Autoresearch: As of 19 Sep 2026, did FERC RM26-4-000 produce a final large-load rule, a NOPR, or only per-RTO show-cause? Did the RTOs file by 17 Aug or take abeyance? Has NARUC obtained a stay? Did PWR/GEV/VRT attribute Q2 order-intake acceleration to the ruling?

Generated by /autoresearch on 2026-09-19. Synthesized across 3 rounds from retrieved primary RTO/FERC/issuer pages. See Provenance. Treat as raw material — review before promoting into a project or thread. Context: vault/projects/stock-market Research-only. No buy/sell/size.

Summary

The June 2026 “binary catalyst” did not arrive as a final rule or even a NOPR. On 18 Jun 2026 FERC issued six tailored Federal Power Act §206 show-cause orders (PJM EL26-67 through ISO-NE EL26-72) advancing the October 2025 ANOPR in RM26-4-000. All six RTOs/ISOs requested ~90-day abeyance; filings that were due 17 Aug are now targeted 16 Nov 2026 (SPP 20 Nov). NARUC’s RM26-4 record is comments asserting state jurisdiction, not a preliminary injunction — the Step 4 court-stay falsifier has not fired. PWR printed record $53.4B total / $43.8B Electric backlog and GEV booked $2.7B Q2 / >$5B H1 data-center Electrification orders; neither print attributes the acceleration to a FERC large-load final rule. Step 1 stays partial. Q3 issuer prints and the November §205 filings are unprinted.

Findings

The June action was six §206 show-causes, not a national 60-day fast path

Husch Blackwell’s docket list matches the RTO primary: PJM EL26-67, SPP EL26-68, NYISO EL26-69, MISO EL26-70, CAISO EL26-71, ISO-NE EL26-72 (Husch Blackwell large-load update). PJM’s own 28 Jul motion states the Commission issued the “large load show cause order” on 18 Jun 2026 and that PJM is developing an FPA §205 filing rather than defending the existing tariff as just and reasonable (PJM EL26-67 abeyance motion PDF). RMI’s explainer: FERC “found that the existing rates and tariffs are unjust and unreasonable” and tasked each RTO with updates; RTOs may follow FERC’s suggestions or file alternatives (RMI, Understanding FERC's Large Load Orders).

Ashurst/Perkins Coie: original show-cause responses due 17 Aug 2026; optional 90-day extension request by 3 Aug; stakeholder replies originally 16 Sep; informational generation-adequacy reports were due 20 Jul (Ashurst/Perkins Coie). That is the opposite of a single standardized 60-day national fast path.

All six clocks are in abeyance to mid-November

PJM and Indicated TOs moved on 28 Jul to hold EL26-67 in abeyance 90 days from 17 Aug so PJM can file §205 by “early to mid-November” (PJM motion). The Federal Register noticed the shortened answer period (FR 2026-15779, 4 Aug). A 14 Aug sweep (secondary compilation of the six orders) reports FERC granted every pending abeyance: responses now 16 Nov 2026, answers 16 Dec, except SPP 20 Nov / 21 Dec (pranavaraparla FERC-order tracker; mgrid.org 13 Aug). No RTO show-cause answer that reforms the tariff was retrieved as filed by 17 Aug. PJM’s stakeholder deck still targets a §205 in early/mid November (PJM 30 Jul workshop slides).

NARUC: comments, not an injunction

NARUC filed supplemental RM26-4 comments on 13 Apr 2026 (accession 20260413-5278) (FERC eLibrary). No retrieved federal-court preliminary injunction staying the June 18 orders. The Step 4 “NARUC wins PI before the rule takes effect” falsifier has not fired — in part because there is still no final rule to stay.

PWR / GEV Q2: construction backlog is real and FERC-unattributed

Quanta Q2 2026: total backlog $53.4 billion, twelve-month $32.3 billion, Electric $43.8 billion — all records. Electric growth is “additional awards and increased volumes with existing customers”; the NiSource generation/grid program is excluded until H2 permitting (Quanta Q2 2026 release; PWR operational summary PDF). Phalcon/Enerfab add data-center electrical craft. No sentence attributes the record backlog to RM26-4 or a FERC final rule.

GE Vernova Q2 call: Electrification booked $2.7 billion of data-center orders in the quarter, over $5 billion in H1 2026 — “more than double full-year ’25”; equipment backlog “rising above $40 billion”; total backlog cited around $176 billion in the same print set (GEV 22 Jul 2026 transcript PDF). Strazik: the $5B is inside ~$14B H1 Electrification orders; no SST order in that $5B. Again, no FERC-rule attribution. Q3 unprinted.

Contradictions and open questions

• The chain’s Step 2 still describes a “standardized 60-day fast path.” That object does not exist as of 19 Sep. Reforms, if any, will be per-RTO §205 filings in November, then protests, then Commission orders — staggered, not binary.
• PWR/GEV order books can accelerate without the federal streamlining (physical DC demand + utility programs). That is exactly the Step 3 falsifier shape: “order intake not accelerating because of the ruling.”
• NARUC jurisdiction comments are live; a later lawsuit remains possible once a §205 is accepted. Do not retire Step 4.
• State siting (NY EO 62) remains a serial gate independent of FERC.

Provenance

Rounds run: 3 of 3. X sources: attempted via X search_news; spend-cap 403. Not used. Grokipedia: not used for any 2026 claim.

Web sources:

• PJM EL26-67 abeyance motion — official — 90-day pause; §205 targeted early/mid-November.
• Federal Register 2026-15779 — official — answer period on the motion.
• PJM 30 Jul workshop slides — official — Large Load Order + stakeholder calendar.
• Husch Blackwell — counsel — six docket numbers; 17 Aug / 16 Sep original calendar.
• Ashurst/Perkins Coie — counsel — 18 Jun unanimous vote; extension mechanics.
• RMI — NGO explainer — unjust-and-unreasonable finding; Nov 15 if suspended.
• FERC eLibrary 20260413-5278 — official — NARUC supplemental comments.
• Quanta Q2 2026 release — issuer — $53.4B / $43.8B records.
• GEV 22 Jul transcript — issuer — $2.7B Q2 / >$5B H1 DC Electrification.

Generated: 2026-09-19