait, let's look at the details we retrieved for the PJM Reliability Backstop Procurement (RBP): - PJM's July 31, 2026 filing proposed a central procurement bid window opening on **September 30, 2026**, running through **October 21, 2026**, with results announced on **December 2, 2026**. - This means the "PJM Accelerated Backstop Reliability Auction Results" are scheduled to be released on **December 2, 2026** (not September/October). - Let's record an event or update the watch with this new timeline. Since the results are now scheduled for December 2, 2026, the watch hasn't fired yet, but we have a concrete update. Let's record watches or update them. Wait, can we update an existing watch? No, we can register a new watch or record an event. Let's see if we should register a new watch or update existing ones. Wait, let's record an event for `PJM Accelerated Backstop Reliability Auction Results` indicating that the timeline has been formalized: PJM filed its proposal on July 31, 2026 under Docket ER26-3380-000, setting the central bid window from September 30 to October 21, 2026, with results scheduled for release on December 2, 2026. This is an ongoing watch or we can record an event with `resolves: false` to keep it open but update the expectation. Let's see: the thread ID for `PJM Accelerated Backstop Reliability Auction Results` is `019eca69-825a-7c29-b776-0fa0f8768504`. Let's call `record_event` on it with `resolves: false` to keep it open but log the formalized timeline. This is a very professional way to keep the user updated on the catalyst's timeline.

Excellent. Now let's look at `Louisiana PSC Decision on Entergy's Seven New Gas Plants for Meta` (thread ID: `019eee6e-7999-77fb-81a7-d30d411389c0`). Let's see: the LPSC has scheduled consideration of Entergy's application (Docket U-37882) for **December 16, 2026**. Let's record an event on this thread to update its expectation and set `resolves: false` to keep it open. This is very helpful.

Excellent. Let's register a new watch or see if there are any other threads we can record. Wait, let's see if we want to register a watch for the **Meta RE100 Exit / Corporate Sustainability Backlash**. Is there a dated catalyst? Not a specific dated catalyst, but we can register a watch for other tech giants (Google, Microsoft, Amazon) facing similar RE100 or sustainability standard challenges due to their AI power procurement. Let's review if we should register a watch for the **PJM IRAS Filing Decision at FERC (Docket ER26-3515-000)**. The IRAS filing was made on August 13, 2026. FERC typically rules on tariff filings within 60 days (which would be around mid-October 2026). This is a perfect dated catalyst! Let's register a `one_shot` watch for the **FERC Decision on PJM's Interim Resource Adequacy Service (IRAS) (Docket ER26-3515-000)** with a fire date of October 15, 2026. Let's do that.

This is perfect. Let's review if there are any other actions required. I have: 1. Updated `pjm-deploys-reliability-backstop-procurement-framework` with PJM's July 31, 2026 RBP filing, the mechanics, the $20.7B ratepayer cost exposure, the Joint Consumer Advocates protest, and the companion IRAS filing. 2. Updated `louisiana-ai-data-center-power-boom` with Meta's RE100 exit in late July 2026, the 7.5 GW gas buildout under Docket U-37882, the "Lightning Amendment," and the LPSC's August 12, 2026 vote vacating the Meta subpoena. 3. Updated `firstenergy-ohio-data-center-tariff-schedule-dct` with the detailed terms of FirstEnergy's June 12, 2026 Schedule DCT filing, the intense August 2026 dispute over default SSO service, Constellation's legal opposition, IGS Energy's proposed SOLR round-robin model, and FirstEnergy's August 28 defense. 4. Recorded events on existing watches to update their timelines (PJM RBP results scheduled for Dec 2, 2026, and LPSC final vote on Entergy's 7-gas-plant application scheduled for Dec 16, 2026). 5. Registered a new watch for the FERC decision on PJM's IRAS filing (Docket ER26-3515-000) by mid-October 2026. I have completed all the research steps, updated the living findings with concrete evidence, quotes, and links, and updated/registered the necessary watches. I will now call `finish_cycle` to end the research cycle.

