• NextEra signed definitive agreements with Commerce and the Government of Japan covering up to 10 GW of gas generation in Texas and Pennsylvania, releasing a first $3.3B. It buys development work, turbine down payments and EPC selection.

• It is not project financing. Capex, customers, turbine suppliers and EPC contractors are undisclosed, and the only per-project sizing comes from Sen. Dave McCormick’s quote — $17B and 4.3 GW at South Mon. First power end-2028, completion 2032. Trade policy is now a turbine order.

NextEra

• Nine mineral and royalty deals worth $111.8M since the June 10 IPO, across the Marcellus, Utica and Haynesville. San Jacinto Minerals II is $105M of it. Together they add 700,000 gross unit acres and 1,700-plus producing wells.

• The package adds 16 MMcfe/d and $17.0M of 2027 cash flow at strip. Funding is $50M of Series E preferred at 10%, stepping to 14% if it stays out. Q2 output was 70.0 MMcfe/d, up 57%. WhiteHawk is paying 10% to buy the assets and starting a $0.50 dividend on the same day.

• FID on a fourth FLNG, with an EPC signed with CIMC Raffles for a 3.5 mtpa MKII at some $2.45B delivered, due year-end 2029. The EPC carries an option for another unit; an LOI with Seatrium holds a yard slot for one more.

• No host project, charterer or term was named. Golar closed a $600M RCF on top of the $908M of cash it held before it, on $127M of quarterly adjusted EBITDA. It is betting the yard slot is scarcer than the customer.

• Following the July 14 auction that cleared at the $325 cap and still missed by 6.8 GW, PJM asked FERC on Aug. 13 to accept an Interim Resource Adequacy Service within 60 days, plus a new Large Load Registry.

• Of 32 GW of forecast demand growth to 2030, 30 GW is data centers. LSEs must bring capacity matching new large loads’ peak or see those zones curtailed first, ahead of Load Management customers paid in advance to cut. In July PJM tried pricing the shortage. Now it wants to ration it.

• Backlog of roughly $104B at June 30 against 1.5 GW of active power and 3.7 GW contracted, and that excludes $25B-plus signed in early Q3. Active power grew nearly 500 MW in the quarter.

• Q2 revenue was $2.575B on $1.510B of adjusted EBITDA, but net interest expense hit $640M against $267M a year ago and the net loss widened to $626M. The contracts are signed; the substations are not.

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