Here is what Gemini says:
While the 5-month suspension and the Attorney General’s intervention sound aggressive on paper, they are standard chess moves in the utility regulation world. In fact, Big Rivers Electric’s own filing anticipated this scrutiny and actively set the framework for a straightforward resolution. Here is a breakdown of why this is highly likely to get resolved and what to watch out for.1. The Legal Precedent is on Their SideIn its formal cover letter to the Public Service Commission (PSC), Big Rivers explicitly noted that this contract utilizes the exact same market-based, pass-through structure as the "Block Mining" contracts that the Commission recently reviewed and successfully approved. Because the utility is using an already vetted legal and financial template, they aren't trying to reinvent the wheel. The PSC just needs to verify that the numbers match the precedent.2. Built-In Protections Against "Rate Shock"The main reason the AG or PSC ever completely kills a power contract is if it threatens to raise electric bills for local families to subsidize a massive corporation. This contract is insulated from that risk because:It is a pass-through contract linked to the MISO wholesale energy market. TeraWulf’s subsidiary (Justified DataPower) pays the actual market rates for the wholesale energy and capacity it uses. It protects ordinary consumers from absorbing the risk of fluctuating power costs, which satisfies the AG's primary mandate.3. The Utility and the State Want This ApprovedThere is massive economic incentive pushing for a resolution:The Site Has Existing, Idle Infrastructure: The site is the former Century Aluminum smelter, which has been dark since 2022. Big Rivers has been forced to operate and maintain 482 MW of transmission capacity going to that specific plot of land with no one using it, costing them significant transmission revenue. Economic Development: The Century closure cost the local community over 600 jobs. While data centers create fewer direct long-term operational jobs than an aluminum smelter, redeveloping the site brings massive immediate capital expenditure, grid utilization revenue, and local tax benefits. How It Will Likely Get ResolvedInstead of an outright rejection, the most common outcome for a suspended tariff investigation is a Negotiated Settlement or an Approval with Conditions.Over the next few months, the PSC and the AG will issue data requests. They might ask for minor tweaks to the contract—such as requiring higher collateral or a guarantee that TeraWulf covers 100% of any localized transmission upgrades so other customers aren't on the hook (a hot button topic in the Kentucky legislature in early 2026 via House Bill 593).Once Big Rivers and TeraWulf agree to those safeguards, the PSC will issue a final order lifting the suspension and approving the retail electric service agreement. Expect a resolution or a clear settlement path closer to the end of the 5-month window (around September or October 2026).