ERCOT’s interconnection queue has ballooned to over 233 gigawatts by early 2026, a nearly 300% year-over-year increase. Data centers now account for more than 70% of these requests as AI infrastructure expands rapidly across Texas.
PJM Interconnection faces a parallel crisis across 13 states, forecasting 32 gigawatts of peak load growth by 2030 driven primarily by data centers. The grid operator has already missed supply targets, threatening reliability and pushing electricity prices higher for consumers throughout the Mid-Atlantic and Midwest.
Total U.S. data center power demand has crossed 150 gigawatts, with geographic choke points emerging in Northern Virginia and Texas. These regions were not designed for such concentrated loads, creating significant infrastructure bottlenecks.
The financial impact is immediate. Data centers accounted for approximately 40% of recent PJM capacity auction costs, totaling $6.5 billion. These expenditures ultimately land on ratepayers through higher utility bills.
Bitcoin miners are adapting to this pressure by participating in curtailment programs. Both PJM and ERCOT are exploring batch processing and flexible connection rules to manage the surge. Miners demonstrating grid flexibility may secure favorable interconnection terms compared to rigid industrial loads.
Investors should anticipate rising electricity costs if supply fails to match forecasted demand. Market participants capable of adjusting consumption during peak periods will likely gain a strategic advantage in future capacity auctions.