美国多元化公用事业：德州听证会：更多数据中心护栏，765kV建设将继续

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20 Aug 2026 08:55:50 ET │ 9 pages

US Diversified Utilities

Texas Hearing: More Data Center Guardrails, 765kV Build to Continue

CITI'S TAKE

We listened to yesterday’s 12-hour Texas House State Affairs hearing on

data centers and 765kV transmission, where regulators, utilities,

developers, industrial groups, local officials and landowners testified. Our

read was that lawmakers are not looking to stop datacenter growth or the

approved transmission build, but want better project verification,

customer protections and local input. We believe the transmission

opportunity remains intact, although routing disputes and process

changes could push out spending .

Transmission Build Still Moving Forward: We did not hear broad support for

pausing approved 765kV projects. ERCOT and the PUCT argued the Permian

buildout is needed for existing oil and gas demand and reliability regardless of data

centers. Far West Texas could face rotating outages as early as next summer, while

Oncor said changing the plan could require ERCOT to revisit 58 transmission

projects and 600+ load studies. Utilities have secured long-lead equipment,

including ~$92M of commitments at LCRA TSC. We think this remains constructive

for AEP and Oncor/SRE, with timing the main risk.

Ryan LevineAC

Amber Zhao

Batch Zero Slips, but Better Projects Should Survive: ERCOT has received nearly

500 GW of large load requests, with ~205 GW potentially eligible for Batch Zero and

~65 GW in the baseload segment. ERCOT will verify financial security, site control

and equipment orders through Nov/Dec, with results expected by April 2027

(unclear exact impact on datacenter interconnection timeline). Some more

speculative projects will fall out, making the forecast more useful for utility planning.

Large Loads Will Pay More: The PUCT expects to move from 4CP to 12 monthly

coincident peaks, use 30min intervals and update cost allocations annually. The

proposal also includes a 20yr minimum billing demand, although early exit and

bankruptcy protections remain under review. Large loads will have a harder time

avoiding transmission charges and will need longer term financial commitments,

…