SemiAnalysis Weekly Impact of AI Datacenters (Jeremie Eliahou Ontiveros, Jordan Nanos, Doug O'Laughlin)
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Mar 5, 2026 
Jeremie Eliahou Ontiveros, Head of Datacenter & Energy Infrastructure Research, explains how AI data centers reshape electricity markets and grid reliability. They cover market design differences like PJM versus ERCOT, thermal accreditation and coal retirements, behind-the-meter deals and customized tariffs, and how hyperscaler commitments, financing mismatches, and demand signals drive grid investment.
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Force Load Commitments To Avoid Stranded Costs
- Make data center customers financially commit to capacity to avoid stranded utility costs.
- Example: Oracle agreed to buy batteries and a multi‑year minimum demand charge so grid costs don't fall on retail customers.
Oracle Stargate Deal Timeline And Commitments
- Oracle’s Stargate deal included a 15–20 year price commitment and $2 billion in batteries.
- Jeremie explains the site began development ~2 years ago and aims to be operational by 2027–2028.
Financing Mismatch Drives Slow Grid Buildouts
- Big projects require speculative financing because demand may not materialize immediately.
- Jeremie notes a financing mismatch: solar/battery builders must bet forward on uncertain hyperscaler load arrival.