> ## Content Index > Fetch the complete content index at: https://www.sotkn.com/llms.txt > Use this file to discover other available public pages before exploring further. # $4B for 702 MW: Who Gets Paid as US AI Halls Buy Their Own Power - URL: https://www.sotkn.com/markets/us/us-data-center-fuel-cell-power-october-2026/ - Published: 2026-10-15T08:03:14.000Z - Updated: 2026-10-15T08:03:14.000Z - Description: US AI data centres are paying for their power plants before the halls exist. AEP will build $4 billion of fuel cells for Google, ordered before Google was named. The power gear makers are paid first. The halls are paid last. - Author: Sean - Tags: #market-us, Markets *US AI data centres are now paying for their power plants before the halls exist. On 14 October AEP said it will spend about $4 billion on a 702 MW fuel cell plant for Google in Wyoming. It ordered the fuel cells in January, before Google's name was public. A day earlier it bought 190 MW of generators without saying where they will go. The makers of the power gear are paid first. The halls are paid last. The stuck step is firm power at the hall.* **US PULSE** · AI DATA CENTERS · HYPERSCALERS · Data as at 14 Oct 2026 · Next update: Fermi's lease closing date, 31 October 2026 **Affects:** [AI Data Centers](https://www.sotkn.com/stack/ai-data-centers/) · [Hyperscalers](https://www.sotkn.com/stack/hyperscalers/) · [Neoclouds](https://www.sotkn.com/stack/neoclouds/) — Markets: [US](https://www.sotkn.com/markets/us/) · [Korea](https://www.sotkn.com/markets/korea/) · [Singapore](https://www.sotkn.com/markets/singapore/) **In short:** Between 6 and 14 October, four US deals showed AI data centres buying their power before their halls. AEP will build a $4 billion, 702 MW fuel cell plant near Cheyenne and sell the power to Google for 20 years; it bought the cells for about $2.65 billion in January. Black Hills will build 564 MW of gas plants for the same campus, with $399 million of Google's money already advanced for the gear. AEP also bought 190 MW of Mainspring generators, out of up to 1.6 GW, with no site named. And AMD agreed to stand behind a neocloud's rent so Fermi can borrow to build 222 MW in Texas. Gear makers are paid first. The stuck step is firm power at the hall. Map of who gets paid — not a buy list. Education only, not advice to buy or sell any security. Figures are as stated by the companies or reported. An option is not an order, and a signed lease that has not closed is not rent. Our own sums are labelled. ### The numbers that matter this week AEP fuel cell plant for Google $4B 702 MW · 20-year PPA · 14 Oct Reported Cells bought before the buyer was named $2.65B Unconditional order · 4 Jan Reported Google's advance for long-lead gear $399M To Black Hills · repaid by mid-2027 Reported Mainspring generators AEP bought 190 MW Of up to 1.6 GW to 2034 · no site named Reported Fermi lease AMD now backs $6.5B 222 MW over 15 years · closing 31 Oct Reported Google's Cheyenne campus, power named so far 47% 1,266 MW of 2.7 GW · peak load 2030 Stuck step Figures from AEP's statements of 8 January and 14 October, Black Hills' statement of 6 October, Mainspring's statement of 13 October and Fermi's statements of 13 and 14 October 2026\. The 47% is our arithmetic. Status chips are Second Order’s read. **On this page:** [Why it matters](#why-it-matters) · [What changed](#what-changed) · [Google’s Cheyenne power](#cheyenne) · [Generators with no address](#no-address) · [Fermi and AMD](#fermi) · [Our math](#our-math) · [Who gets paid](#money-goes) · [What is stuck?](#still-stuck) · [Dates next](#dates) · [What would change this](#change-view) · [FAQ](#faq) ## Why are US AI data centres buying their own power plants? Because the hall is useless without power, and the grid cannot add enough of it in time. A large AI hall takes two or three years to build; a new high-voltage line or a big power station often takes longer. So the companies that want the halls are doing something that used to be rare: they are ordering and paying for the power plant themselves, often before the hall is built and sometimes before anyone knows where the plant will sit. This changes who gets paid, and when. An AI hall earns nothing until its computers switch on. A power plant earns