Any State Enacts a Data Center Moratorium? — By December 31, 2026

This market will settle to Yes if any U.S. state enacts a data center moratorium between Contract Issuance and December 31, 2026, 11:59 PM ET. Outcome sourced from relevant state legislative authorities. A data center moratorium refers to a bill, act, statute, joint resolution, or equivalent legislative instrument that expressly targets data centers and prohibits, suspends, or pauses the approval, permitting, construction, connection to the electrical grid, or operation of new data centers throughout the state. Suspensions of tax incentives, exemption certifications, or economic development awards alone will not qualify, nor will legislation adopted by a local government or limited to part of the state. Qualifying legislation may apply only to a defined class of data centers, including facilities above a specified power, water-use, computing-capacity, or size threshold, and may grandfather existing facilities or applications. It need not use the word moratorium, and a permanent prohibition also qualifies. Enactment means such legislation has been finally approved by all required chambers of a states legislature and has been signed into law by the governor or other official with legal or constitutional authority to enact legislation, or has otherwise become law under the applicable constitutional or legislative procedures of that state. Once qualifying legislation has been enacted into law, any legal challenges, court orders, administrative actions, or other post-enactment developments will not affect settlement.