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CapitalistWed Sep 23 · 9:12 PM ET · FERC order of September 22 (accession 20260922-3114), via Utility Dive

A 1.8 GIGAWATT, $20 BILLION DATA CENTER BACKED ITS GRID CONTRACT WITH ONE DOLLAR — FERC SENT THE FIGHT TO COURT AND A COMMISSIONER CALLED THE DOLLAR AN EMBARRASSING LEGAL FICTION

ComEd tried to cancel the transmission security agreement behind a 1.8 gigawatt, $20 billion data center in Joliet, Illinois, developed by PowerHouse Hillwood. FERC rejected the cancellation on September 22 and left the underlying dispute to the U.S. District Court for the Northern District of Illinois. The fight is about credit support. PowerHouse Hillwood says it met its initial obligation by posting one dollar.

Commissioner David LaCerte wrote it plainly: “The idea that $1 may provide appropriate security to any such agreement strikes me as an embarrassing legal fiction: insulting to the underlying ratepayers, stakeholders, and the grid itself.”

One dollar against twenty billion. If the project walks, the interconnection work and the grid upgrades do not walk with it. They get paid for by the people whose meters are already spinning. That is the shape of most of these deals. The load gets committed first, the collateral never shows up, and the ratepayer is the counterparty of last resort without ever being asked.

Bitcoin miners get named in this conversation constantly and they are the small part of it. One data center here is 1.8 gigawatts. A miner can be curtailed in seconds and is paid to be, because that is what makes the load worth having. The thing nobody can switch off is the one that posted a dollar. At the time of this writing, bitcoin was $84,252.

READ THE COVERAGE →
FERC order of September 22 (accession 20260922-3114), via Utility Dive · WED SEP 23 · 9:12 PM ET
FROM THE BOARD

STRATEGY DECLARES A STRC DIVIDEND FOR ALL 30 DAYS OF NOVEMBER — TWENTY PAY 3 CENTS, TEN PAY 4 — THE SAME $1.00 AS TWO $0.50 CHECKS — THE OLD CHECK COMES BACK IF THE OCTOBER 28 VOTE FAILSOct 16, 2026

STRIVE FILED TWICE IN ONE DAY — ONE BOUGHT, ONE BILLEDSep 15, 2026

STRC’S 30-DAY VOLATILITY IS 9.1%, BELOW SPY — STRATEGY’S OWN PAGE PUTS THE ONE-YEAR FIGURE AT 22.1% — THE 30 DAYS INCLUDE A $151.7 MILLION BUYBACK BELOW PAROct 3, 2026

BITCOIN IS DOWN 32% A YEAR AFTER ITS $126,000 TOP — THE LAST THREE CYCLES WERE DOWN 70% TO 82%Oct 6, 2026

CLEANSPARK SOLD 702 BITCOIN IN SEPTEMBER AND MINED 529 — ITS AVERAGE SALE PRICE, $72,928, WAS UNDER THE MONTH’S LOW — AND THE MONTHLY REPORTS ARE ENDINGOct 9, 2026