Why Grid Interconnection Is the Real Bottleneck

You can buy land. You can order GPUs. You can raise capital. But you cannot buy a faster grid connection. Interconnection is the binding constraint on AI infrastructure.

In PJM — the grid operator for the Mid-Atlantic — the interconnection queue now exceeds 2,500 projects totaling over 250 gigawatts. The average wait time has stretched beyond 4 years. Developers who secured interconnection agreements 3-5 years ago now hold strategic assets.

Capital is repricing assets based on interconnection status, not just location or capacity. The race for AI compute is increasingly a race for queue position.]]>