nothing until it makes power. But the company that builds the fuel cells or generators is paid when it takes the order and ships the gear. So the first cash in this cycle goes to the makers of power equipment, years before the first GPU runs. For the stages of a build and how long each one takes, see [how long it takes to build an AI data center](https://www.sotkn.com/explained/how-long-does-it-take-to-build-an-ai-data-center/). On 12 October our [PJM Pulse](https://www.sotkn.com/markets/us/us-pjm-capacity-shortfall-october-2026/) showed America's biggest grid running 6.8 GW short of what it needs, and federal regulators turning down the grid's plan to let new data centres connect early on condition that they could be cut off first. This Pulse looks at what happens next: if the grid cannot carry the load, the load brings its own plant, and somebody with a strong balance sheet pays for it. 1 · Power gear is ordered **Who:** Fuel cell and generator makers **Paid:** Bloom $2.65B · Mainspring 190 MW Paid first 2 · Plants are built **Who:** Utilities and plant owners **Paid:** AEP 702 MW · Black Hills 564 MW Paid next 3 · Power reaches the hall **Who:** The campus and its grid link **Paid:** Cheyenne: 47% of 2.7 GW named Stuck step 4 · Halls earn rent **Who:** Developers and their tenants **Paid:** Fermi: rent from Q4 2027 Paid later ## What changed between 6 and 14 October? Five announcements in nine days, all named and numbered. - **6 October — Black Hills signs up to power Google in Cheyenne.** Black Hills Corp., a utility based in South Dakota, said it had signed agreements, in force from 30 September and running to 2048, to serve a planned Google data centre in Cheyenne, Wyoming. It will spend $1.8 billion from 2027 to 2029 to build 564 MW of gas-fired power, and Google has already advanced $399 million for equipment that takes a long time to make. The campus is planned around 2.7 GW of power in all. - **13 October — AEP buys generators with no address.** Mainspring Energy, a maker of generators based in California, said American Electric Power had agreed to buy up to 1.6 GW of its machines through 2034, and had already bought the first 190 MW, for delivery from 2027\. Neither company said where they will go. - **13 October — AMD stands behind a tenant's rent.** Fermi America said AMD had signed a credit support agreement for the first phase of Project Matador in the Texas Panhandle: a 222 MW lease to the GPU cloud TensorWave. The two also agreed a framework for up to 650 MW. A day later Fermi published the lease's economics. - **13 October — Oracle keeps its own power.** Oracle said Bloom fuel cells will stay the main power source for Project Jupiter, its data centre campus in New Mexico. It offered the local utility, El Paso Electric, $10 million a year for ten years for backup and construction power, even if it uses less. - **14 October — AEP names Google.** AEP said it plans to spend about $4 billion on a 702 MW fuel cell plant near Cheyenne and sell all its power to Google for 20 years. The fuel cells come from Bloom Energy and were bought in January. ## How is Google paying for its Cheyenne power? ![Chart of the cost per megawatt of new power for US AI data centres: AEP fuel cells about $5.7M, Fermi $3M to $4M, Black Hills gas about $3.2M, Mainspring at least $2.5M](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/us-data-center-fuel-cell-power-october-2026-print.png) The fuel cells cost about 1.8 times the gas plant per megawatt. · Education only. Google's planned campus near Cheyenne is one of the biggest in the country. Black Hills says it will be served by 2.7 GW of power in all, counting a safety margin, starting late in 2027 and reaching its peak in 2030\. For what a site like this is and what it holds, see [what an AI data center is](https://www.sotkn.com/explained/what-is-an-ai-data-center/). Two power suppliers are now named, and Google pays both. The first is Black Hills. Through a business outside its regulated utility, it will build and own 564 MW of new gas-fired plant at its existing Cheyenne Prairie site, for $1.8 billion between 2027 and 2029\. With some power bought from the market, that gives up to 590 MW from the grid. It will also run a private local grid, a microgrid, that manages about 2.1 