• Pembina, Morgan Stanley Infrastructure Partners and Kineticor took positive FID on the Greenlight Electricity Centre (GLEC), a 932-MW gas-fired combined-cycle plant in Sturgeon County, Alberta, serving a major data-center customer under a long-term, tolling-style Electrical Energy Supply Agreement (capacity payments plus usage-based fuel and O&M). Target in-service is 2H30; ownership is 47.5% Pembina / 47.5% MSIP / 5% Kineticor.

• The cost stack runs C$4.0B Class III capex, C$4.6B with financing, ~C$2.3B net to Pembina before a C$190M land-sale offset — a C$2.1B net investment for ~C$310M of run-rate adjusted EBITDA. GLEC pulls ~150 MMcf/d of gas (transport secured; Alliance Heartland Expansion filing due August 2026), Aecon’s consortium takes the C$1.7B EPC, and the site can scale to a permitted 1,864 MW. Build power, sell capacity to hyperscale load, pull gas through the midstream stack.

• KKR agreed to acquire EDF power solutions’ U.S. and Canadian operations from EDF Group, valuing the equity at ~$4.2B plus up to $390M of potential additional payments. The target is a top-10 U.S. renewables owner with nearly 40 years of operating history across solar, wind and battery storage, spanning development, construction, long-term O&M and asset management.

• KKR called it its largest individual renewables investment — funded from its global infrastructure strategy, subject to customary approvals — and pointed to power demand from data centers, reshoring and electrification. The bigger read: private infrastructure capital is moving from buying electrons to buying the platforms that source, build and operate them.

• Yara North America agreed to buy Gulf Coast Ammonia’s Texas City plant from GCA Holdings (affiliated with Lotus Infrastructure Partners and MB Energy) for $1.3B. The plant has 1.3 mtpa nameplate capacity, is in commissioning with stable operations targeted by end-2026, and comes with the synthesis loop, storage and exclusive loading; Air Products supplies hydrogen, nitrogen and utilities under a long-term contract.

• The logic is gas diversification: Yara says the deal materially lifts its U.S. Henry Hub exposure, echoing its Freeport model. It raises Yara’s 2026 capex to $2.5B and implies ~1.73x pro forma net debt / EBITDA. Note: this is not the Air Products item from last edition — APD is the gas supplier here, not the buyer or seller.

• PJM forecast a record 166,147-MW peak for July 2 (above 2006’s 165,563-MW mark), issuing a Hot Weather Alert through July 3 plus Maximum Generation and Load Management alerts and calling generation back from maintenance. DOE issued an emergency Section 202(c) order letting certain data centers and large loads with backup generation run on-site units July 1–3, including relief from certain environmental limits.

• In parallel, PJM is advancing tariff changes for data-center growth — a Reliability Backstop Procurement process to buy new supply for large loads and Connect and Manage rules to interconnect them under curtailment conditions — with a Section 205 filing expected at FERC in July. The question is no longer whether AI load pays; it’s who funds capacity and who curtails when the system is tight.

• Transocean signed with Equinor, conditional on license approvals, for three harsh-environment semisubmersibles on the Norwegian shelf — more than $1B of backlog over seven rig-years, excluding additional services. Base dayrate is $399,000/day, with adjustment provisions expected to lift the effective rate above $400,000/day at commencement.

• Timing: Transocean Endurance starts a two-year program in 2Q27 (mobilizing back from Australia), with Enabler (three years) and Encourage (two years) both starting 1Q28. The win adds high-spec harsh-environment utilization visibility as Transocean works through its pending Valaris combination — advantaged offshore barrels still need premium, winterized rigs.

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