Google agreed to buy more electricity from existing nuclear plants for 20 years.
Shares in power producers rose sharply: Constellation Energy gained 12.2%. Emera agreed a $10 billion utility purchase in Canada.
Oil prices were steady while attacks in the Gulf continued.
Getting more power from an existing nuclear plant is faster and cheaper than building a new one, which is why the deal was valued so highly. India and South-East Asia are also struggling to supply enough electricity.
Investors were also selective: the company buying the Canadian utility saw its shares fall, a sign the market thinks it paid a full price.
What could change this. Against this: uprates add modest capacity; if new gas plants and batteries arrive faster than expected, the scarcity premium will fade.
So-what: Electricity is becoming scarce enough to command a premium, and the rules governments set will decide who keeps it.
What to watch. Grid capacity rules; state utility commissions; Gulf tanker data.