GW of power from other Wyoming suppliers. Black Hills says the deals are set up so that Google bears all the costs of serving the campus for the life of the project, so other customers do not pay. The second is AEP. American Electric Power is one of the largest US utilities, with customers in 11 states, none of them Wyoming. Its new plant company, Cheyenne Fuel Cell, is about 92% owned by AEP and nearly 8% by funds advised by Basalt Infrastructure Partners. It will put in 702 MW of Bloom Energy fuel cells, which make power from natural gas without burning it, and plans to add equipment to capture the carbon. Building starts this year and the plant should be fully running by the end of 2028\. Google buys the power for 20 years. Black Hills for Google New plant564 MW of gas · $1.8B Built2027 to 2029 Grid power to the campusUp to 590 MW Also managesAbout 2.1 GW from other suppliers Google's advance$399M for long-lead gear AEP for Google New plant702 MW of fuel cells · about $4B GearBloom Energy · ordered 4 Jan OwnersAEP about 92% · Basalt funds about 8% Contract20-year PPA with Google Fully runningEnd of 2028 The order of events matters most. AEP's January filing shows it had already signed an unconditional order for fuel cells worth about $2.65 billion on 4 January, together with a 20-year deal to sell all the plant's power to a buyer it described only as a “high investment grade” customer. If that deal's conditions were not met, AEP would be paid back for all its capital and costs. So Bloom had a firm order more than nine months before the world knew who the buyer was. AEP had first agreed in November 2024 to buy 100 MW of Bloom cells, with an option on 900 MW more. The Cheyenne plant uses most of that option. Google's own money moved early too. Black Hills says Google gave it $399 million of refundable advances to buy equipment that takes a long time to make, under what it calls a generation reservation agreement. Black Hills expects to pay that back by 30 June 2027\. In other words, the buyer paid to hold a place in the queue for gas plant parts. Black Hills gets paid early as well. It expects to start earning a return on its plant investment when building begins in 2027, not when the power flows. It says the project should add about $150 million of net income in 2030, and about $2.4 billion of free cash after paying for the plant over the life of the contracts. Our [Black Hills Wire](https://www.sotkn.com/wire/black-hills-google-cheyenne-gas-power-wire/) and [AEP Wire](https://www.sotkn.com/wire/aep-4b-702-mw-fuel-cell-google-data-center-power-wire/) carry the first read of each deal. For how Google itself spends on data centres, see [what Google does on the stack](https://www.sotkn.com/stack/hyperscalers/what-does-google-do/). ## Why would AEP buy generators with no address? ![Chart of power gear ordered before the hall: Mainspring 190 MW of 1,600 MW, Fermi 222 MW of 650 MW, Bloom 702 MW of 1,000 MW, Cheyenne 1,266 MW of 2,700 MW](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/us-data-center-fuel-cell-power-october-2026-shift.png) Firm orders come first; the full plans follow. · Education only. Because the gear is the scarce part. Mainspring makes linear generators: factory-built machines that turn gas, hydrogen blends or biogas into power without a turbine, in units that can be stacked from a fraction of a megawatt to more than 100 MW. Its order from AEP lets the utility take up to 1.6 GW through 2034\. AEP has already bought the first 190 MW, for delivery from 2027\. Bloomberg reported the deal could be worth more than $4 billion if AEP takes all of it. What AEP has not said is where the machines will go, or whether they will feed the wider grid or sit beside data centres. That is the point. A utility expecting big new customers now orders the plant first and finds the site later. AEP has worked with Mainspring since a 2022 trial in Oklahoma and has invested in the company before. AEP also signed a different kind of deal this month. Its Kentucky Power utility agreed on 1 October to supply TeraWulf's planned Muskie data campus with 1,000 MW by 2029, starting with 100 MW in October 2028\. TeraWulf will pay the financing costs of a new gas plant at Big Sandy while it is being built, plus $100 million of winter