Jeff Guo

We tried out ugly.

Yeah, they're not windows really, are they?

No, there's no glass.

I suppose the computers don't need to look outside.

No.

The places that didn't have data centers had data center construction.

You know, dump trucks hauling dirt, workers putting up new data centers.

It's just like a miles-long construction site, piled up pipes and storage containers and building supplies.

And Jeff, everywhere you looked, giant power lines, substations, like it was very clear that there's going to be all of this electricity coming in for these data centers from these lines.

So the first stop on our journey, maybe the most obvious place to look, is the company who sends Ken and Carol their power bill each month.

I will ask you kind of easy questions to start, which is just, can you introduce yourself?

Marc says going back about a decade, he started hearing from data center developers who wanted to get connected to power.

Then in 2022, 2023, he started getting a lot of requests to connect a lot of data centers who wanted a lot of power.

Now, it's worth pausing for a second to explain AEP Ohio's business model.

It works like this.

The state gives AEP Ohio a monopoly over delivering electricity in its service area.

But to keep their monopoly power in check, AEP Ohio is not allowed to set their own prices.

Instead, the prices are set by the government, the State Utility Commission.

If AEP Ohio ever wants to raise its rates, it first has to get permission from the commission.

And for years, this kind of social contract made sense.