UK interconnection queue alone exceeds all PJM and MISO queued capacity combined; Dublin, London, Amsterdam bottleneck at 16.9–24.3 excess while US SPP markets hold 76.5
## The Week's Signal
Google closed a **$12.0 billion** data-center transaction this week—the largest disclosed deal in the current reporting window—while Great Britain's NESO interconnection queue crossed **600 GW** of requested load, a figure that now exceeds the combined queued capacity of PJM and MISO. Power availability has become the binding constraint across three continents, with divergence widening between markets that can deliver and those that cannot.
## The Geographic Split
Europe's tier-one metros are **underwater**. Dublin scores **24.3** on the DCPI excess-power index, London **16.9**, Amsterdam **21.7**—all below the 50-point threshold that signals multi-year transmission or generation build-out before new load can connect. Meanwhile, US SPP markets—Oklahoma City and Tulsa—hold **76.5** excess, and ERCOT's Midland–Odessa sustains **85.7**. The gap between constrained and open markets is no longer a pricing question; it is a **physics question**.
The second-order read: **queued capacity is now a leading indicator of where NOT to build**. A 600 GW queue in Great Britain does not signal future supply; it signals a decade-long backlog where every marginal MW competes for the same constrained transmission. Markets with low excess scores and high queues are effectively **closed** to net-new hyperscale load until 2030 or later.
## Capital Follows Grid Headroom
Google's $12.0B close, alongside **$1.0B** from Meta, **$800M** from Flexential, and **500 MW** from Mubadala, confirms that capital is **repricing** infrastructure around one variable: **time to power**. The buyers are not chasing land or fiber; they are chasing markets where interconnection is **certain** and **fast**. That means SPP, ERCOT, and select MISO zones—not Dublin, not London, not Amsterdam.
Source: DC Hub Analyst Note (https://dchub.cloud/reports/analyst-note), updated weekly. Live infrastructure data across 280+ markets, 7 ISOs, 20,000+ facilities.