Texas Moratorium Pledge Could Delay Crypto Projects Awaiting Grid Power

Texas Gov.-elect Gina Hinojosa’s campaign pledge to pause new data-center approvals could delay power access for crypto-linked projects.

Hinojosa campaigned on a moratorium for new data-center approvals, but the proposal has not taken effect. Her election win brought data-center policy into focus for companies tied to Texas infrastructure expansion.

When the Electric Reliability Council of Texas (ERCOT) paused some connection approvals while working through requests, the large-load queue totaled 474 GW at the time. That earlier tally was more than five times Texas’ historic peak demand, and data centers accounted for about 90% of proposed new load.

For crypto-linked computing, Galaxy Digital’s planned 830-megawatt Helios II project may require reassessment. Cipher Mining’s assumptions for leases at new sites, including Colchis, could also face greater risk.

Estimates of existing generation assets put Vistra (VST) at $180 per share, NRG Energy (NRG) at $129 and Talen Energy (TLN) at $430. Those estimates exceeded the companies’ Nov. 3 closing prices of $140, $96 and $357, respectively. Valuations included current asset cash flows, signed contracts and forward power prices, but excluded potential premiums from future data-center contracts.

Behind-the-meter power, generated at a site rather than supplied through a grid connection, can reduce reliance on ERCOT connections. The systems include gas turbines and fuel cells. Upcoming milestones include the Public Utility Commission of Texas’ appointments in 2027 and ERCOT’s final Batch Zero transmission-planning list after an audit.