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Data Center Platform · Colocation

The spread between tenant rates and wholesale power is the colocation margin risk nobody is hedging.

An integrated energy risk and procurement system for colocation operators whose margin lives in the gap between locked tenant contracts and a wholesale power cost that never stops moving.

This overview covers the first-principles framework that defines colocation energy risk, the structural gap in how that risk is managed today, and the six integrated layers of the Mobius system.

The Energy Reality
Three inputs decide every data center
01
Energy
The load has to be fed. Continuous, firm power at a scale the grid was not built for.
Today: Natural Gas
02
Power Quality
Clean, stable, uninterrupted delivery. A flicker is a failure at this density.
Today: Batteries
03
Cooling
The heat has to go somewhere. Thermal load scales directly with compute.
Today: Water
The Governing Metric
Tokens per gigawatt — today, tokens per MMBtu.
The Premise

The energy reality behind colocation margin

First principles of AI are energy supply, power quality, and cooling — which in today's physical infrastructure is natural gas, batteries, and water. The dominant model is behind-the-meter and gas-fired: these operators are buying gas, building generation, and managing the spread between hardware + chips + energy and their lease term.

For a colocation operator, that exposure has a sharper edge: the tenant signs a multi-year rate, and wholesale power signs nothing. The difference between those two curves is the operating margin — and today it is managed through a fragmented mix of brokers, market data tools, and consultants. Procurement decisions are spread across disconnected systems and third parties. Pricing visibility is limited. Strategy and execution sit in different rooms, often in different time zones.

"The only metric that matters is tokens per gigawatt — which in today's technological environment translates to tokens per MMBtu."
Eric MelvinFounder & CEO, Mobius Risk Group
Inside the Overview

What the colocation overview covers

01

The first-principles framework — energy supply, power quality, and cooling — and how each maps to today's physical infrastructure: natural gas, batteries, and water.

02

The tenant-rate-to-wholesale spread: why the colocation margin is a commodity position, and what a hub-indexed supply review structurally misses.

03

Why brokers, market data platforms, consultants, and generic CTRMs fall short for the colocation buyer profile.

04

The basis dynamic in constrained markets — the 18-month structural premium PJM Dominion operators carried that hub-indexed supply never showed.

05

Physical Gas Operations, Financial Transaction Support, and M-Power product detail — capabilities, scope, and how the layers compose for the colocation footprint.

06

The six disciplines of an integrated energy program — from contracting through settlement.

07

Regulatory and governance reporting — FERC, ISO/RTO, hedge accounting, lender, and board — produced from the procurement system itself.

08

Engagement models, pricing tiers, and the 30-day path to first value.

Who This Is For

Built for the people who carry colocation power risk

Energy Procurement

Managing power cost risk at scale across delivery nodes — without getting locked into a structure that's wrong for the load.

CFO / VP Finance

Owning the EBITDA-to-budget ratio on energy, where an unmanaged spread becomes a board issue mid-quarter.

Infrastructure & Facilities

Running clean operations and still being asked to explain a power cost that moves with the commodity market.

Sustainability

Meeting a renewable commitment without letting a green-on-paper PPA create a new financial exposure.

The Conversation

Four seats, four versions of the same exposure

Energy Procurement
"How do I manage power cost risk at scale without locking into the wrong structure for our nodes?"
Mobius maps full exposure — hub price, nodal basis, volume, sustainability — before any structure is recommended. We don't earn on the transaction.
Proof. PJM Dominion colocation operators carried an 18-month structural basis premium that hub-indexed supply missed entirely.
CFO
"Will power cost volatility become a board issue this quarter?"
Power cost variance is manageable when treated as a managed risk. The tightest EBITDA-to-budget ratios on energy belong to operators running formal programs.
Proof. $14–18M annual EBITDA sensitivity reduced to $3–4M through structured procurement plus hedging.
Infrastructure
"Why are my energy costs variable when operations are running clean?"
The variability isn't operational — it's commodity market exposure, managed with the same framework as any other commodity risk.
Proof. Power costs held within 3% of budget in year one after program implementation.
Sustainability
"How do I meet our renewable commitment without making the cost picture worse?"
A renewable PPA is a commodity contract — basis, volume, and shape risk evaluated alongside the sustainability benefit, not instead of it.
Proof. 100% renewable commitment met with 35% cost variance reduction vs. the prior unstructured portfolio.
Why Mobius

25 years on the energy stack. Now anchoring the data center vertical.

Mobius Risk Group has managed the energy, power, and commodity risk stack since 2002. The firm advises producers, midstream operators, large industrials, and capital partners across procurement strategy, hedging programs, and physical execution. The same operating model now anchors the colocation footprint.

25+
Years managing the gas and power risk stack
60+
Solutions in the integrated platform suite
17+
Verticals served — energy, industrials, capital
8–10
GW data center gas demand under active management
1
Operating system across strategy, execution, intelligence
"The companies that manage their energy stack like an energy business will have structurally better outcomes than the ones that manage it like a facility expense."
Mobius perspectiveon AI infrastructure
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