Archive
Analysis of electricity markets, capacity pricing, grid economics, and market structure in power systems.
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Stablecoins & Payments
A reading hub on stablecoin rails, payment networks, treasury workflows, and the compliance layer that now decides who captures the margin.
Agents & Governance
A reading hub on MCP, enterprise deployment, autonomous coding, evals, and the safety layer that keeps agent systems usable in production.
Power Markets & Data Centres
A reading hub on PJM capacity pricing, data-centre load growth, dedicated generation, and the macro effects of energy shocks.
Story index
7 stories
FERC says summer 2026 electricity consumption should exceed each of the previous five summers. In a grid already wrestling with large new loads, that keeps reliability and cost allocation on the front foot.
PJM's latest strategy update puts data-centre and large-load curtailment inside the formal planning agenda. That is a sign that demand flexibility is moving from emergency tool to design assumption.
PJM's new market-design paper is not a pricing note. It is a structural question about whether common reliability can survive rising demand and constrained supply without changing who hedges, who curtails, and who pays.
The grid is no longer just delivering power. It has to pre-commit firm supply years ahead while AI load keeps compounding.
Spot prices tell you what electricity costs now. Capacity prices tell you what it costs to guarantee it will still be there when the grid is stressed.
The question is no longer just how much firm capacity PJM needs. It is whether the new load that creates the need should pay for it directly.
With U.S. gas prices above $4 and crude back above $100, the market is treating energy as a regime variable again - not a sector detail.