PJM Grid Operator Forecasts 106 Gigawatts New Power Needed in 10 Years
"Here's a little region in the US called the PJM, Pennsylvania, Jersey, Maryland. This is a forecast from the grid operator where they say that over the next 10 years, we're going to need 106 gigawatts of new power in the PJM, in just one little area of the US. Now, in 10 years, in geological time, that's like tomorrow morning, right?"
About this episode
At the All-In Summit's inaugural Best Ideas Pitch competition, four investors presented high-conviction stock and crypto picks to an audience of founders and allocators, with presentations judged by both the crowd and the podcast hosts. Aaron Cowan of Soreta Capital won the competition with a pitch on MGM Resorts, revealing that billionaire Barry Diller had just submitted a surprise $48 per share takeover bid after accumulating 26 percent of the company. Cowan argued Diller is targeting MGM's hidden Osaka casino license, which could open in 2030 and generate $2 billion in EBITDA, potentially tripling the stock to over $100 per share. Daniel Dreyfuss of EQT presented Talon Energy, a nuclear and natural gas power producer trading at $25 billion enterprise value against $45 billion replacement cost, positioning it as a pure play on surging AI data center power demand. Dreyfuss disclosed that Microsoft recently agreed to pay Constellation Energy double market rates to restart Three Mile Island, and cited PJM grid operator forecasts showing 106 gigawatts of new capacity needed in the next decade in one region alone. Oleg Nodelman of EcoR1 Capital pitched Actis Oncology, a radiopharmaceutical startup backed by Eli Lilly targeting solid tumors with precision radioactive payloads, trading at $1 billion market cap with clinical data expected in 2027. Kyle Samani, formerly of Multicoin Capital, presented Geodnet, a decentralized RTK network token that has deployed 22,000 high-precision GPS base stations globally in four years—double the infrastructure of three legacy incumbents who have been building for 30 years. The presentations sparked debate on regulatory risk in AI power markets, China competition in biotech, and the viability of satellite alternatives to ground-based networks. Audience and host voting both favored the energy and casino plays over the higher-risk biotech and crypto assets.
Key takeaways
- Barry Diller submitted a $48 per share bid for MGM Resorts after accumulating 26 percent of the company, targeting its undervalued Osaka casino license worth an estimated $50 per share.
- Microsoft agreed to pay Constellation Energy $100 per megawatt hour for 20 years to restart Three Mile Island nuclear reactor, double the current $50 market rate.
- PJM grid operator projects 106 gigawatts of new power capacity needed in the next decade in Pennsylvania-Jersey-Maryland region alone, equivalent to Japan's total consumption.
- Nvidia CEO Jensen Huang recently stated AI will require 1,000 times more power than currently available, necessitating all energy sources including nuclear, solar, and orbital solutions.
- Talon Energy trades at $25 billion enterprise value versus $45 billion replacement cost, with potential to generate $50 to $100 per share in annual free cash flow.
- Geodnet deployed 22,000 RTK base stations in 4 years using decentralized crypto incentives, doubling the infrastructure of Trimble, Hexagon, and Topcon combined over 30 years.
- Actis Oncology is backed by a $100 million investment from Eli Lilly and expects first clinical data in 2027 for its precision radiopharmaceutical platform targeting solid tumors.