Look, hyperscaler demand hasn't slowed — 2026 spend tracking nearly 75% above last year and still moving up. ERCOT's queue tops 400,000 megawatts; our read is nothing near that materializes. Forward curves past 2029 only bake in 10,000 to 15,000 incremental; if actual load hits 30,000, prices feel it. We've filed about 5,000 megawatts — uprates, gas, storage — into PJM's queue, and the Freestone substation for CyrusOne targets Q4 2026. Timing's the variable; most load isn't on the system yet. Tunnel's real, light's visible.
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