WTI$63.96▼0.6%│NG$3.115▼0.7%│RIGS551▲5│S&P6,941▼0.3%│XOP$145.62▼0.6%
Feb 10 close · Gas = Henry Hub Mar · Rigs = Baker Hughes (Feb 6)
1 GW
TotalEnergies solar PPAs for Google's Texas data centers
Personal News
Quick personal one: my wife and I welcomed a baby girl this weekend. Nora Mistry was born on Super Bowl Sunday.
Easily the biggest deal I’ve ever closed.
Everyone’s healthy. My wife and mother-in-law delivered an MVP performance. So far, she got her mom’s looks and my volume.
Today’s Menu
TotalEnergies signs 1 GW Texas solar PPAs for Google’s data centers
Duke Energy: ~4.5 GW data center ESAs (+1.5 GW since Q3) + $103B capex plan
Constellation/Calpine + CyrusOne: 380 MW “powered land” deal at Freestone
Blackstone Infrastructure clears Texas hurdle for TXNM acquisition
Transocean to acquire Valaris in ~$5.8B all-stock offshore mega-deal
Expand Energy moves HQ to Houston; interim CEO named
e-STORAGE + Sunraycer: 503 MWh battery storage projects in Texas
Equinor trims capex outlook (~$4B cut for 2026/27)
EXMAR wins Cedar LNG FLNG marine O&M contract
ElectronX launches intraday U.S. power derivatives (ERCOT first)
NineDot Energy closes $431M financing for 28 NYC BESS projects
LG Energy Solution Vertech + Qcells: 5 GWh U.S. storage partnership
Element3 starts lithium carbonate production from Permian produced water
Lead Story
28 TWh over 15 years — one of the largest corporate solar commitments in the U.S.
TotalEnergies signed two long-term PPAs to deliver 1 GW of solar capacity for Google’s data centers in Texas. The power will come from two TotalEnergies-owned projects under development: Wichita (805 MWp) and Mustang Creek (195 MWp), with construction set to begin Q2 2026.
• Scale: 1 GW of solar capacity, 28 TWh delivered over 15 years.
• Projects: Wichita (805 MWp) and Mustang Creek (195 MWp), both in Texas.
• Context: Complements separate Clearway PPAs previously secured for Google. (Clearway is 50%-owned by TotalEnergies.)
The Headlines
Utilities + AI Load
• Duke shows ~4.5 GW of data center ESAs (+1.5 GW since Q3), with counterparties including Microsoft, Amazon, QTS, Digital Realty, EdgeConneX, and Compass.
• Standard customer protections: minimum demand provisions, termination charges, credit support, refundable capital advances.
• 5-year capital plan: $103B (up from $87B in the prior plan).
Data Centers & Power
• Calpine (Constellation unit) signed a 380 MW agreement with CyrusOne to connect and serve a new data center adjacent to Freestone Energy Center in Freestone County, TX.
• Exclusive agreement for Phase 2 — another 380 MW.
• Brings CyrusOne’s contracted capacity in Texas to >1.1 GW.
Corporate & M&A
• Texas commission approval clears an important regulatory step for Blackstone Infrastructure’s acquisition of TXNM Energy.
• Still pending: remaining regulatory approvals and closing conditions.
• All-stock deal valued at ~$5.8B (pro forma EV ~$17B). Combined fleet: 73 rigs (33 ultra-deepwater drillships, 9 semis, 31 modern jackups).
• Combined backlog: ~$10B. Ownership split: 53% Transocean / 47% Valaris.
• >$200M in identified cost synergies. Target close: 2H 2026.
• HQ relocating from Oklahoma City to Houston in mid-2026. OKC remains an operations hub.
• Michael Wichterich (Chairman) appointed Interim CEO. Domenic (Nick) Dell’Osso stepped down. Company reaffirmed Q4 and FY2025 outlook.
Clean Power & Storage
• e-STORAGE will supply and integrate 503 MWh of battery storage for Sunraycer Renewables in Texas. Includes a long-term services agreement.
Almost Headlines
Utilities + AI Load
Data Centers & Power
Hydrogen
Critical Minerals
SAF / Biofuels
Sunya Stories
Latest Episode
AI and Power with Shanu Mathew
Senior VP at Lazard on AI models, data centers, and power constraints.
Listen →
Full Archive on Spotify →
What did you think of today's post?
Know someone who should be reading this?
Forward this email. It takes 2 seconds. They'll thank you.
Disclaimer: Not financial advice. This newsletter is for education + entertainment — not a recommendation or a solicitation to buy or sell anything. Do your own research and make your own calls (and talk to a pro when it matters).
