Weekly Power Brief · No. 5
The owners are writing the checks
Utilities spent earnings week reserving turbines and raising capital plans, while the bill for new capacity moved toward the large loads that need it. This week: three Turbine Desk items on FirstEnergy's turbine reservation, AEP's $20 billion gas plan, and GE Vernova selling 2032 slots; three Grid & Markets items on PJM's backstop refile, a Senate bill that would make data centers pay twice, and Xcel Energy's $70 billion plan; and one Builders & AI item on grid sensor data at Dominion Energy, each linked to the source.
The thread this week is the owner's checkbook. One utility holding company reserved turbines for 2030 and asked the market for 3 GW more. Another raised its gas generation budget to $20 billion. A third added 3.3 GW of gas to a $70 billion plan. And the biggest turbine maker is now selling 2032 delivery slots, with this year's order pricing running about 50% above last year's.
At the same time, the bill is moving. PJM wants the large loads driving its shortfall to pay for the backstop capacity, and a Senate bill would make big data centers pay for the existing grid and the new lines built for them. For people building companies in power, grid, generation, construction, and infrastructure — and for the operators and founders using AI inside those businesses — capital plans now set the work list for the next decade.
Why builders should care
- Reservations come before permits. FirstEnergy locked in turbines for 2030 while its certificate was still pending. The slot is now the first milestone.
- Utilities are buying in gigawatts. A 3 GW turbine solicitation, about 9 GW of planned gas at AEP, and 3.3 GW at Xcel add up to years of engineering, construction, and commissioning work.
- A slower order pace is not a soft market. GE Vernova's quarterly gain shrank to 6 GW, but it is booking 2032 slots and pricing is still rising. Owners who wait for prices to ease may wait a long time.
- Bridge power is a real category. FirstEnergy is studying engines, fuel cells, and batteries that can serve a data center first and move later. Fast, portable capacity is its own market.
- Large loads will pay more, and pay first. PJM's backstop costs follow large-load growth, and the Senate bill would charge big data centers twice. Developers will price that in, and one buyer group warns that pushing too hard could send some off the grid.
- AI starts with the sensor archive. Dominion's alliance builds on a data partnership that dates to 2019. The model is only as good as the history behind it.
What to watch next: The Senate vote on the permitting bill (November 9). EIA's next Short-Term Energy Outlook (November 10). Siemens Energy's full-year results (November 11), with its gas services backlog and slot reservations. NERC's 2026–2027 Winter Reliability Assessment (November 18). FERC's response to PJM's amended backstop filing.
Every item below links to the public source. Read the original before you bet a schedule on a summary.
Turbine Desk
FirstEnergy reserves Siemens Energy turbines and asks for 3 GW more
Two FirstEnergy utilities signed a reservation agreement with Siemens Energy for turbines with 2030 delivery for Maidsville Energy Center, a roughly $2.7 billion project with a 1,200 MW gas plant in West Virginia. They also issued a request for proposals for 3 GW of combined-cycle turbines for data center load, and are studying portable bridge power from engines, fuel cells, and batteries.
AEP raises its gas generation budget to $20 billion
American Electric Power lifted its five-year capital plan 30% to $100 billion, with $20 billion for gas-fired generation through 2031, up from $13 billion, and $37 billion for transmission. Its utilities plan about 9 GW of new gas through 2032. Contracted large load rose to 84 GW from 69 GW. The CFO said contracted demand is outgrowing the output of the existing fleet.
GE Vernova sells 2032 slots as the order pace cools
GE Vernova's gas turbine capacity under contract rose 6 GW to 122 GW, after double-digit gains earlier in 2026. It expects at least 130 GW by year-end and is taking reservations for 2032 delivery. Third-quarter orders were priced more than 20% above fourth-quarter 2025, and full-year order pricing is on track to rise about 50%. Management noted no slot exits.
Grid & Markets
PJM refiles its backstop and sends the bill to large loads
PJM filed an amended Reliability Backstop Procurement at FERC, aiming to open it March 1, 2027 to cover the roughly 6,800 MW shortfall from its 2028/2029 auction. Costs would follow large-load growth, zone by zone. Resources could win terms of up to 15 years at a maximum MW-weighted average of $555/MW-day. Bilateral contracts shrink the target.
A Senate permitting bill would make data centers pay twice
The Senate's bipartisan permitting bill would direct FERC to make computational loads over 20 MW pay both the embedded cost of the existing grid and the cost of new lines built for them, and hold them liable for capital costs if they exit early. Two industry groups whose members include hyperscalers endorsed it. The Senate is set to vote November 9.
Latitude Media, on data center cost provisions in the Senate permitting bill
Xcel Energy lifts its five-year plan to $70 billion
Xcel Energy's five-year plan, up 17% from $60 billion, calls for 9.2 GW of renewables, 2.3 GW of storage, 3.3 GW of gas generation, and 2,400 miles of new transmission. About $7 billion serves data centers already under contract. The CEO said another $10 billion could follow, covering more than 15 GW in pending requests for proposals.
Builders & AI
Dominion Energy turns 5 petabytes of grid data into early warnings
Dominion Energy Virginia and data platform provider PingThings launched an alliance to use grid sensor data and AI to spot failing equipment and anticipate outages before they happen. The platform holds about 5 petabytes of data from lines, substations, and transformers, expected to more than double in a few years. The two have worked together since 2019.