• Baker Hughes completed its $13.6B acquisition of Chart Industries on July 16, about a year after agreeing to pay $210 per share in cash. Chart becomes its third reporting segment — liquefaction, compression, heat-exchange and cryogenic gear sold into LNG, data-center cooling, CCUS, hydrogen and nuclear.

• Baker targets $325M of annualized cost synergies by year three, revenue synergies on top, and net leverage of 1.0x–1.5x within 24 months. It’s a decisive step away from conventional oilfield services toward equipment for gas, power and digital infrastructure — the aftermarket base is the point.

Baker Hughes

• Aethon closed the sale of Aethon United, Aethon III and related midstream to Mitsubishi on July 14, five months after signing. Mitsubishi committed ~$5.2B of equity — its largest deal on record — for Texas and Louisiana assets producing ~2.1 Bcf/d, roughly 15 mtpa of LNG, in a clean exit for the selling LPs.

• Operations move to Adamas Energy, a new Mitsubishi unit run by former Aethon co-president Gordon Huddleston, so Mitsubishi owns both the assets and their operator. It plans to wire the gas into its marketing, Cameron LNG, power and data-center demand — Haynesville supply inside an integrated gas-to-LNG-to-power chain.

• FERC’s July 16 order (RD26-7-000) directs NERC to write new mandatory reliability standards for integrating computational loads into the grid, and to rewrite the registry criteria for which data-center entities fall under oversight. Both are due December 31, 2026.

• The target is the risk when very large, electronically controlled loads connect, ramp or drop at speeds the old industrial-load framework never anticipated. Thresholds aren’t set — NERC drafts first, FERC approves later. Data centers are shifting from passive customers to entities with their own reliability duties.

• IDF and Oaktree unveiled a $1.7B project investment behind Bloom Energy fuel cells for Nebius’s AI cloud, providing dedicated behind-the-meter power. IDF leads development, Oaktree holds minority equity, Morgan Stanley is sole tax-equity investor and placement agent, and MUFG lent the senior debt; the first deployment is 328 MW, live this year.

• The release withholds the split among equity, tax equity and debt, and the power price. But the structure is the story — it separates the compute customer from the generation capex, a named capital stack that can be repeated before utility power ever shows up.

• Cypress Creek and Google broke ground July 15 on the first two phases of the Steel River Energy Center in Mississippi County, Arkansas — 1.6 GWdc of solar and 1.9 GWh of storage now, scaling to 2.5 GWdc and 2.9 GWh by 2029. Google is both anchor investor and PPA offtaker.

• The power feeds the regional grid — homes, steel mills, data centers — not one Google campus, sourced with First Solar modules, U.S. Steel coil and LG storage. Google is using its balance sheet and PPA demand to underwrite shared-grid generation, not a captive plant.

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