This is what I’m writing about in Sunday night’s newsletter. I’ll focus on Williams and Chevron getting into the power business.
Williams is developing 5 behind-the-meter power projects aimed at data centers.
And we learned this week that an investment group led by Blackstone is committing over $5 billion to these projects.
Chevron signed a similar 20-year deal with Microsoft in West Texas last month.
There’s a corporate finance piece, about Williams managing risk and retaining optionality.
But there’s a broader remaking of how we should think about energy infrastructure.
Power transmission and distribution is increasingly competing with gas transmission and distribution.
It’s a new form of competition, and capital providers, executive teams, and regulators are all working through it in real time.
This is the topic I’ll explore in my free newsletter, the insight I include there and don’t share elsewhere.
If you’re interested in reading it, click the link under my name above. It goes out around 9pm Central on Sunday.
