NEW YORK, March 10, 2026, 5:45 PM EDT
Plug Power Inc is aiming to offload as much as 250 megawatts of power into the PJM Interconnection market, the Times Union reported Tuesday, citing Bloomberg News. Chairman Andy Marsh told Bloomberg Plug is already reaching out to potential buyers, including data center operators and utilities, but says deals would need to run for at least seven years. Shares of Plug dropped 3.2% to $2.12 in late trading.
Timing is key here. On Tuesday, the U.S. Energy Information Administration reported that power demand, which is already at a record high for 2025, is projected to increase further in 2026 and 2027. Rising electricity use at AI and crypto data centers, along with more homes and businesses shifting heating and transportation away from fossil fuels, are driving the uptick.
PJM is right in the thick of it. The grid operator, which oversees wholesale electricity markets spanning parts or all of 13 states plus D.C., announced this month that the next capacity auctions—where power generators compete to supply electricity in the future—are booked for mid- and late-2026.
Plug’s data-center shift isn’t new, but this deal pushes it further. Back on Feb. 26, the company announced it struck an agreement to offload a New York property to Stream Data Centers for at least $132.5 million. That’s just the start: the broader initiative targets more than $275 million. Jose Luis Crespo called the transaction proof of “disciplined approach to capital management and strategic execution.” Plug Power
Plug is still chasing a longer-lasting turnaround, so that cash pile isn’t just a footnote. On March 2, the company reported a 12.9% jump in 2025 revenue to roughly $710 million. Fourth-quarter sales were up 17.6% to $225.2 million, and gross profit finally moved into the black at $5.5 million. Unrestricted cash at year-end sat at $368.5 million. Plug is keeping its sights on hitting positive adjusted EBITDA—its go-to cash-profit metric—in the final quarter of 2026.
Crespo stepped in as chief executive on March 2, and he’s pitching this period as one focused squarely on execution, not a shakeup. “We are entering our next phase with clear priorities: disciplined execution, margin improvement, capital efficiency,” he said during the handover announcement. Marsh, now board chairman, backed Crespo, saying he had “full confidence” in the new CEO. Plug Power
The bullish scenario depends on a few things lining up: extended customer agreements, stricter control over spending, and not hitting the funding markets again in the near term. Analysts, according to Barron’s, continue to forecast an EBITDA loss for Plug this year. BMO’s Ameet Thakkar noted the company is still moving toward a “more narrowly focused” operation, but he’s not convinced Plug can actually curb its cash burn. Barron’s
Plug isn’t first onto this track. In October, Reuters said Brookfield Asset Management was ready to put as much as $5 billion behind Bloom Energy’s fuel-cell tech aimed at data centers. Bloom’s tech is already running with American Electric Power, Equinix, and Oracle, per the report. FuelCell Energy is in the mix too, pitching its own large-scale, quick-to-deploy systems for data center clients. So, Plug steps in where competitors have already secured customers and major funding.
