The Nitty Griddy: Key Takeaways from FERC's June 2026 Meeting - A Push to Connec

研报英文原文证据摘录

The Nitty Griddy: Key Takeaways from FERC's June 2026 Meeting - A Push to Connec

learer opportunity for the merchant fleet to monetize a high-value channel: selling power directly

to co-located data centers. We believe this is meaningfully constructive for nuclear and large baseload owners pursuing

co-location (TLN, CEG) and for gas owners (NRG), and it partially walks back the risk the December PJM co-location

order.

• Speed to power is a priority. Faster, more certain interconnection (60-day study orientation, readiness gating) supports

IPP new build, uprates, and co-location timelines, reinforcing the same acceleration as PJM's Expedited Interconnection

Track.

• Cost causation clarity. Making loads pay their own way reduces the political and ratepayer backlash that has weighed

on the group, improving the durability of the load-growth narrative.

• Capacity market tension likely persists. Easier co-location/BYONG accelerates load and generation moving behind the

meter, which is supportive of electron scarcity (a tighter grid) but also of the "bypass" dynamic that can keep MW out of

RPM, favoring bilateral data-center economics over grid capacity sales, in our view.

Impacts on Regulated Utilities

• Cost-shifting safeguards protect the rate-base story. Requiring large loads to fund their own interconnection (credited

back over time) limits stranded-cost and prudence risk and insulates utilities from the ratepayer affordability backlash,

supportive of data-center-driven load growth being accretive for the data-center-heavy names (e.g., AEP, Dominion,

Exelon, PSEG, Ameren, and others in PJM/MISO load pockets).

• GETs mandate is a mild mix. A "consider or explain" requirement for grid-enhancing technologies could modestly