February 12, 2026
WTI$62.84▼2.77%│NG$3.22▲1.84%│RIGS551▲5│S&P6,832.76▼1.57%│XOP$144.63▼2.97%
Feb 12 close · Gas = Henry Hub Mar · Rigs = Baker Hughes (Feb 6)
100%
Anthropic will cover 100% of grid upgrade costs to connect its data centers
Anthropic will cover 100% of grid upgrade costs to connect its data centers
The Meme
Today's Menu
Anthropic: "we'll cover electricity price increases tied to our data centers"
Chevron enters Libya (Sirte Basin, Contract Area 106)
Utilities: more data-center GW and bigger capex plans (PG&E, Exelon, AEP)
Siemens raises FY outlook on AI/data-center infrastructure demand
INNIO + VoltaGrid 1.5 GW, Baker Hughes + Twenty20, BorgWarner + TurboCell, Energy Vault + Crusoe
Fermi America: $500M equipment facility for 11 GW Project Matador campus
Vision Ridge closes ~$2.4B SAF IV
JERA closes $1.5B Haynesville acquisition
Hydrostor Willow Rock offtake, Plus Power Cross Town (Maine) online
Greenbacker closes $440M tax equity for NY's largest solar project
New PodEnergy Investing with Dan Pickering (Pickering Energy Partners)
Lead Story
The "who pays for grid upgrades" question keeps getting louder. Anthropic is the latest large-load customer to answer it publicly.
What Anthropic says it will do
• Cover 100% of grid-upgrade costs required to interconnect its data centers, so those costs don't land on consumers. (Anthropic · Reuters)
• Where new generation can't come online fast enough, estimate and offset consumer price impacts attributable to its load.
Why it matters
• "Pay-your-own-way" is moving from a regulator talking point to an operator commitment. Anthropic joins Meta, Google, and others who've made similar pledges.
• Raises the bar as interconnection fights intensify and politicians push for enforceable standards.
• Sets a template for large-load tariffs and bespoke utility agreements.
What to watch
• Whether regulators demand enforceable deliverables (timelines for new generation, peak management, congestion mitigation). And whether the commitments survive rate cases.
The Headlines
Upstream / Geopolitics
• Designated winning bidder for Contract Area 106 in the Sirte Basin, first bid round since 2007. Also signed MoU with NOC to evaluate broader onshore potential.
Utilities + AI Load
• Tightens 2026 core EPS to $1.64-$1.66; advanced 2 GW of data-center projects into final engineering since Q3, with ~3.6 GW now in progress under a $73B five-year capital plan.
Utilities + AI Load
• 2025 adjusted operating EPS of $2.77; initiates 2026 guidance of $2.81-$2.91. Projects 7.9% annualized rate base growth through 2029; load growth exceeding 3% annually.
Utilities + AI Load
• Incremental load doubled to 56 GW by 2030 (from 28 GW in Oct); FY2025 operating EPS of $5.97 (beat); reaffirms 2026 guidance of $6.15-$6.45. $72B five-year capex plan + $5-$8B in identified upside.
Industrial "Picks & Shovels"
• Q1 orders up 10%; Industrial Business profit up 15% to €2.9B (15.6% margin). Smart Infrastructure data-center orders hit record €1.8B in the quarter. Raises FY EPS pre PPA to €10.70-€11.10.
Quick Hits
INNIO + VoltaGrid: 1.5 GW behind-the-meter order (300 Jenbacher engines) for AI/HPC BTM Power
One of the largest single behind-the-meter natgas orders for data-center power to date.
Baker Hughes + Twenty20 Energy: gas turbine order for U.S. data-center power (~250 MW) Gas Turbines
Industrial gas turbines repurposed for dedicated data-center infrastructure.
BorgWarner enters data-center power via TurboCell (Endeavour) modular turbine system Modular Power
Auto-parts giant pivots into modular power generation for AI and microgrids.
Energy Vault + Crusoe: modular AI factory units at Snyder, TX (scalable to 25 MW) AI Infra
Phased deployment of Crusoe Spark modular compute units; framework scales with demand.
Fermi America secures $500M equipment facility for 11 GW Project Matador campus in Amarillo, TX BTM Power
MUFG + Siemens Energy warehouse financing; turbine deliveries as early as 1H 2026. First 2.3 GW phase of private energy campus.
Vision Ridge closes ~$2.4B Sustainable Asset Fund IV; manages ~$5.6B; ~30% already committed Fund Close
Near-doubling of predecessor vehicle; early commitments include Japan storage, Mexico clean mobility, and TCI utility.
Almost Headlines
The Feed
The Reading List
Sunya Stories
New Latest Episode
Energy Investing with Dan Pickering
Founder of Pickering Energy Partners on energy markets, capital allocation, and the road ahead.
Listen →In Case You Missed It
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).