THE DEVELOPMENT
What happened
The Federal Energy Regulatory Commission accepted PJM’s proposal for filing but suspended it for five months, with a February 28, 2027 effective date subject to further proceedings. PJM consequently did not launch procurement on September 30 and says the revised schedule remains undetermined. That effective date is not a promise of available electricity.
A central concern is how to assign costs to the new demand driving the need for additional supply, rather than shifting those costs to existing customers.
PREMIA VIEW
What this means for operators and investors
Data-center developers should reassess both the power-delivery schedule and their potential share of supply costs. Fiber owners should examine whether customer opening dates depend on this procurement before committing construction capital.
WHAT REMAINS UNCERTAIN
The revised procurement timetable, final cost allocation and implications for individual projects. The delay does not establish that every data center in PJM will open late.
DECISION QUESTIONS
Three questions stakeholders should answer now.
- 01Does the customer’s power plan depend on this procurement?
- 02Who bears additional power costs or delays under existing contracts?
- 03Which fiber expenditures can wait until power milestones are confirmed?
WHAT TO WATCH
What to watch next
PJM’s October 7 administrative update, revised filings and a new procurement schedule.
SOURCES
Reporting and primary materials.
- PJMSeptember 30 update↗
- Federal Energy Regulatory CommissionSeptember 29 regulatory order↗
- Federal Energy Regulatory CommissionCommissioner See’s explanation of cost concerns↗
Premia’s analysis reflects information available as of the publication date. Reported facts are attributed to the linked sources; the Premia View and decision questions are our analysis.