Curated reference and analysis. Last full review: July 9, 2026
Verify all figures against ISO sources before relying on them for project decisions.
Updated July 9, 2026 · FERC Watch

FERC put the whole grid on notice on June 18, 2026. Intervention in all six show-cause dockets closes today. See the FERC Compliance Clock below for the deadline ladder. ERCOT, intrastate, stays on its own track.

Read the full breakdown in FERC Watch →
Exhibit 1

U.S. ISO/RTO large-load positioning

A manually maintained view of queue pressure, large-load posture, reform status, and market positioning for data-center and energy-project development.

Current market read

Favorable
  • ERCOT
  • SPP
Mixed
  • PJM
  • NYISO
  • MISO
Challenged
  • CAISO
  • ISO-NE

ERCOT and SPP screen as the most favorable large-load markets based on speed, framework clarity, and development posture. PJM, NYISO, and MISO remain mixed because demand is real but rules, queues, or cost allocation are still moving. CAISO and ISO-NE screen as challenged for large-load and data-center development due to queue duration, market size, cost, or siting constraints.

Confidence — High: confirmed by the operator or a primary filing. Medium: reported by a credible secondary source. Low: directional estimate, verify before relying.

Regulatory · Updated July 9, 2026

FERC Compliance Clock: the six show-cause orders

On June 18, 2026, FERC issued Section 206 show-cause orders to all six jurisdictional grid operators, preliminarily finding their tariffs unjust and unreasonable on large-load interconnection. Each must justify its rules or rewrite them. The clock below tracks every deadline in the proceeding. Non-RTO utilities (including most of the Southeast and West) are outside these orders but were encouraged to file voluntary reforms.

DateMilestoneStatus
June 18, 2026Orders issued to PJM, MISO, SPP, CAISO, ISO-NE, NYISOPassed
July 9, 2026Intervention deadline for interested parties in all six docketsLive today
July 20, 2026Informational reports due: each RTO must show how generation will be adequate to serve new large loadsUpcoming
Aug 3, 2026Deadline to request a 90-day abeyance (pushes the response to Nov 15)Upcoming
Aug 17, 2026Show-cause responses due: justify the tariff or propose revisionsUpcoming
Sept 16, 2026Stakeholder replies to RTO responses dueUpcoming
Per-RTO status
SPP
Docket EL26-68

Furthest ahead. FERC praised its HILL and HILLGA frameworks and told other regions to follow its lead; remaining gaps are alternative transmission technology evaluation and pro forma service agreement terms.

PJM
Docket 195 FERC ¶ 61,211

Partial credit. Already under a December 2025 co-location order with a compliance filing accepted in part in June 2026; exempted from some directives other regions received.

MISO
Docket EL26-70

On notice. FERC flagged the fastest data-center growth of any region (43% compound annual growth in data center capacity since 2020) against a tariff with no consistent large-load framework.

NYISO
Docket EL26-69

Has load-study thresholds (10 MW and up at 115 kV+) but no tailored large-load service rules.

CAISO
Docket EL26-71

Load interconnection lives at the utility level, not the ISO; FERC wants clarity anyway.

ISO-NE
Docket EL26-72

No express large-load provisions at all. FERC called its concern here less urgent than other regions but still ordered justify-or-reform.

FERC's five reform categories: faster study processes, cost-shift protection, co-location and behind-the-meter rules, flexible transmission service for large loads, and paired load-generation studies. The commission told the RTOs it prefers they file voluntary Section 205 revisions rather than wait to be rewritten.

What moved this week

Cross-market summary of meaningful changes since the last review.