bill credits for local households over ten years. That needs the Kentucky regulator's approval. Our [TeraWulf Wire](https://www.sotkn.com/wire/terawulf-muskie-1-gw-kentucky-data-center-power-wire/) has the detail. Put the three together and AEP is playing every role at once: a regulated utility charging a data centre for a new plant before it runs, a plant builder selling power to Google outside its own territory, and a bulk buyer of generators with no customer named. In each one, the equipment is ordered or paid for before a hall draws its first megawatt. Oracle shows the same habit from the buyer's side: at Project Jupiter, Bloom fuel cells stay the main power and the utility is only the backup. Our [Oracle Wire](https://www.sotkn.com/wire/oracle-jupiter-epe-esa-10m-bloom-primary-wire/) covers the filing. ## What does AMD's backing of Fermi's lease show? Fermi America is building Project Matador, a huge energy and data centre site in Carson County, Texas, that makes its own power on site. Its first customer is TensorWave, a young GPU cloud that runs only AMD chips. The lease, announced on 10 August, covers 222 MW of total power, of which 156 MW reaches the computers. It is worth about $6.5 billion over 15 years, rises 2.5% a year, and has two five-year renewal options. Fermi builds and delivers the halls, with the first due in the fourth quarter of 2027 and the last in early 2028. The lease is not yet in force. On 22 September Fermi said its effect depends on several closing conditions: guaranties, work letters, board approvals and, most of all, project-level financing big enough to pay for building the halls. The closing date was moved from 30 September to 31 October to allow more time to agree a guaranty with an investment-grade company. On 13 October Fermi signed a credit support agreement with AMD, which S&P rates A and Moody's rates A1. The TensorWave lease, per Fermi ValueAbout $6.5B over 15 years Power / IT load222 MW / 156 MW DeliveryQ4 2027 to early 2028 Margin estimate75% to 80% of fixed rent Gas and power usePassed through to tenant What it costs to build, per Fermi Power plant$3M to $4M per MW of power Data halls$10M to $12M per MW of IT AMD's support startsAfter the last phase pays rent AMD's support endsIf tenant is investment grade 12 months Closing date31 October 2026 The detail that matters most is when AMD's support begins: only once construction is finished and rent has started on the final phase. So AMD stands behind the rent, not behind the building. The lenders who pay for the halls and the power plant still carry the risk until the halls are done. Fermi's own numbers show how much of the bill is power. It puts the power plant at $3 million to $4 million per megawatt and the halls at $10 million to $12 million per megawatt of computer load. For how a lease like this works, see [data center leases, explained](https://www.sotkn.com/explained/data-center-lease-explained/), and for the first read of the AMD deal, our [Fermi Wire](https://www.sotkn.com/wire/amd-backs-fermi-222-mw-data-center-power-lease-wire/). ## Our math: what do the numbers say? - Fuel cells per megawatt: $4 billion over 702 MW is about $5.7 million per MW (our arithmetic). - Gas plant per megawatt: Black Hills' $1.8 billion over 564 MW is about $3.2 million per MW. So, per MW, the fuel cells cost about 1.8 times the gas plant feeding the same campus (our arithmetic). - Share to the cell maker: if the $2.65 billion cell order sits inside AEP's $4 billion, which AEP has not said, about two-thirds of the project's money goes to Bloom, leaving about $1.35 billion for everything else (our arithmetic). - Google's campus power named so far: 702 MW plus 564 MW is 1,266 MW, about 47% of the 2.7 GW Black Hills says the campus will use. Neither company said whether AEP's plant counts in Black Hills' 2.1 GW of other suppliers (our arithmetic). - Mainspring's firm share: 190 MW is about 12% of the 1.6 GW ceiling. More than $4 billion for 1.6 GW, if fully drawn, is at least about $2.5 million per MW (our arithmetic). - Fermi's build bill: 222 MW of power at $3 million to $4 million per MW is about $0.67 billion to $0.89 billion. 