Hyperscale · Cloud & AI

Microsoft.

Microsoft's Azure + OpenAI infrastructure demand has re-rated every regional power market it enters. Three Mile Island restart, Constellation 20-year PPA, and Wisconsin fusion partnership signal a firm-only posture through 2030.

Redmond, WA

Ticker

NASDAQ: MSFT

Employees

228,000

Market Cap

$3.4T

Institutional Scoring

Grid, power, opportunity

Grid Risk — Moderate–Elevated

68/ 100

Composite risk index

· ERCOT winter reliability
· BPA hydro constraint
· Dominion queue

Power Availability — Constrained

51/ 100

Firm delivery readiness

Firm supply via nuclear + geothermal PPAs; new metros beyond 2027 need co-located generation.

Opportunity — Very High

86/ 100

Institutional thesis

Willingness to underwrite firm generation makes MSFT the marginal buyer for every nuclear, geothermal, and fusion counterparty in the U.S.

Analyst AI Summary

Microsoft is willing to pay the firm-power premium others resist. Its PPA book is now dominated by nuclear + geothermal + first-mover fusion research. Near-term risk: siting rejection in Ohio and Loudoun could push more load into MISO and ERCOT. Watch: Fervo Cape Station commercial ramp and Constellation TMI in-service milestone.

Executive Hierarchy

Satya Nadella

Since 2014

Chair & CEO

AI capex, cloud

Amy Hood

Since 2013

EVP & CFO

Capex discipline, margins

Noelle Walsh

Since 2020

President, Cloud Operations & Innovation

DC portfolio, energy

Bobby Hollis

Since 2022

VP, Energy

PPA book, nuclear

Infrastructure Projects

Project	Status	Capex	MW	State	Online
Mount Pleasant WI Phase 3	Permitting	$3.3B	500	WI	2028
TMI Unit 1 Restart (Constellation PPA)	Under Construction	PPA	835	PA	2027
San Antonio TX Cluster	Under Construction	$3.2B	600	TX	2027
Quincy WA Expansion	Operational	$1.9B	450	WA	2026
Cheyenne WY Campus	Announced	$3.9B	700	WY	2028

Facilities

Facility	Type	Location	ISO	Utility	Load (MW)	Status
Quincy Campus	Data Center	Quincy, WA	WECC	Grant County PUD	1,100	Operational
Boydton VA	Data Center	Mecklenburg County, VA	PJM	Dominion Virginia	1,000	Operational
San Antonio Cluster	Data Center	San Antonio, TX	ERCOT	CPS Energy	600	Under Construction
Mount Pleasant WI	Data Center	Racine County, WI	MISO	We Energies	500	Under Construction
Redmond HQ	Headquarters	Redmond, WA	WECC	Puget Sound Energy	45	Operational

Utilities Serving Facilities

Grant County PUD
Public utility district · serves Quincy
Firm — hydro constrained
Dominion Energy Virginia
Dominion · serves Boydton
Schedule GS-4
CPS Energy
City-owned · serves San Antonio
Special large-load rider
We Energies
WEC Energy Group · serves Mount Pleasant
PSCW case 2025 approved

Substations Nearby

Wanapum 500kV
Grant County PUD · serves Quincy hydro tap
500 kV
6 mi
Halifax 500kV
Dominion · serves Boydton south
500 kV
1.8 mi
Skyline 345kV
CPS Energy · serves San Antonio load
345 kV
2.5 mi
Foxconn 345kV
American Transmission Co. · serves Mount Pleasant
345 kV
0.6 mi

Transmission Proximity

BPA Grand Coulee–Hanford 500kV
500 kV · 40 mi
BPA · headroom 6%
Dominion Halifax–Chase City 500kV
500 kV · 12 mi
Dominion · headroom 9%
ATC Foxconn Loop 345kV
345 kV · 3 mi
ATC · headroom 18%

Capital Spending

FY24A
AI + cloud infra
$44.5B
FY25A
AI capacity
$68B
FY26E
AI + firm power
$94B

Manufacturing Footprint

Redmond, WA
Silicon (Maia, Cobalt) design
Headcount 3,100 · Capacity n/a

ESG Metrics

Carbon negative target
2030 —
24/7 CFE regions
9 ▲
Water positive progress
48% ▲
Scope 3 emissions
16.2 Mt ▲

Energy Consumption Mix

Wind PPA39%

Solar PPA26%

Nuclear PPA18%

TMI + Constellation

Geothermal / firm6%

Fervo

Utility supply11%

Political Exposure

Virginia
Elevated
Same tax/rate exposure as AWS
Wisconsin
Low
Foxconn precedent, supportive
Texas Legislature
Moderate
SB 6 large-load rules ongoing
Ohio Legislature
Elevated
HB 15 tariff design fight

Natural Disaster Exposure

Wildfire / smoke
Elevated
PNW campuses
Hurricane
Moderate
Boydton, San Antonio
Winter storm
Elevated
ERCOT San Antonio
Water scarcity
Elevated
West + TX

Forward Timeline

2026-Q4
Quincy Phase X second interconnect
Transmission
2027-Q3
TMI Unit 1 restart in-service
Generation
2027-Q4
San Antonio phase 1 first power
Data Center
2028-Q2
Mount Pleasant Phase 3
Data Center

Relationship Mapping

Constellation Energy
Supplier
TMI + fleet nuclear PPA
Fervo Energy
Supplier
Geothermal PPA anchor
Dominion Energy Utility
Boydton supplier
We Energies
Utility
Mount Pleasant supplier
CPS Energy
Utility
San Antonio supplier
OpenAI
Partner
Anchor tenant / capex driver

Recent SEC Filings

10-Q
2026-05-01
FY26 Q3 — Azure +30% YoY, capex $22.6B
8-K
2026-04-14
TMI restart schedule update
DEF 14A
2026-10-25
FY26 proxy — comp + climate targets

Procurement Contacts

Datacenter Advanced Development
Site sourcing + engineering
Long-lead: gensets, transformers, ATS
Energy Team
PPA + tariff origination
Nuclear, geothermal, storage

Recent Press Releases

Microsoft and Fervo Announce Geothermal Agreement
2026-06-19
Capex
Microsoft to Expand Wisconsin Datacenter Campus
2026-06-04
Capex
Constellation and Microsoft Confirm Three Mile Island Restart Progress
2026-04-14
Capex

Connected Coverage

Other counterparties

Regulated Utility · PJM/Dominion Zone

Dominion Energy

Hyperscale · Data Center Owner-Operator

Amazon (AWS Infrastructure)

Regulated Utility + IPP

NextEra Energy

Hyperscale · AI Infrastructure

Meta Platforms