Three major power contracts were announced within days: Google is buying 396 MW of geothermal power, Hut 8 is leasing 704 MW in Texas, and Applied Digital has exceeded one gigawatt of contracted capacity. This guide starts with the first question — what a data centre buys when it buys power, and why megawatts alone are not enough — before reaching the three figures that bring the story together: all three contracts begin delivery in 2028, interest on the debt funding them is due today, and EL7’s score places each company’s execution of these contracts in the bottom sixth of the market.
A free account gives you 4 full research papers every month. Or subscribe to EL7 Pro for full access to more than 300 papers.
$700 per year · or $99 per month