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SemiAnalysis

Why Behind-the-Meter Power Is Hard for Datacenters: Part 1

AI Market Summary
Research highlights rapid scaling of behind-the-meter (BTM) gas generation for AI datacenters: ~75GW of firm equipment orders, including ~20GW in Q2 2026, plus large contracted deployments by Microsoft, Google, OpenAI, and others. ERCOT/PUCT approval of a gas-plant-to-datacenter arrangement underscores regulatory accommodation. Near-term focus shifts to execution risks (permitting, pipelines, reliability, labor), but demand signals are strong for gas-linked supply chains.
Impact level
● Medium
Affected assets
NCCO7241NATGAS2USD/USDT+2.13%
AI Insight · NCCO7241NATGAS2USD/USDTAI Insight
▲ Bullish
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An energy-model tracker shows the supply chain has 75GW of firm orders tied to behind-the-meter AI compute, with about 20GW ordered in Q2 2026. OpenAI and Oracle have contracted more than $150B for behind-the-meter power, including a 1.3GW IT site in New Mexico. ERCOT said the PUCT in May 2026 approved an arrangement in Freestone County linking a 1,099 MW gas plant with a 760 MW datacenter.
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