WTI$62.33▼0.89%│NG$3.049▼5.98%│RIGS551—0│S&P6,843▲0.10%│XOP$145.40▼1.68%
Feb 17 close · Gas = Henry Hub Mar · Rigs = Baker Hughes (Feb 13)
900 MMcf/d
Energy Transfer gas deliveries to three Oracle data centers
Today’s Menu
PGE acquires PacifiCorp’s Washington utility ops for $1.9B
Ormat signs 150 MW geothermal PPA for Google data centers via NV Energy
Adani plans $100B in renewable-powered AI data centers by 2035
Energy Transfer begins ~900 MMcf/d gas deliveries to three Oracle data centers
TRISO-X receives first HALEU fuel fabrication license in 50+ years
Lydian $689M solar+storage, Grenergy $355M Chile platform
Utility Global $100M Series D for clean hydrogen platform
Westinghouse welcomes EXIM financing for Poland’s first nuclear plant
Lead Story
PGE expands beyond Oregon for the first time — picking up 140,000 customers and a minority partner in Manulife.
Portland General Electric is paying $1.9B cash for PacifiCorp's Washington electric distribution operations — ~140K customers, 76 substations, and ~2,700 sq. miles of service territory. Manulife Infrastructure Fund III will be a minority owner; PGE manages O&M. Close expected 2H 2026, subject to WA UTC and FERC.
• Why it matters: PGE becomes a multi-state utility as PNW load grows. Manulife's co-investment extends the pattern of institutional infrastructure capital flowing into regulated utility assets.
• Context: For PacifiCorp (BHE), a portfolio trim after years of wildfire liability across its six-state footprint. Watch whether more asset sales follow.
The Headlines
Geothermal + Data Centers
• Up to 150 MW geothermal portfolio PPA through NV Energy. Subject to PUCN approval (targeted 2H 2026); projects online 2028–2030 with a 15-year term.
• Extends Google’s 24/7 baseload clean energy push — now sourcing geothermal from Fervo, Sage, and Ormat.
AI Infrastructure
• $100B capex through 2035 ($250B total “AI ecosystem” opportunity). AdaniConnex target: 2 GW → 5 GW.
• GW-scale campuses with Google (Visakhapatnam) and Microsoft (Hyderabad, Pune), plus planned sites in Noida.
Gas + Data Centers
• Deliveries began Jan 2026 — ~900 MMcf/d to three Oracle data centers (two in Texas) under long-term agreements. Roughly ~4.5 GW equivalent of gas-fired generation.
• Q4 adj. EBITDA $4.18B; 2026 guidance $17.45B–$17.85B; growth capex $5.0B–$5.5B. Data centers are becoming anchor tenants for midstream.
Nuclear Fuel
• NRC issued a 40-year license for TX-1 and TX-2 — first new fuel facilities licensed in 50+ years. TX-2 supports X-energy’s 11 GW commercial pipeline (~144 reactors).
• Key unlock for the advanced nuclear supply chain — no SMR fleet scales without domestic HALEU production.
Sunya Stories
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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).
