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SPP network service 12CP · estimate

Fluidstack, Abernathy, Texas

A 168 MW critical-IT campus in SPP, not ERCOT, on Xcel's Southwestern Public Service system. Its transmission charge follows its load at each month's SPP peak.

SPP coincident-peak charge a year at the announced load

$17,906,400

on 240 MW drawn at all 12 peaks, at $74.61/kW-yr

At the published draw, 0 MW$0At 240 MW$17,906,400Each peak sat out$1,492,200

What sets it: Your load at each month's coincident peak, averaged over twelve months. Each of those peaks the campus curtails through takes its share off the year.

Change these numbers

What the estimate uses

  • 240 MW treated as draw at peak hours once built out: the campus's total utility requirement, described as about 240 MW for 168 MW of critical IT load.
  • 0 MW treated as draw at peak hours now: no public source yet states any MW drawing. The newest status, July 2026, has the campus under construction for delivery in the second half of 2026.
  • No curtailment. The rate, $74.61/kW-yr, comes from SPP point-to-point rates effective Oct 1, 2026 (PTP_RATES_10182026): SPS zone, SPP rates effective Oct 1, 2026: Schedule 7 $48.16, Schedule 11 zonal $18.32 and region-wide $8.12. It is not Southwestern Public Service (Xcel Energy)'s own tariff.

Sources

  • TeraWulf investor presentation (SEC Form 8-K, Exhibit 99.3), Oct 28, 2025: Abernathy is on the SPP grid in Xcel Energy's Southwestern Public Service territory, with a 345 kV interconnection; phase 1, 168 MW, due in the second half of 2026.
  • Data Center Frontier, Jul 16, 2026: a 168 MW critical IT campus with a total utility requirement of about 240 MW, under construction toward second-half 2026 delivery; TeraWulf is selling its stake to a Fluidstack-led group.
  • TeraWulf (SEC Form 8-K, Exhibit 99.1), Jul 6, 2026: TeraWulf agreed to sell its stake in the Abernathy joint venture to an investor group led by Fluidstack, which continues to lead the project.

Figures as published on October 30, 2026. SPP Open Access Transmission Tariff, network integration transmission service: average 12-CP.

What this is not

  1. Not a bill. Announced capacity is not metered load, and a campus rarely draws all of it at a system peak.
  2. One charge only, the SPP network service 12CP. Energy, other transmission and distribution charges are not in it.
  3. The figure assumes the campus curtails at none of the peaks. Sitting peaks out is what lowers it.

Run your actual contracted and drawn MW, year by year, in the estimator. Corrections to the public figures: contact.