  • Jul 9, 2026FERC.Intervention window closes today in all six show-cause dockets. The parties on these service lists will shape large-load rules in every organized market. Source ↗
  • Jul 7, 2026PJM.2028/29 capacity auction closed; results land July 14 after 4 p.m. ET. First auction since the negotiated price cap expired. The 2027/28 auction cleared at the $333.44/MW-day cap and PJM's own simulation showed roughly $530 without it. Source ↗
  • Jul 10, 2026ERCOT.Batch Zero paperwork due July 10 (legacy study approvals, notarized ILLE commitment forms) and July 15 (project info and financial security). Enverus estimates ~21.7 GW across 55 projects can make the cut; ~37 GW across 62 projects likely defer to Batch 1. Source ↗
  • Jul 1, 2026Virginia.Data center electricity tax took effect. First of its kind: $0.011 per kWh on all data center consumption, projected at ~$600M/yr for the state general fund. The largest data center market in the world just put a per-kWh price on itself. Source ↗
  • Jul 2026Stargate Abilene.Projected to cross 1 GW of facility power this month (Epoch AI), one of five US campuses crossing the gigawatt line in 2026 alongside Anthropic-Amazon New Carlisle, xAI Colossus 2, Microsoft Fayetteville, and Meta Prometheus. Source ↗
  • Jun 2026FERC fast lanes.Approved two: PJM's Expedited Interconnection Track (up to 10 requests/yr, 250 MW min, ~10 months to an IA, sunsets end of 2027) and SPP's CHILLS, non-firm transmission service for up to seven years while network upgrades get built. Source ↗
How to read this

Use this table as a directional market screen. Queue figures, large-load posture, reform status, and author analysis are shown side by side so a reader can quickly compare where development may be easier, harder, or simply less certain.

Sort

Positioning tiers are the author's analysis based on current queue dynamics, reform status, large-load posture, and policy signals. They are not official ISO ratings.

Exhibit 2

Selected project signals

Selected publicly announced projects that may signal large-load demand, interconnection pressure, generation needs, transmission investment, or grid-adjacent construction activity.

This is not a complete project database. Inclusion means only that a project is publicly announced or reported and may be relevant to the market screen.

Filter
Stargate / Abilene (Lancium Clean Campus)
High
Type
Data Center
Status
Operational
Location
Abilene, TX
ISO/RTO
ERCOT
Est. load
1,200 MW
COD
Projected to cross 1 GW of facility power in July 2026 per Epoch AI's independent buildout tracking; two buildings live since Sept 2025, remaining six ramping through 2026
Vantage 'Frontier' Campus
High
Type
Data Center
Status
Under Construction
Location
Albany / Abilene, TX
ISO/RTO
ERCOT
Est. load
1,400 MW
COD
First building H2 2026
Meta Lebanon Campus (LEAP District)
High
Type
Data Center
Status
Under Construction
Location
Lebanon, IN
ISO/RTO
MISO
Est. load
1,000 MW
COD
Late 2027 to early 2028
Fermi America 'Project Matador'
Medium
Type
Data Center
Status
Delayed
Location
Amarillo, TX
ISO/RTO
ERCOT
Est. load
11,000 MW
COD
Uncertain; construction paused early 2026; first ~1,000 MW targeted end of 2026
Microsoft Mount Pleasant (Foxconn site)
Medium
Type
Data Center
Status
Under Construction
Location
Mount Pleasant, WI
ISO/RTO
MISO
Est. load
900 MW
COD
Phased; Phase 1 ~400-450 MW; build-out approaching ~900 MW; projected up to ~3,300 MW by late 2027 across four buildings
Golden-to-Mars 500kV Transmission Loop
High
Type
Transmission
Status
Permitting
Location
Ashburn / Leesburg, VA
ISO/RTO
PJM
Est. load
N/A
COD
Targeted in service by June 1, 2028
TeraWulf Lake Mariner Campus (CB-5)
Medium
Type
Data Center
Status
Under Construction
Location
Barker / western New York, NY
ISO/RTO
NYISO
Est. load
200 MW
COD
Phased; CB-5 building H2 2026, expansion to 138+ MW by 2028-2029
Meta Prometheus (New Albany, Ohio)
Medium
Type
Data Center
Status
Under Construction
Location
New Albany, OH
ISO/RTO
PJM
Est. load
1,000 MW
COD
Targeted online 2026-2027; on-site ~200 MW gas generation targeted Nov 2026
Meta Hyperion
High
Type
Data Center
Status
Under Construction
Location
Holly Ridge / Rayville, LA
ISO/RTO
MISO
Est. load
5,000 MW
COD
Phased through the late 2020s
Homer City Energy Campus
High
Type
Data Center
Status
Under Construction
Location
Homer City, PA
ISO/RTO
PJM
Est. load
4,500 MW
COD
Phased from 2027
Amazon AWS Rainier (Project Rainier)
High
Type
Data Center
Status
Under Construction
Location
New Carlisle, IN
ISO/RTO
PJM
Est. load
2,200 MW
COD
Phased; partial operation underway
Stargate Lighthouse (Vantage, Port Washington)
Medium
Type
Data Center
Status
Permitting
Location
Port Washington, WI
ISO/RTO
MISO
Est. load
900 MW
COD
Not confirmed
IREN Oklahoma Campus
High
Type
Data Center
Status
Permitting
Location
Oklahoma — exact site not confirmed, OK
ISO/RTO
SPP
Est. load
1,600 MW
COD
Power ramps from 2028
Google 'Project Mica' (Kansas City Northland)
High
Type
Data Center
Status
Permitting
Location
Kansas City, MO
ISO/RTO
SPP
Est. load
Not disclosed
COD
Not confirmed
Oncor Longshore–Drill Hole 765-kV Line
High
Type
Transmission
Status
Permitting
Location
West Texas, TX
ISO/RTO
ERCOT
Est. load
N/A
COD
Targeted energization December 2028
Exhibit 3

