Exclusivity, not a signed deal — but the scale and principals make this the clearest signal yet that behind-the-meter gas is the default path for hyperscaler power.

• On March 31, Microsoft, Chevron, and Engine No. 1 signed an exclusivity agreement for a gas-fired power complex in West Texas. Chevron is developing 2,500 MW of initial capacity, scalable to 5 GW, with first power targeted as early as late 2027. Bloomberg pegged the project at roughly $7 billion.

• No definitive agreement or commercial terms have been finalized — all three companies said so publicly. But Chevron issued a formal statement, and the exclusivity pact locks out competing offtakers while terms are negotiated.

• If finalized, it would be the largest direct collaboration between a U.S. oil major and a hyperscaler, and another data point in a West Texas corridor that now includes LandBridge–PowerBridge (2 GW) and Atlas (120 MW) in this edition alone.

• On April 1, WEC’s Wisconsin utilities filed 2027–2028 rate cases with the PSCW. A new Microsoft update added 500 MW of forecast load, taking I-94 corridor demand to 2.6 GW through 2030 and the five-year capital plan to $37.5 billion (up $1 billion).

• Oak Creek Units 7 and 8 — 611 MW of coal — will stay available through end-2027 instead of retiring at end-2026, a reliability signal that says as much as the rate filing.

• WEC’s Very Large Customer tariff targets loads of 500 MW+ with a fixed 10.48%–10.98% ROE, subject to a PSCW order in May 2026 for service starting June 1.

• On April 2, Reuters reported Italy will begin receiving Golden Pass LNG in June, days after Train 1 produced first LNG on March 30.

• Edison needs to cover a gap after QatarEnergy said 10 cargoes under its 6.4 bcm/year contract — roughly 10% of Italy’s annual gas consumption — will not ship between April and mid-June.

• On April 2, the two signed a binding $2.2 billion, 50/50 JV merging onshore renewables across nine countries — 3 GW operating, 6 GW in advanced development, all expected online by 2030.

• The JV will be their sole vehicle for onshore solar, wind, and storage in those markets, headquartered in Abu Dhabi with about 200 employees.

• Spire completed its $2.48 billion acquisition of Duke’s Tennessee Piedmont gas business on March 31 — 200,000+ customers, nearly 3,800 miles of pipe in the Nashville region. Tennessee will represent about 20% of Spire’s capital plan through 2030.

• Duke said $800 million of proceeds pay down Piedmont Natural Gas debt; the remaining $1.5 billion net of tax helps fund its $103 billion five-year regulated capex plan.

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