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The screens are dark, the panic headlines keep scrolling, and I keep circling one number that won't sit still. Evening.
The grid crisis has a counting problem. Texas went hunting the ghosts.
Half a thousand gigawatts asked Texas for power. Most of it may not be real.
Since 2023, requests to plug giant loads into the Texas grid jumped from about 48 gigawatts to more than 474. Nine in ten are data centers. That is over five times the state's record peak. On September 1, Governor Abbott and ERCOT froze new hookups and opened an audit.
The engine is cheap queue slots. One developer files at several utilities, for several sites, for one future campus. Each filing reads as demand. Most are placeholders. The trade calls it ghost demand, and the national queue now tops 700 gigawatts, roughly ten times what U.S. data centers draw today.
A number that big stops being a forecast. It turns into noise. You cannot wire a grid to noise. So Texas stopped, to learn which gigawatts are real.
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The acquisition phase: “Like receiving free money” |
In a regular gold bull market, you get easily recognizable stages… |
First, the majors move... then the juniors play catch-up... |
Then comes the acquisitions phase – when cashed-up majors buy smaller operations and hand early investors overnight premiums as high as 79%. |
That's where we are now. Look… |
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Major gold miners like Barrick, Agnico and Newmont have never had this much cash. Ever. |
Which is why they are about to go on a buying spree for the record books. |
They have to, because the multi-billion-dollar majors have a big problem… |
They’re running out of gold. No kidding… |
Newmont – the largest gold miner on earth – spent more than $15 billion for Newcrest in the largest mining deal in history. In 2025… |
Their total gold production was the same as it was before the acquisition. |
Barrick – the world’s second largest miner – is running on fumes… down from 2 million ounces a quarter to just under 800K. |
These gold majors have to go shopping… or they go out of business. |
My name is Garrett Goggin – and I saw all this coming years ago. It’s why my readers are now sitting on gains of more than 1,200% in just two years. |
It’s also why you could have collected overnight gains of 40%... 67%... and even 79%. Imagine waking up to a 79% gain! |
When gold majors buy out productive junior miners… |
They tend to pay massive premiums to the current share price. This premium is like getting FREE MONEY. |
All you have to do is own the right junior miners BEFORE they get bought out. |
If you want to know my top three buy-out picks for the ongoing wave of acquisitions, go here and I’ll give you all the details. |
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So how much of the crisis is load, and how much is a line in a queue nobody paid to hold?
We already know part of the answer. Ask developers for real money, and the demand thins fast. When Exelon tightened its collateral rules, its high-probability data-center estimate fell about 40%, to 11 gigawatts. The load did not shrink. The seriousness did.
This is not proof the boom is fake. PJM's own team says real load is arriving faster than new plants can. Confirmed demand is straining grids that were already tight. The hard job is sorting the confirmed from the speculative, before the meter, not after.
"When you don't know what is real, you really don't know how to build the infrastructure for it."
The bill does not wait for the audit. PJM's newest capacity auction cleared near $16.4 billion. Its market monitor pins about 45% of recent capacity cost on data-center forecasts, much of it for centers not yet built.
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The deposit test: ask developers to put money down, and the queue shrinks. Exelon's fell 40%. |
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The price: PJM capacity ran about $28.92 per megawatt-day two years ago. The latest cleared at $325. |
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The gap: what a regulator cannot verify, a ratepayer still pays for. |
You never get a line item for the data center that got built. You get one for the forecast. And the forecast has been counting ghosts.
The scariest number on the grid isn't demand. It's the guess we're billed for.
Ask the deposit question. It clears the room.
— Theodore
The Capital Current ⚡
Every financial story has a power line running through it.
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