Episode Details

Synergy Research Group pegs hyperscale capex at $142 billion in Q3, while NARUC’s FERC comments draw a hard state-jurisdiction line around large-load interconnection. The buildout is scaling faster than the permitting and cost-allocation machinery around it.

In this episode

1. [PDF] Interconnection of Large Loads to the Interstate Transmission ... — National Association of Regulatory Utility Commissioners

   1 UNITED STATES OF AMERICA FEDERAL ENERGY REGULATORY COMMISSION Interconnection of Large Loads to the ) Docket No. RM26-4-000 Interstate Transmission System ) INITIAL COMMENTS OF THE NATIONAL ASSOCIATION OF REGULATORY UTILITY COMMISSIONERS The National Association of Regulatory Utility Commissioners (“NARUC”), respectfully submits these comments responding to the Federal Energy Regulatory…

2. Step Back — We usually count data center water risk as “gallons in,” but for AI-scale campuses with hybrid or liquid cooling, what actually comes out the other side — heat, chemicals, blowdown — and how well do today’s permits make that visible?

   Background sources

   • What’s in the water? What we know and don’t know about data center water discharge in Virginia • Virginia Mercury — Shannon Heckt
   • Water, air, and backup power: Permitting pinch points for AI facilities | Nixon Peabody LLP — Nixon Peabody LLP
   • Water-Related Permits for Data Centers | US EPA — US EPA
   • Ohio EPA reviewing draft permit to authorize limited increase in data center wastewater discharge | News, Sports, Jobs - Marietta Times — News, Sports, Jobs - Marietta Times
   • How Water and Wastewater Capacity Now Decide AI Data Center Sites — Datacenterknowledge
   • Regulating data center water use in California — Berkeley
   • State Regulation of Data Centers: Emerging Trends and Potential Legal Complexities — Wilmerhale
3. Hyperscale Spending Spree is Driving Dramatic Growth in Data Center Capacity | Synergy Research Group — Synergy Research Group

   ## Hyperscale Spending Spree is Driving Dramatic Growth in Data Center Capacity RENO, NV, December 19, 2025 New Q3 data from Synergy Research Group shows that the number of large data centers operated by hyperscale providers has climbed to 1,297 worldwide, nearly tripling since early 2018. Over the