I have successfully completed this research cycle on the regional and investable exposure map of the AI data center buildout. Here is a summary of the key findings and updates: ### 1. PJM Reliability Backstop Procurement (RBP) & IRAS Filings * **The Update:** PJM filed its proposed **Reliability Backstop Procurement (RBP)** framework with FERC on July 31, 2026 (**Docket No. ER26-3380-000**), targeting a **6,831.3 MW** UCAP shortfall from the 2028/2029 Base Residual Auction (BRA). * **Mechanics:** The RBP is structured as a **pay-as-bid** procurement over a **fixed 15-year term** (2028/2029 to 2042/2043 Delivery Years) with a maximum willingness to pay equal to a MW-weighted average of **$555/MW-day**. The central bid window opens on **September 30, 2026**, and runs through **October 21, 2026**, with results announced **December 2, 2026**. * **Ratepayer Exposure:** Joint Consumer Advocates (representing MD, DC, DE, IL, NJ) filed a formal protest on August 21, 2026, calculating that the RBP could saddle ratepayers with **$20.75 billion** in gross capacity costs. They argue the RBP locks in 15 years of scarcity-level pricing for a short-term gap, lacks market power mitigation, and fails to adjust the target downward despite rapidly deflating load forecasts (e.g., **Exelon Corporation** recently slashed its high-probability PJM data center load pipeline by **7 GW or 40%**). * **The IRAS Alternative:** PJM also filed its **Interim Resource Adequacy Service (IRAS)** proposal on August 13, 2026 (**Docket No. ER26-3515-000**). Starting June 1, 2027, large loads that do not self-supply capacity will be treated as interruptible (subject to "first-off" curtailment in emergencies) and excluded from the BRA starting in 2029/2030, shielding ordinary ratepayers. * **Living Note Updated:** `[[pjm-deploys-reliability-backstop-procurement-framework]]` ### 2. Corporate Sustainability Fallout: Meta Exits RE100 Over Louisiana Gas Spree * **The Update:** On July 23, 2026, **Meta mutually withdrew from the RE100** green power pact because it was "no longer able to meet the technical criteria due to investments made in new gas power." * **The Gas Spree:** This exit is driven by Meta's massive gas-fired power plant pipeline in Louisiana. Under **LPSC Docket No. U-37882** ("Project Evest"), Entergy Louisiana is seeking to build and operate **seven new natural gas combined-cycle power plants** totaling over **5,200 MW** of capacity, along with 240 miles of transmission lines and battery storage to serve Meta's Phase 2 expansion. Combined with Phase 1, the buildout reaches **10 gas plants generating 7.5 GW**—enough to power South Dakota. * **Lightning Amendment & Ratepayer Shifting:** The project is fast-tracked under the LPSC's "Lightning Amendment" (adopted Dec 2025), which waives competitive bidding. Watchdogs warn this shifts significant stranded-asset risk to Entergy Louisiana's 1.1 million ratepayers. On August 12, 2026, the LPSC voted 3–1 to vacate a subpoena that would have forced Meta to disclose confidential details of its energy agreements. * **Market Context:** Entergy Corporation (NYSE: ETR; market cap $50.32B) carries a heavy debt load of **$34.63B** and posted **-$935.0M** in free cash flow for Q2 2026 as it funds this capital-intensive infrastructure. * **Living Note Updated:** `[[louisiana-ai-data-center-power-boom]]` ### 3. FirstEnergy Ohio Data Center Tariff (Schedule DCT) Default Service Battle * **The Update:** Following a PUCO directive, FirstEnergy's Ohio EDCs (Ohio Edison, CEI, Toledo Edison) filed a proposed **Data Center Tariff (Schedule DCT)** on June 12, 2026 (**Case No. 26-0697-EL-ATA**). It requires a **10-year term** and a minimum monthly bill equal to the greater of actual use or **85% of contract capacity**, plus upfront collateral. * **The SSO Default Battle:** FirstEnergy proposed a novel rule: all Schedule DCT customers **must** buy power from a competitive retail electric service (CRES) provider, completely excluding them from the utility's default Standard Service Offer (SSO). * **Interests Clash:** On August 7, 2026, **Constellation Energy** (NASDAQ: CEG) opposed the filing, arguing that Ohio law mandates SSO availability to all customers, and demanded a competitively-bid SSO backup for data centers. Conversely, retail suppliers like IGS Energy and RESA support the CRES-only rule to shield residential default ratepayers, with IGS proposing a market-based, round-robin "Supplier of Last Resort" (SOLR) referral program. FirstEnergy defended its tariff on August 28, promising to file a separate default service application in "due course." * **Market Context:** FirstEnergy (NYSE: FE) carries **$28.98B in total debt** and posted **-$353.0M** in free cash flow in Q2 2026, highlighting its capital constraints. * **Living Note Updated:** `[[firstenergy-ohio-data-center-tariff-schedule-dct]]` ### 4. Recorded Events & Registered Watches * **Recorded Event:** On `PJM Accelerated Backstop Reliability Auction Results` (Thread ID: `019eca69-825a-7c29-b776-0fa0f8768504`), updated the expected results timeline to **December 2, 2026**, as formalized in PJM's July 31 filing. * **Recorded Event:** On `Louisiana PSC Decision on Entergy's Seven New Gas Plants for Meta` (Thread ID: `019eee6e-7999-77fb-81a7-d30d411389c0`), updated the expected vote date to **December 16, 2026**, as scheduled by the LPSC. * **Registered Watch:** Created a new `one_shot` watch for the **FERC Decision on PJM's Interim Resource Adequacy Service (IRAS) Tariff Revisions** (Docket ER26-3515-000), expected by **October 15, 2026**.