Interconnection reform timeline

Dated regulatory and queue-reform actions across U.S. ISO/RTOs. Compiled from the recent reforms and upcoming milestones recorded on each ISO profile.

  1. Dec 2028
    Milestone
    Permian 765-kV backbone target energization

    Oncor's Longshore–Drill Hole 765-kV line (~180 miles), first segment of the Permian 765-kV backbone, targeting December 2028.

    Source ↗
  2. 2028
    Milestone
    Direct Loss of Load accreditation begins

    MISO moves to Direct Loss of Load accreditation beginning with 2028/29 planning, valuing resources on performance during highest-risk hours.

    Source ↗
  3. Aug 2027
    Milestone
    ERAS sunset window

    ERAS ends August 31, 2027 or when the 68-project cap is met, whichever is earlier.

    Source ↗
  4. Mar 2027
    Milestone
    Reliability Backstop Procurement Phase II

    Phase II auction expected. Pairs with the May 2027 capacity-market reforms PJM previewed in its May 2026 white paper.

    Source ↗
  5. Feb 2027
    Milestone
    NY DPS large-load white paper

    DPS staff to convene a technical conference before Dec 31, 2026 and issue a recommendations white paper by Feb 12, 2027.

    Source ↗
  6. Dec 2026
    Milestone
    PUCT SB6 rulemaking deadline

    PUCT must complete SB6 large-load rulemaking (standardized interconnection, load transparency, curtailment rules) by Dec 31, 2026. After 2026, only large loads with executed interconnection agreements count in the load forecast.

    Source ↗
  7. Dec 2026
    Milestone
    Capacity Auction Reforms — Phase 2

    Phase 2 (separate summer/winter auctions plus accreditation reform) expected at FERC by the end of 2026.

    Source ↗
  8. Dec 2026
    Milestone
    NYISO Board approval / FERC filing

    NYISO targets Board approval and FERC filing of large-load interconnection reforms by December 2026.

    Source ↗
  9. Oct 2026
    Milestone
    First full cluster study window

    Request window for the first full cluster study opens October 2026.

    Source ↗
  10. Sep 24, 2026
    Milestone
    Consumer Liaison Group — Portland, ME

    CLG meets Sept 24 in Portland, Maine (storage focus). The June 2 CLG meeting in Lowell, Mass. was the region's first major public forum on data center growth.

    Source ↗
  11. Sep 2026
    Milestone
    Reliability Backstop Procurement Phase I

    Phase I bilateral contracting targets a projected shortfall — initial procurement near 14.9 GW, revised toward roughly 9 GW. Paid for by large loads.

