In a bid to speed up the construction of new power plants essential for its data centers, Meta is diving into the electricity trading business.
Bloomberg reports that both Meta and Microsoft are seeking federal approval to trade power, following Apple, which has already secured this approval. Meta states that this move will enable it to make long-term commitments to purchase electricity from new plants, while also reducing risk by allowing the resale of some of that power in wholesale markets.
Urvi Parekh, Meta’s head of global energy, explained to Bloomberg that power plant developers “want to know that the consumers of power are willing to put skin in the game.”
“Without Meta taking a more active voice in the need to expand the amount of power that’s on the system, it’s not happening as quickly as we would like,” Parekh added.
Bloomberg highlights that the ambitious AI data center plans of tech companies will require significant energy resources, noting that at least three new gas-powered plants will need to be built to support Meta’s data center campus in Louisiana.