156 MW of halls at $10 million to $12 million per MW is about $1.56 billion to $1.87 billion. Together about $2.2 billion to $2.8 billion, with power about 30% of it (our arithmetic). - Fermi's rent: $6.5 billion over 15 years is about $433 million a year on average, or about $1.95 million per MW of total power each year (our arithmetic). - The cell order came first: from 4 January to 14 October is 283 days between Bloom's firm order and Google's name going public (our arithmetic). What this tells you: money and buyers are not what is missing. Google, Oracle and AMD are all willing to stand behind the bill. What is missing is power that can reach the hall on time, and that is why the gear is bought first and at a higher price per megawatt than a normal plant. ## Who gets paid first? ![Infographic: who gets paid when US AI data centres buy their own power, and why firm power at the hall is the stuck step](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/us-data-center-fuel-cell-power-october-2026-infographic.png) Who gets paid / stuck step as US AI halls buy their own power. · Education only. First, the power gear makers — on the order. Bloom had an unconditional order from AEP for about $2.65 billion of fuel cells in January. Mainspring has a firm 190 MW order for delivery from 2027\. Black Hills is buying its long-lead gas plant parts with Google's $399 million advance. All of this cash moves before any hall in these deals draws power. Second, the utilities and plant owners — from the build. Black Hills earns a return on its plant from the start of construction in 2027 and a microgrid fee from late 2027\. In Kentucky, TeraWulf pays the financing costs of the new plant while it is built. AEP and the Basalt funds are paid mostly as the Cheyenne fuel cells produce power, with full output due by the end of 2028, and AEP was covered for its costs if the deal had fallen through. Third, the hall owners — once rent starts. Fermi's rent from TensorWave starts in the fourth quarter of 2027 at the earliest, and only if the lease closes. AMD's support starts later still, once the last phase pays rent. For the general pattern, see our members' Analysis on [where cash sticks when halls are signed first](https://www.sotkn.com/analysis/halls-signed-before-customers-where-cash-sticks/). Last, the tenants — when their computers are busy. TensorWave pays rent once it moves in, but earns only when it rents out its AMD GPUs to its own customers. For why idle GPUs earn nothing, see [GPU utilization, explained](https://www.sotkn.com/explained/gpu-utilization-explained/). Who pays: Google, Oracle, TeraWulf and, as a backstop, AMD. One-line rule: in the US right now, power gear makers are paid on the order, plant owners as they build, hall owners when rent starts, and tenants last. The stuck step is firm power at the hall. ## So what is the stuck step? Firm power at the hall — enough electricity, available at all hours, reaching the site when the computers arrive. Not money: Google, Oracle and AMD are all paying or backing the bill. Not customers: Google wants 2.7 GW in one place, and Fermi says TensorWave has more than 2 GW of capacity secured across its sites. Three things keep power stuck: - **Time:** the grid is slow to grow. In the biggest US grid, supply is 6.8 GW short and regulators have turned down a fast lane for new data centres. A plant built just for the campus is quicker, so the plant comes with the hall. - **Gear:** the parts are made in factories with queues. AEP ordered fuel cells before naming its buyer and generators before naming a site. Google paid $399 million to hold gas plant parts. Whoever orders last waits longest. - **Signature:** someone with strong credit must stand behind the bill for 15 to 20 years. Google does that for Cheyenne. For TensorWave it took AMD, and Fermi's lease is still not closed. So-what: campuses whose buyers can pay for their own plants, like Google's, get power on a known date. Smaller tenants need a bigger company's name behind them, as TensorWave needed AMD. The same wall shows up in Korea, where [new AI halls move to where the power is](https://www.sotkn.com/markets/korea/korea-pohang-ai-data-centre-financing-october-2026/), and in Texas, where [a new rule sets terms for large loads](https://www.sotkn.com/markets/us/us-texas-large-load-rule-october-2026/). For how utilities bill data centres before