Chevron

Microsoft is pairing its $117B annual capacity build with a pledge that taxpayers and other utility customers will not absorb the added power costs. Its answer is behind-the-meter generation: a 2.67GW Chevron gas plant selling electricity directly to a Microsoft data center under a 20-year deal. The model still needs political approval, with Texas Governor Greg Abbott's data-center permit moratorium and a potentially tougher successor posing key risks.