Hyperscalers Wire $200M Upfront as ERCOT's Queue Hits 438 GW

Three forces converged on Texas developers this week: ERCOT's queue swelled to 438 GW, Black Hills booked $200M+ in upfront hyperscaler cash to fund a 1.8 GW build, and Abbott signaled the residential-subsidy era is closing. Developers with anchor tenants, secured generation, and produced-water agreements already in hand will run the table while everyone else discovers what "queue discipline" actually costs.