In the first three quarters of 2025, Texas-related deals in the power and utilities sector hit $106.5 billion. By comparison, the record-setting M&A year of 2021 saw eight P&U transactions totaling $3.7 billion.

Texas has become the world’s proving ground for the next decade of AI growth, and it is exposing a truth most investors still refuse to confront. The constraint is not capital or compute. It is land, power, and the fragile systems that tie them together.

ERCOT is proposing new rules for large electronic load users (read: data centers). Those new rules include proof that the company owns the land. Another major change is if a company has a low rating, they will be required to pay $50,000 per megawatt.

The collaboration between Vertiv and Caterpillar is a clear sign of growing demand for on-site power to route around lengthy delays in grid connections.

The bottlenecks that will determine where the next generation of colocation and edge facilities get built are no longer technical.

If electricity demand shoots up, unmet by supply, a market watcher could expect futures prices to rise dramatically. But this isn’t happening.

This country’s power generation sector can either get serious about building out the needed new thermal capacity or disaster will inevitably result again, because demand isn’t going to stop rising anytime soon.

Chris Wright says growth in electricity production to power AI will make electricity cheaper in the long run.

Developers have increasingly given up confidence that utilities can meet their power and timeline demand and instead seek to build their own generation based on local natural resources.

This deep dive maps the regions, tools, and hidden power corridors that will define AI growth over the next decade, and where operators must look next to secure their megawatts.

Managing energy has shifted from a cost center to a critical operational and risk-management asset.

Canaan has been steadily investing in renewable energy projects, with a gas-to-computing pilot in Canada and a deal to deploy miners at a wind-powered data center in Texas.