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When one big data center uses as much electricity as city of 1,000,000 people, the free market has no hope of controlling this.
Capping wholesale prices is just going to result in brownouts. Power companies will not bring old expensive generation sources online unless it’s worth it, but at some point there is no more capacity and it will take years to build it.
Just a few years ago the big worry was about having enough distribution capacity to allow for charging electric vehicles. These data centers have upended any planning and without some serious regulations, the net result is going to be higher prices.
Trump said he would cut electricity prices in half during the campaign. Another lie – he doesn’t have the power to do that because electric rates are primarily under state purview.