• Oncor’s active transmission LC&I queue ended Q1 with 697 requests, including roughly 271 GW from data centers and 18 GW industrial; ERCOT 2026 RTP filings added 122 GW of large-load forecasts through 2036, with Oncor holding $4.0B of customer collateral against active POI requests as of May 6.

• Matching the queue with steel: $9.0B 2026 capex (+25% YoY), 565 active generation POIs behind the meter (47% storage, 40% solar, 8% wind, 5% gas), and the 765 kV Permian import-path moving from CCN filings to a Q2 switching-station groundbreaking.

• Hut 8 commercialized the first phase of its 1 GW Beacon Point AI campus with a 15-year, 352 MW IT lease worth $9.8B of base-term value and up to $25.1B with renewals.

• The deal takes contracted AI capacity to 597 MW and aggregate base-term value to ~$16.8B — built on NVIDIA’s DSX reference architecture with AEP, Vertiv and Jacobs in the delivery stack.

• WES agreed to buy Brazos Delaware II for ~$1.6B ($800M cash + $800M units), adding ~470,000 dedicated acres, 900 miles of pipe and 460 MMcf/d of gas processing at the Comanche complex.

• Pro forma, WES grows Delaware acreage +49% to 1.4M acres and processing capacity +20% to ~2.75 Bcf/d, with long-term fixed-fee contracts (WAR > 9 years) priced at ~8.0x 2027E EBITDA, stepping to ~7.5x post-synergies.

• Diversified and Carlyle agreed to buy Camino’s Oklahoma Anadarko assets for $1.175B, adding ~300 MMcfepd, 101,000 net acres, 100+ drill-ready locations and 1,478 Bcfe of proved reserves.

• The producing PDPs sit in an ABS-backed SPV owned ~60% Carlyle / 40% Diversified — the latest read on PE re-entering mature gas via securitized cash-flow structures rather than balance-sheet equity.

• Cheniere exported a quarterly record 187 LNG cargoes in Q1, generating $5.87B revenue, $2.33B adjusted EBITDA and $1.67B DCF (GAAP net loss of $3.50B was non-cash IPM derivative mark).

• The company lifted 2026 adjusted EBITDA guidance to $7.25B–$7.75B and DCF to $4.75B–$5.25B, deployed ~$1.2B in Q1 (including $537M of buybacks), and flagged Train 6 first LNG as “imminent.”

Know someone who should be reading this?

Forward this email. It takes 2 seconds. They’ll thank you.