TeraWulf (WULF) Backs Muskie Power Plan With Bill Credits And Grid Upgrades

• TeraWulf will fund customer bill credits and grid upgrades for Kentucky Power's Muskie Data Campus • Deal ties TeraWulf's growth to securing long-term reliable power for AI/HPC sites • Kentucky Public Service Commission approval is the key next milestone to watch TeraWulf (NasdaqCM:WULF) is partnering with Kentucky Power on an infrastructure plan supporting its Muskie Data Campus in Eastern Kentucky. TeraWulf will fund customer bill credits for Kentucky Power customers tied to the project, and will cover the transmission and grid upgrades Kentucky Power plans to build for the campus. The arrangement fits TeraWulf's model of building power-intensive computing sites that depend on reliable electricity, working directly with utilities rather than simply buying power. By funding winter bill credits and new transmission upfront, TeraWulf signals that growth should pay for itself while sharing project economics with local stakeholders. The deal reinforces the broader thesis that TeraWulf's upside hinges on locking in large, reliable power blocks for AI and HPC campuses like Muskie, Lake Mariner, and Justified—backed by long-duration contracts and a roughly $3.0b cash position that supports multi-decade AI leases. The key next step is Kentucky Public Service Commission approval of the infrastructure plan, including the bill credits and transmission build. Investors should also track how much of Muskie's 1 GW of contracted power is tied to signed AI or HPC leases, and when those facilities start generating revenue. Analysis separately flags 4 warning signs (1 major) for TeraWulf worth weighing against this news.