The Power Allocation

Google signed for 150MW of new geothermal in Nevada with Ormat—adding to Fervo and approaching 300MW of 24/7 underground heat for data centers.

Show Notes

In this episode of The Power Allocation, we analyze Google's deal with Ormat Technologies and NV Energy for up to 150 megawatts of new geothermal capacity in Nevada—and why geothermal is emerging as a strategic power source for hyperscalers.

Geothermal has a unique advantage: it's baseload. Unlike solar and wind, geothermal runs 24/7 at consistent output—matching data center load profiles almost perfectly.

Key topics covered:

  • Why the Ormat deal is for new capacity, not existing plants—genuine additionality
  • Nevada's Basin and Range geology and streamlined geothermal permitting
  • Google's Fervo Energy partnership: 115MW of enhanced geothermal using oil & gas drilling techniques
  • How Google is approaching 300MW of geothermal—enough for a medium-sized campus
  • The geographic limits of geothermal and where it makes strategic sense

About The Power Allocation: Brought to you by Spring Street Management Group, translating data center and energy hype into real infrastructure and assets on the daily.

Keywords: Google geothermal, Ormat Technologies, NV Energy, Fervo Energy, enhanced geothermal, Nevada data center power, baseload renewable, 24/7 clean energy, geothermal data center

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What is The Power Allocation?

The AI boom isn't constrained by chips, algorithms, or talent. It's constrained by electricity.

The Power Allocation is a daily briefing on AI infrastructure — where capital is actually being deployed. Each episode cuts through the hype to examine the physical realities shaping the AI buildout: power constraints, grid interconnection, land acquisition, data center financing, cooling infrastructure, and utility relationships.

This isn't a software podcast. This is an infrastructure podcast.

Who it's for: Institutional investors, infrastructure allocators, data center developers, utilities, family offices, and anyone positioning capital for the physical layer of artificial intelligence.

What you'll learn:

Why power availability — not GPU supply — is the binding constraint on AI compute
How hyperscalers are locking in multi-decade power purchase agreements
Where data centers are relocating and why grid geography is reshaping the industry
The financing structures turning compute facilities into bond-like assets
What execution timelines, permitting delays, and interconnection queues mean for capital deployment
Format: 3-6 minute episodes. Dense. Clear. No hype.

New episodes daily. Subscribe wherever you listen.