THE NUMBER

£12 billion

The investment behind RWE and KKR’s 2.8 GW Vanguard West and Vanguard East offshore wind farms off Norfolk. That works out to roughly £4.3 million per megawatt of capacity.

Plenty of oil companies are using AI. Few can tell you what it’s worth.

We went through 220 AI projects at 104 oil and gas companies. Most are up and running. Only 55 come with a number, and those numbers don’t measure the same thing.

TODAY’S MENU

LEAD STORY

£12B — RWE and KKR close UK offshore wind’s biggest project financing

•   Thirty-five banks put up £11.1 billion of cash facilities plus £1.7 billion of ancillary lines. The UK’s National Wealth Fund takes £1 billion; Euler Hermes and EIFO provide credit cover.

•   KKR’s 50% stake from January’s deal has now closed. Each 1.4 GW project holds a 20-year CfD at £91.20/MWh in 2024 money. Offshore work starts in early 2027; full commissioning is 2030.

THE HEADLINES

POWER

$100M a year — Talen sells 750 MW of Guernsey capacity for seven years

•   An unnamed investment-grade buyer takes 750 MW of accredited capacity for PJM’s 2029/30–2035/36 delivery years at about $100 million a year. By our math, that’s roughly $365/MW-day.

•   Side deals sell Guernsey’s other 588 MW for 2029/30 and 702 MW of Waterford for three years. Talen says 40% of its gross margin is now contracted through 2036, AWS deal included.

DATA CENTERS

$200M — Fermi swaps TensorWave for an unnamed hyperscaler at Matador

•   We ran AMD’s backstop of the 222 MW TensorWave lease Oct. 13. That lease and AMD’s credit support are now terminated. An investment-grade hyperscaler steps in for 600 MW from 2027.

•   It signed a $200 million prepayment and a $15 million early-works deal; a $90 million steel purchase is being finalized, and there’s no lease. Cash plus restricted cash: $315.5 million.

POWER

$180M — NET Power moves its first project to a new site for an AI lab

•   The initial project moves to a Texas site apart from Project Permian, using the ten Wärtsilä engines from EMPower (we ran it Sept. 8). The prospective customer builds frontier AI models.

•   If no energy-services deal is signed by Feb. 14, 2027, the customer repays up to ~$180 million of approved costs. NET Power has ~$183 million, no debt and no committed project financing.

LNG

€570M — ORLEN walks away from the oil-linked half of its Qatar LNG supply

•   The 1 Mtpa deal, signed by PGNiG in 2009 and due to run to 2034, ends 60 days after Tuesday’s notice. ORLEN cites QatarEnergy’s force majeure, declared in March after attacks on Ras Laffan.

•   Reuters calls it the first known termination of a long-term QatarEnergy contract since the war. ORLEN keeps its second 1 Mtpa Qatari contract, priced off gas indexes and running to 2034.

DATA CENTERS

700 MW — Cerebras signs up about 100 MW more, Norway and Finland included

•   Cerebras now has 700 gross MW under contract for delivery by end-2027, up from more than 600 MW in August, adding Norway and Finland. Remaining performance obligations hit $26.1 billion.

•   3Q GAAP revenue was $210.8 million, up 55%, and 2026 core revenue guidance is now $940–960 million. The megawatts are contracted future capacity; Cerebras doesn’t say how much is live.

QUICK HITS

DATA CENTERS

$27B — Nebius lifts its capex outlook as colocation sites slip to 2027

Delivery at several colocation sites, including the rest of New Jersey, moved into the first half of 2027. 2026 revenue now lands at the low end of $3.0–3.4B; capex rises to ~$27B from $20–25B.

UPSTREAM

2.6M acres — Murphy signs for four Cameroon blocks after Israel’s Zone G

Murphy holds 100% and operates; SNH can take up to 20% of any development. On Nov. 9 it won six Zone G licenses off Israel near Leviathan, 50/50 with Ratio Energies. All exploration so far.

MIDSTREAM

$980M — Salt Creek refinances and orders gear for a fourth Pecos plant

The new first-lien loan due 2031 repays term loans due 2027. Pecos IV could add up to 300 MMcf/d, taking capacity as high as 900 MMcf/d once today’s plants fill in 1H27. FID is due by year-end.

OFFSHORE

$480M — DOE closes its loan for Arena’s 22-platform Gulf shelf rebuild

Project Elkhorn refurbishes and restarts platforms in Southern Eugene Island. DOE says peak output adds up to 38,600 bbl/d and 77 MMcf/d, or ~125 MMbbl and 250 Bcf over the project’s life.

ALMOST HEADLINES

NUCLEAR  5 Auroras — Oklo turns its Centrus HALEU letter into definitive contracts, backed by Meta’s power prepayment

POWER  3–2 — Montana regulators approve the $15.4 billion NorthWestern–Black Hills merger, the last state vote it needed

NUCLEAR  4.5 GW — Türkiye signs AtkinsRéalis to study a six-unit Candu plant, with design work due by 2028 before any FID

POWER  €164B — Siemens Energy ends its fiscal year with a record backlog and sets a 20–22% margin target for 2030

MINERALS  $45.5M — WhiteHawk signs 13 more gas mineral deals and posts record 71.3 MMcfe/d, up 10% from a year earlier

OIL  16% — WTI’s November drop so far, even after Thursday’s 2.6% jump on Trump’s “we don’t need a deal” Iran post

THE READING LIST

THE WASHINGTON POST

Many liberals hate this permitting reform bill. Democrats still may help the GOP pass it.

BLOOMBERG

Data center gas plants to lift US power emissions 10%, BNEF says

BLOOMBERG

Microsoft vows to pay its own way to power data centers

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