the power arrives, see our [members' Analysis](https://www.sotkn.com/analysis/utilities-bill-data-centers-before-power-where-cash-sticks/). ## Which dates test this read next? ![Calendar of dates that test whether power at the hall stays the bind for US AI data centres](https://storage.ghost.io/c/cd/10/cd10e222-131f-4ba4-b4a9-ca4214e8c12d/content/images/2026/10/us-data-center-fuel-cell-power-october-2026-calendar.png) Dates that test the read. · Education only. - 31 October 2026 — Fermi and TensorWave's closing date, already moved once. The test: whether AMD's backing is enough to raise the money and close the lease. - 2027 — the first Mainspring units reach AEP, and Black Hills starts building in Cheyenne. The test: whether the gear arrives on time, and where AEP puts its 190 MW. - 30 June 2027 — Black Hills expects to pay back Google's $399 million advance. The test: whether its own financing is in place. - Late 2027 — Google's Cheyenne campus starts taking power, and Fermi's first halls are due. The test: whether power reaches the halls on the day they are ready. - End of 2028 and 2030 — AEP's 702 MW fully running, then Cheyenne's peak load. The test: whether the other half of the 2.7 GW is named in time. ## What would change this view? - Grids find a faster way to connect big loads, for example through state rules or new lines arriving early — on-site plants would matter less and the stuck step would ease. - Fuel cell or generator makers cut delivery times sharply — the gear would stop being the scarce part and early orders would lose their edge. - Fermi's lease slips past 31 October again or fails — the signature, not the power, would be the tighter gate for smaller tenants. - AEP's 190 MW sits unused or unplaced into 2028 — it would show utilities over-ordered, and the demand behind the orders was weaker than it looked. ## Practical takeaways - AEP will spend about $4 billion on a 702 MW Bloom fuel cell plant for Google, with the cells ordered in January before Google was named - AEP bought 190 MW of Mainspring generators, of up to 1.6 GW, with no site named - AMD now backs TensorWave's $6.5 billion lease at Fermi, but only once the halls are built; the lease closes by 31 October or not - Power gear makers are paid first; hall owners are paid when rent starts. Stuck step: firm power at the hall ## FAQ **What did AEP agree with Google on 14 October 2026?** American Electric Power, a large US utility, said it plans to spend about $4 billion on a 702 MW power plant near Cheyenne, Wyoming, made of Bloom Energy fuel cells. Google will buy the power for 20 years. AEP owns about 92% of the plant company and funds advised by Basalt Infrastructure Partners own nearly 8%. Building starts in 2026 and the plant should be fully running by the end of 2028. **What is a fuel cell power plant?** A fuel cell turns gas into electricity through a chemical reaction instead of burning it. Bloom's cells are cabinets made in a factory and set down in rows on a pad. Many rows make a plant. They can be added faster than a big power station can be built, which is why AI data centres are buying them. **What is a power purchase agreement?** It is a long contract to buy electricity from one plant at agreed terms. The plant's owner uses the contract to raise money and build the plant. The buyer, here Google, gets a known supply. Under a PPA the seller is usually paid for power once the plant produces it. **Is this investment advice?** No. Education only. It maps who gets paid and which step is stuck. It is not a recommendation to buy or sell any security. ## Keep reading on the map - [US Markets hub](https://www.sotkn.com/markets/us/) — country page - [US PJM Pulse](https://www.sotkn.com/markets/us/us-pjm-capacity-shortfall-october-2026/) — 6.8 GW short while the grid waits - [Texas large-load rule Pulse](https://www.sotkn.com/markets/us/us-texas-large-load-rule-october-2026/) — the terms for big new loads - [Korea Pohang Pulse](https://www.sotkn.com/markets/korea/korea-pohang-ai-data-centre-financing-october-2026/) — AI halls move to the power - [AI capex, explained](https://www.sotkn.com/explained/ai-capex-explained/) · [hyperscale versus colocation](https://www.sotkn.com/explained/hyperscale-vs-colocation-data-center/) - [All Markets doors](https://www.sotkn.com/markets/) — Taiwan, Korea, US, China, Singapore, Australia, Malaysia **Get the Wire.