PJM filed its response to Oklo’s FERC complaint yesterday. On the surface, it isn’t bullish. PJM wants FERC to reject Oklo’s request to reinstate its 750 MW Virginia project. No surprise there.

Buried in the response, however, PJM disclosed something far more interesting. C01-1735 wasn’t Oklo’s only Cycle 1 application. Oklo submitted five projects.

PJM says the other four — C01-1730, C01-1734, C01-1738 and C01-2157 — were successfully validated and advanced into Phase I. Together, those four projects represent 900 MW.

Add the disputed 750 MW Virginia project and Oklo appears to have submitted 1.65 GW of generation into PJM Cycle 1 alone. That is not an investor presentation or an LOI. These projects have entered the actual interconnection process.

Three of the successful applications are in Ohio: two in Pike County and one in neighboring Adams County. Oklo already announced plans with Meta for up to 1.2 GW in southern Ohio. Finding multiple Oklo nuclear interconnection applications clustered in exactly that region, points to Meta, but PJM does not identify the customer, so we cannot say these are Meta projects for sure. 

The last project is C01-2157 in Caroline County, Virginia.

This means the 750 MW project revealed by the original FERC complaint apparently isn't Oklo’s only Virginia project. PJM actually reconsidered C01-2157 after initially withdrawing it and agreed to let it proceed after relatively minor clarifications.

PJM also tells FERC that if C01-1735 doesn't get reinstated through this complaint, the new Expedited Interconnection Track could potentially provide another path forward if the project qualifies. That's PJM itself is implicitly saying denial of the complaint does not necessarily mean the full 14-month delay Oklo presents as inevitable.

Ironically, PJM disclosed all of this to strengthen its defense. Its argument is essentially: we aren't discriminating against Oklo, we approved four of their five projects.

Fair enough.

Investors previously didn't know there were five projects this far along. The market has been valuing Oklo largely on announced agreements and future deployment potential. Now, a regulatory dispute is beginning to expose actual projects quietly entering the grid-development pipeline.

Four out of five made it through. 80% of the time, it works every time.

PJM Just Accidentally Revealed Oklo’s Cycle 1 Pipeline Is Much Bigger Than We Knew