, 8 min read
The Tenant Pays: This Week's Utility Prints Show AI Is Now Paying for the Grid
AEP, FirstEnergy, and Dominion all reported this week. The data-center story has shifted from 'how much load is coming' to 'who pays for the wires.' SoftBank is funding a ~$5B set of Ohio power lines at an 11.35% return for AEP, and my math says that's about two cents per GPU-hour.