** Second Order’s free daily brief on what moved in the AI chip map. [Read the Wire →](https://www.sotkn.com/the-wire/) · [Subscribe free →](https://www.sotkn.com/#/portal/signup) **Members’ Analysis (teaser):** When utilities bill data centres before the power arrives, where does cash stick? The free line: whoever builds the connection is paid before whoever uses it. [Read the Analysis →](https://www.sotkn.com/analysis/utilities-bill-data-centers-before-power-where-cash-sticks/) **How we check this.** Every deal comes from the companies' own releases and filings, dated 6 to 14 October 2026 and 8 January 2026, or from reports of them; the Mainspring value if fully drawn is Bloomberg's estimate as reported. Analyst price targets and buy calls are left out on purpose. Anything we worked out ourselves is labelled “our arithmetic”. An option, an unclosed lease and a planned megawatt are not running power, and we say so. The references we used are listed at the end. [Our editorial standards →](https://www.sotkn.com/editorial-standards/) Not investment advice. Do your own research. --- ### References 1. American Electric Power, AEP Advances Innovative Energy Solution for Google with 702MW of Bloom Fuel Cells, 14 Oct 2026\. [aep.com](https://www.aep.com/news/stories/view/12314/?ref=sotkn.com) — the $4 billion cost, 702 MW, the 20-year PPA, ownership split and the end-2028 date. 2. American Electric Power, Form 8-K on the fuel cell purchase and offtake, 8 Jan 2026\. [sec.gov](https://www.sec.gov/Archives/edgar/data/4904/000000490426000003/aep-20260104.htm?ref=sotkn.com) — the unconditional $2.65 billion cell purchase, the 1,000 MW option and the cost cover. 3. Black Hills Corp., agreements to serve Google's Cheyenne data center (Exhibit 99.1), 6 Oct 2026\. [sec.gov](https://www.sec.gov/Archives/edgar/data/1130464/000119312526415597/bkh-ex99%5F1.htm?ref=sotkn.com) — the 2.7 GW plan, the $1.8 billion gas build, Google's $399 million advance and the 2048 term. 4. Mainspring Energy, Mainspring Energy Signs Landmark 1.6 GW Agreement with AEP, 13 Oct 2026\. [mainspringenergy.com](https://www.mainspringenergy.com/news/mainspring-energy-signs-landmark-1-6-gw-agreement-with-aep-for-reliable-affordable-power-capacity?ref=sotkn.com) — the 1.6 GW ceiling, the 190 MW first order and 2027 deliveries. 5. The Daily Energy, AEP Signs Deal for Up to 1.6 GW of Mainspring Generators, 14 Oct 2026\. [thedailyenergy.com](https://thedailyenergy.com/aep-mainspring-1-6gw-linear-generator-deal/?ref=sotkn.com) — Bloomberg's estimate of more than $4 billion if fully drawn, and AEP's earlier stake. 6. Fermi Inc., Form 8-K with the TensorWave lease fact sheet, 14 Oct 2026\. [stocktitan.net](https://www.stocktitan.net/sec-filings/FRMI/8-k-fermi-inc-reports-material-event-ef05d09e0780.html?ref=sotkn.com) — the lease terms, unit costs, margin estimate and when AMD's support starts. 7. Data Center Project Tracker, Fermi America Secures AMD Credit Support Agreement for Up to 650 MW, 14 Oct 2026\. [datacenterprojecttracker.com](https://datacenterprojecttracker.com/news/fermi-america-secures-amd-credit-support-agreement-for-up-to-650-mw-of-capacity-in-texas-panhandle-us?ref=sotkn.com) — the 13 October agreement, the 650 MW framework and the financing risk. 8. Fermi Inc., Fermi and TensorWave Agree to Extend Closing Date to October 31, 2026, 22 Sep 2026\. [newswire.com](https://www.newswire.com/news/fermi-and-tensorwave-agree-to-extend-closing-date-to-october-31-2026?ref=sotkn.com) — the closing conditions, including project-level financing. 9. Oracle, Oracle Proposes Plan that could deliver at least $155M to offset customers utility costs in New Mexico, 13 Oct 2026\. [oracle.com](https://www.oracle.com/news/announcement/oracle-proposes-plan-to-offset-customers-utility-costs-2026-10-13/?ref=sotkn.com) — Bloom fuel cells staying as Project Jupiter's main power and the El Paso Electric payments. 10. Kentucky Power, Muskie Data Campus Power Fact Sheet, Oct 2026\. [kentuckypower.com](https://www.kentuckypower.com/lib/docs/company/about/MDC%5FPower%5FFact%5FSheet%5FOct%5F2026.pdf?ref=sotkn.com) — TeraWulf's 1,000 MW agreement, the carrying charges and the bill credits.