    Source ↗
  12. Aug 17, 2026
    Milestone
    Show-cause response due (EL26-72)

    ISO-NE must justify or reform its large-load tariff by August 17, 2026 (Nov 15 with abeyance).

    Source ↗
  13. Aug 17, 2026
    Milestone
    Show-cause response due (EL26-70)

    MISO must justify or reform its large-load tariff by August 17, 2026 (or November 15 with abeyance).

    Source ↗
  14. Aug 17, 2026
    Milestone
    Show-cause response due (EL26-71)

    CAISO must justify or reform its large-load posture by August 17, 2026 (Nov 15 with abeyance). Because CAISO does not directly study load interconnections, its remedy will differ structurally from PJM's.

    Source ↗
  15. Aug 6, 2026
    Milestone
    Transitional cluster study completion

    First cluster study expected complete by August 6, 2026.

    Source ↗
  16. Jul 14, 2026
    Milestone
    PJM 2028/29 BRA results

    2028/29 Base Residual Auction ran June 30–July 7, 2026; results released July 14 after 4 p.m. ET. First auction without the cap/floor construct. The 2027/28 auction cleared at the $333.44/MW-day cap; PJM's own simulation showed roughly $530/MW-day without it. Top upcoming milestone on the tracker.

    Source ↗
  17. Jul 10, 2026
    Milestone
    Batch Zero qualification deadlines

    ERCOT's first structured large-load interconnection batch under PGRR145 hits qualification deadlines July 10–24, 2026, with financial security requirements on the order of $50,000/MW. Enverus estimates ~21.7 GW across 55 projects can make the cut; ~37 GW across 62 projects likely defer to Batch 1.

    Source ↗
  18. Jul 1, 2026
    Milestone
    Virginia data center electricity tax effective

    Virginia's first-of-its-kind $0.011/kWh tax on all data center consumption took effect July 1, 2026. Projected ~$600M/yr for the state general fund. Applies within the Dominion (PJM) zone.

    Source ↗
  19. Jul 2026
    Milestone
    Monterey Park data-center ban

    Monterey Park, Calif. voters approved a ballot measure banning data centers inside city limits — an early example of prohibition by referendum. (Data Center Knowledge, July 2026.)

    Source ↗
  20. Jun 2026
    Reform
    FERC approves Expedited Interconnection Track

    FERC approved PJM’s temporary Expedited Interconnection Track for large, shovel-ready capacity resources. PJM expects qualifying projects to execute GIAs within 10 months and be operational within three years.

    Source ↗
  21. Jun 2026
    Reform
    2026 OMS-MISO Survey

    Utilities expect ~15 GW/yr of new accredited summer capacity through 2031, with ~4 GW/yr moving through the ERAS lane. (OMS-MISO Survey, June 4, 2026; TD World.)

    Source ↗
  22. Jun 2026
    Reform
    FERC approves CHILLS non-firm service

    On June 5, 2026 FERC approved SPP's Conditional High Impact Large Load Service (CHILLS), providing up to seven years of non-firm transmission service to large loads that agree to curtailment during grid emergencies while they acquire firm service.

    Source ↗
  23. May 2026
    Reform
    2026 CELT Report — first large-load forecast

    The 2026 CELT Report (published May 1, 2026) debuted ISO-NE's first-ever large load forecast component, built from transmission-owner surveys with proposals derated by development maturity. (ISO Newswire, May 2026.)

    Source ↗
  24. May 2026
    Reform
    Order 2023 compliance filed

    MISO's Order 2023 compliance filing submitted May 18, 2026.

    Source ↗
  25. Mar 2026
    Reform
    PUCT draft rule 16 TAC 25.194

    PUCT published draft large-load interconnection rule March 12, 2026 requiring $50,000/MW financial security, 5-yr-plus site control, and intermediate agreements before study. Comments due April 17, 2026.

    Source ↗
  26. Mar 2026
    Reform
    Capacity Auction Reforms — Phase 1 accepted

    FERC accepted Phase 1 of ISO-NE's Capacity Auction Reforms on March 31, 2026: auctions move from three years forward to roughly one month before delivery, starting 2028. Resources must be operational to sell capacity, ending phantom entry. Phase 2 (separate summer/winter auctions plus accreditation reform) expected at FERC by end of 2026.

