New governors in key states may stall 40% of US data-center plans

Newly elected governors in several U.S. states who campaigned against data-center development are now positioned to influence significant parts of the planned capacity. The states involved include Ohio, Georgia, Michigan, New Mexico, and Texas, with additional pledges from governors in New York and Oregon to extend existing pauses. Together, these states account for roughly 40% of the planned U.S. data-center capacity. The governors’ influence could manifest through permitting, agency appointments, utility regulation, and tax incentives, though some actions may require legislative approval. The impact of these political changes is being closely watched in markets, particularly in Louisiana, where the possibility of a data center moratorium is currently being assessed. Pricing suggests increased support for a potential moratorium, reflecting concerns that political shifts could lead to regulatory delays or project cancellations. These developments come amid broader national discussions on the environmental and infrastructure impacts of data-center expansions. In Louisiana, where market participants are evaluating the likelihood of a moratorium, the current pricing indicates a height...