Texas Governor Greg Abbott on Monday ordered the Public Utility Commission of Texas and grid operator ERCOT to audit all data center projects in the state’s queue. ERCOT then paused its planned Batch Zero large-load approval process, which was due to be announced this month.

According to ChainCatcher, data center applications account for about 90% of ERCOT’s 474 GW interconnection queue.

Bernstein analysts said in a Tuesday client note that the review could curb speculative development and limit new power capacity supply, increasing the scarcity value of already approved capacity and benefiting existing Bitcoin miners and AI operators. The report said Cipher Digital, CleanSpark, and Core Scientific could be most affected because their expansion plans depend on access to the Texas grid, while Terawulf was described as more resilient due to power assets spread across Kentucky, Maryland, and New York. Riot Platforms and IREN were also cited as potential beneficiaries because they already have large approved operating assets within ERCOT.