Curated reference and analysis. Last full review: June 17, 2026
Verify all figures against ISO sources before relying on them for project decisions.
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.

What moved this week

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

  • PJM.Reform · 2026-06-10 — PJM opened a fast lane. FERC approved a temporary Expedited Interconnection Track for shovel-ready capacity. Qualifying projects sign interconnection agreements within ten months and reach operation within three years, against a standard queue that runs past eight years.
  • PJM.Milestone · 2026-06 — PJM runs its 2028/2029 Base Residual Auction this month as it returns to a three-year-forward schedule. The clearing price reads how tight supply has become against data-center load growth.
  • SPP.Reform · 2026-06-05 — SPP CHILLS cleared FERC. The Conditional High Impact Large Load Service gives large loads up to seven years of non-firm transmission service if they accept curtailment during grid emergencies while they acquire firm service. SPP now runs a standing non-firm lane for data-center-scale load.
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.

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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.

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Stargate / Abilene (Lancium Clean Campus)
High
Type
Data Center
Status
Under Construction
Location
Abilene, TX
ISO/RTO
ERCOT
Est. load
1,200 MW
COD
Phased; two buildings operational since Sept 2025, remaining six targeted mid-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
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. ongoing
    Milestone
    765-kV Permian Basin backbone

    ERCOT developing a 765-kV transmission backbone to support the Permian Basin region's load growth.

    Source ↗
  2. 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 ↗
  3. Dec 2026
    Milestone
    PUCT rulemaking deadline

    PUCT must complete SB6 large-load rulemaking (Project 58481/58317) by Dec 31, 2026. After 2026, only large loads with executed interconnection agreements count in the load forecast.

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

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

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

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

    Source ↗
  6. Aug 2026
    Milestone
    Transitional cluster study completion

    First cluster study expected complete by August 6, 2026.

    Source ↗
  7. 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 ↗
  8. Jun 2026
    Milestone
    Base Residual Auction 2028/2029

    Next capacity auction scheduled June 2026 as PJM works to return to a normal auction schedule.

    Source ↗
  9. 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 ↗
  10. May 2026
    Reform
    Large-load forecast debut

    ISO-NE's first large-load forecast appeared in the 2026-2035 CELT Report published May 1, 2026, establishing a framework for tracking data centers and other large loads.

    Source ↗
  11. 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 ↗
  12. 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 ↗
  13. Mar 2026
    Milestone
    Next ERAS cycle

    MISO's next ERAS cycle kicked off March 2, 2026.

    Source ↗
  14. Mar 2026
    Milestone
    Consolidated Planning Process effective

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

    Source ↗
  15. 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 ↗
  16. 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 ↗
  17. 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 ↗
  18. 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 ↗
  19. 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 ↗
  20. 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 ↗
  21. 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 ↗
  22. 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 ↗
  23. 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 ↗
  24. 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 ↗
  25. 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 ↗
  26. 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 ↗

Baseline edition: June 17, 2026. Weekly changes, project signals, and analyst revisions will be added in future updates.