PJM runs the electric grid across 13 US states and 65 million people. It's the largest competitive wholesale electricity market in the world.

Its capacity market clearing price, the rate that signals whether future power supply can meet demand, has gone from $28.92 per MW in 2024 to $329.17 in 2026. Two auction cycles.
Data center demand identified as the primary driver. The 2027/2028 auction just cleared at $333.44, with PJM directly attributing 5,100 MW of the load increase to data centers.
That's not a supply shock or a geopolitical event. It's AI build-out hitting a grid that wasn't designed for it.
Connecting a new facility to the grid takes 4 to 10 years in most regions. Building the facility takes 2 to 3.
Every project caught in that gap is paying whatever the market clears at while it waits.
The compute is ready. The power isn't.