Public documents, read carefully.

189 FERC ¶ 61,078 — the order that constrained behind-the-meter as a queue-bypass.

"We find PJM has failed to meet the high burden to demonstrate the non-conforming provisions are necessary." (P 86)

Report 598 — 156 pages, most cited and least read paper in the debate.

"Building enough infrastructure to meet unconstrained energy demand will be very difficult to achieve." (Summary, p. iii)

PUR-2025-00058 — first state to write a dedicated data-center rate class.

"GS-5 customers contributed an overall per books rate of return of 6.28% ... the lowest return for all rate classes other than outdoor lighting."

Every Base Residual Auction. 2027/28 cleared at the $333.44 cap.

Independent Market Monitor: ~45% of $47.2B cleared cost across the last three auctions attributable to data-center growth.

Item 9A: internal controls not effective at Dec 31, 2025.

Microsoft 67% of FY25 revenue. $21.6B total indebtedness. $60.7B RPO. Useful life extended 5→6 years.

$27.3B notes at 6.581%, A+ S&P. The off-balance-sheet template.

4-year initial lease coupled with a 16-year residual value guarantee. Strip the Meta backstop and the bonds are sub-IG.

Two reports. The 2016 forecast was correct until GPUs ate the model.

2024 report projects 325–580 TWh by 2028 — an 80% spread that is itself the key finding.

Permit 01156-01PC. NAACP v. X.AI Corp., 3:26-cv-00074-MPM-JMV.

Federal complaint quotes Brent Mayo email chain documenting 27-turbine unpermitted buildout. "Move fast and break things."