PJM Capacity Prices Hit a Record. The Load They're Pricing May Already Be Shrinking.

The Constraint Has Shifted—and Most of the Industry Is Still Solving the Old One

The real problem isn’t how much power data centers use—it’s how their demand behaves, and why the system doesn’t price it.

As AI-driven demand surges, a deeper shift is unfolding inside the power system

States are competing to shape AI as physical infrastructure. Diverging archetypes—from hyperscale clusters to energy-led expansion—are creating a new hierarchy. Regions that align compute, energy, and institutions will lead; others will operate within systems designed elsewhere.

Data center developers are building a parallel “shadow grid” to bypass delays and costs. With 47 GW emerging—rivaling grid builds—this system is largely invisible to planners. FERC’s response may unintentionally push more operators fully off-grid, deepening coordination and reliability risks.