Newly elected governors in several U.S. states who opposed data-center development are now positioned to influence a significant share of planned capacity. The states include Ohio, Georgia, Michigan, New Mexico, and Texas, while the governors of New York and Oregon have pledged to extend existing pauses. Together, these states account for roughly 40% of planned U.S. data-center capacity, with the potential impact spanning permits, agency appointments, utility regulation, and tax incentives. In Louisiana, where a moratorium is being assessed, markets now view regulatory action affecting projects as more likely. In the January 1, 2028 sub-market, a 5-point increase in the YES price reflects heightened perceptions of the risk of new regulatory measures.
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