    Source ↗
  27. Mar 2026
    Reform
    Class Year Queue Window proposal

    NYISO continued refining its proposed class-year queue window to replace current interconnection queue processes; stakeholders still raising prioritization and off-ramp concerns.

    Source ↗
  28. Mar 2026
    Milestone
    Consolidated Planning Process effective

    SPP's CPP became effective ~March 1, 2026, sunsetting the interim Priority Process.

    Source ↗
  29. Feb 2026
    Reform
    Co-location compliance filings

    PJM filed Jan 20 and Feb 23, 2026 compliance proposals establishing a Necessary Studies process requiring co-located generators to bear upgrade costs and adjust Capacity Interconnection Rights.

    Source ↗
  30. Feb 2026
    Reform
    Hochul 'Energize NY' PSC proceeding

    Governor Hochul announced a PSC proceeding to streamline interconnection rules and require data centers driving exceptional demand to cover the grid-upgrade costs they create.

    Source ↗
  31. Jan 2026
    Reform
    FERC approves HILL initiative

    FERC approved SPP's High Impact Large Load initiative establishing protocols to accelerate large-load interconnection and associated generation while protecting consumers.

    Source ↗
  32. Jan 2026
    Reform
    Large Load Considerations initiative

    CAISO opened a Large Load Considerations initiative with an issue paper January 30, 2026, working the seams between utility-level load interconnection and CAISO transmission planning.

    Source ↗
  33. 2026
    Milestone
    Track 3 second FERC filing

    CAISO to file second Track 3 reforms in 2026, with more granular processing timelines for Cluster 16 and future clusters.

    Source ↗
  34. Dec 2025
    Reform
    FERC co-location show-cause order

    FERC directed PJM to create three new transmission service options for co-located large loads and revise behind-the-meter generation rules to curb cost-shifting.

    Source ↗
  35. Dec 2025
    Reform
    Oncor Longshore–Drill Hole 765-kV line filed

    Oncor filed the ~180-mile Longshore–Drill Hole 765-kV line in December 2025, the first leg of the Permian 765-kV backbone, targeting energization by December 2028.

    Source ↗
  36. Dec 2025
    Reform
    Second ERAS cycle

    MISO announced its second Expedited Resource Addition Study cycle (~6.1 GW), primarily battery and gas, to fast-track reliability-critical generation.

    Source ↗
  37. Oct 2025
    Reform
    First transitional cluster study

    Launched first-ready-first-served cluster study of 26 interconnection requests (~8 GW): 21 battery, 3 wind, 2 solar, mostly in Massachusetts. Adds financial and site-control requirements and withdrawal penalties.

    Source ↗
  38. Oct 2025
    Reform
    IPE 5.0 draft final proposal

    CAISO released Interconnection Process Enhancements 5.0 draft final proposal, refining scoring, deliverability, and readiness reforms.

    Source ↗
  39. Sep 2025
    Reform
    RR696 / HILL pathways

    SPP Board passed Revision Request 696 in September 2025, paving the way for CHILL service and HILLGA — a streamlined large-load path with ~90-day interconnection agreements.

    Source ↗
  40. Jun 2025
    Reform
    Senate Bill 6 signed

    Directs PUCT to create large-load interconnection standards, transparency requirements, financial security, and mandatory/voluntary curtailment programs for loads 75 MW+.

    Source ↗
  41. Dec 2024
    Reform
    JTIQ portfolio approved

    Joint Targeted Interconnection Queue portfolio with SPP approved, enabling ~28.6 GW of generation to interconnect along the MISO-SPP seam.

    Source ↗
  42. Oct 2024
    Reform
    Zonal interconnection reform approved

    FERC approved CAISO's zonal, scored interconnection process applying to Cluster 15, designating merchant zones where developers fund upgrades.

    Source ↗

Last full data refresh: July 9, 2026. Project signals and analyst revisions will be added in future updates.