On Tuesday, March 31, 2026, Microsoft, Chevron, and investment fund Engine No. 1 announced the conclusion of an exclusivity agreement for the production and supply of electricity.

Technology giants, including Microsoft, are striving to secure their electricity supply to meet the rapid expansion of their data centers, which are necessary for the operation of generative artificial intelligence services such as ChatGPT and Copilot.

Chevron and Engine No. 1 had already announced a partnership last year to build natural gas power plants near data centers in the United States, planning to use turbines from the electric services company GE Vernova. Bloomberg News, which revealed the agreement with Microsoft, indicates that this long-term contract is linked to a natural gas power plant project in West Texas, estimated to cost approximately $7 billion.