$24 per MWh. Energized ahead of the queue.
Teton Digital develops vertically integrated power generation and Tier-compatible data center campuses across Alberta and the United States. With a 3 GW+ pipeline and new capacity energizing in 2027 and 2028 — scaling from first power to gigawatts, we energize on a schedule the grid can't match.
THE MACRO PROBLEM
Power, not silicon, is the binding constraint on AI.
New grid interconnections in major U.S. hubs now take four to seven years. The interconnection queue stands at roughly 1,500 gigawatts. Hyperscalers and AI operators are increasingly committing capital to dedicated, behind-the-meter generation because the alternative is waiting for a grid that cannot move at the pace of compute demand.
1,500 GW
U.S. grid interconnection queue backlog
Source: Lawrence Berkeley National Lab / U.S. DOE, 2025
4–7 yrs
Wait time for new grid connections in major U.S. hubs
Source: LBNL / DOE, 2025
$800B+
Expected 2026 AI infrastructure, compute, and data center capex
Source: Morgan Stanley Research
+165%
Data center power demand growth through 2030
Source: Goldman Sachs Research
Three structural advantages.
Built together, by design.
Lowest power economics in North America
Teton's flagship project delivers a Year-1 cash cost of power of approximately $24 per MWh — roughly a quarter of the all-in delivered cost in major U.S. data center markets, and approximately $320M in annualized OPEX savings per 500 MW deployed versus a Virginia-equivalent site.
~$24/MWh
Year-1 cash cost
Years ahead of the queue
We bring our own power onto sites we control, which lets us energize compute capacity two to five years ahead of grid-dependent alternatives. Our flagship Alberta project is permitted and tracking to Q3 2028 — two to three years ahead of every other Alberta power and data center project in the queue, with compute able to energize as early as 2027.
2–5 yrs
faster than grid-dependent
Vertically integrated
Power and campus are developed together — generation, interconnection, fiber, water, and Tier-compatible data hall pads on one site, under one sponsor. From site origination through operations, we control the full lifecycle.
One site.
One sponsor.
The $24 per MWh story
Power at $24 per MWh.
Teton sites projects where natural gas is structurally cheap, where the climate reduces cooling load, and where regulators are actively incentivizing new dispatchable generation.
AECO-hub natural gas has historically traded approximately 40% below NYMEX / Henry Hub. The Alberta climate reduces cooling load and improves PUE to below 1.25 versus 1.35–1.41 in major southern U.S. markets. Alberta levies zero tariffs on imported compute equipment.
The result is a cash cost of power that no U.S.-sited builder can match — with the savings to match.
| Virginia | Texas | Alberta (Teton) | |
|---|---|---|---|
| Cost of Power ($USD/MWh) | ~105 | ~50 | ~24 |
| Average PUE | 1.35 | 1.41 | <1.25 |
| Tariffs on compute equipment | Variable | Variable | None |
| Interconnection queue (years) | 4–7 | 3–5 | Direct, BTM |
Alberta figure: Year-1 (2028) cash cost of power for Black Bear on a behind-the-meter delivery basis. Buildup: fuel + variable O&M / LTSA + maintenance reserve + net TIER carbon + fixed SG&A. Source: Black Bear project financial model. Virginia and Texas figures sourced to PJM and EIA STEO 2026 forecast. Annualized OPEX savings = (Virginia $/MWh − Alberta $/MWh) × 500 MW × 8,760 hours × 90% capacity factor. Excludes capital recovery and equity return.
in annualized OPEX savings per 500 MW deployed in Alberta versus a Virginia-equivalent site.
Two flagship Alberta projects.
3 GW+ pipeline.
Northern Forge Phase I (30 MW) energizes H1 2027, building toward the full 200 MW campus. Black Bear (466 MW) energizes Q3 2028 with a defined pathway to ~3 GW across the campus. Additional U.S. pipeline spans North Dakota and Texas. New capacity energizing every year — scaling from first power to hundreds of megawatts.
466 MW NGCC + 1,500-acre Tier-compatible campus, ~3 GW pathway.
Ready to build. Federally and provincially permitted; required Indigenous consultation complete. AESO Cluster 3 filed.
Compute as early as 2027 · full 466 MW Q3 2028
~$24/MWh Year-1 cash cost, behind-the-meter
High-efficiency combined-cycle generation; noise and emissions approvals in hand. Alberta TIER carbon cost fixed through 2040 (May 2026 Canada–Alberta agreement); CO2 enhanced-oil-recovery hub within 5 km.
200 MW behind-the-meter gas-to-compute; 155-acre campus.
Permits largely in hand — EPEA, Water Act, and Indigenous consultation complete; AUC under evaluation. 10-yr firm gas supply and dedicated 6″ pipeline (LOIs), sized for the full 200 MW.
30 MW H1 2027 · 100 MW+ YE 2027 · 200 MW 2028
~$31/MWh cash cost to generate
- North Dakota100 MW Tier 3 campus. Conditional Use Permit secured for Phase II.
- Texas256 MW behind-the-meter. ERCOT interconnect approved. 15-yr fixed at ~$35/MWh.
News.
Teton Digital Gets Go-Ahead for 100MW Data Center in North Dakota
Data Center Dynamics covers Phase II conditional use permit approval for Teton's North Dakota campus.
Read on DCD →AESO Cluster 3 application filed for Black Bear
Interconnection application submitted for the fully-permitted 466 MW NGCC, keeping the project on its Q3, 2028 interconnection track.
Northern Forge Phase I energization
Anticipated milestone — first power from the 30 MW Phase I behind-the-meter site, building toward the full 200 MW campus.
The Bench
Partners & Consultants
An established bench of Alberta-based and international specialists across engineering, regulatory, financial, and legal disciplines.
