TeraWulf Gets Federal Approval To Buy Morgantown Power Plant In Charles County

CHARLES COUNTY, Md. — Federal regulators have approved TeraWulf’s purchase of the Morgantown Generating Station, clearing a major hurdle in the company’s plans to redevelop the Charles County property.

However, the decision does not approve construction of a data center, new power generation or other redevelopment at the site.

The Federal Energy Regulatory Commission issued its order Wednesday, July 29, 2026, authorizing Chesapeake Data LLC, a wholly owned subsidiary of TeraWulf Inc., to purchase 100% of the ownership interests in Morgantown Power LLC from Lanyard Power Holdings LLC, a GenOn affiliate. FERC determined that the ownership transfer was “consistent with the public interest.”

Morgantown Power owns four operating oil-fired generating units with a combined capacity of approximately 216 megawatts. The units participate in the PJM Interconnection regional electricity market.

FERC emphasized that its approval applies only to the ownership transfer. TeraWulf would still need additional local, state or federal approvals for future development or changes to how the generating units are used.

FERC Rejects Challenge Over Google Relationship

Public Citizen, the NAACP and the Port Tobacco River Conservancy asked FERC to dismiss the application, arguing that TeraWulf had not properly disclosed its financial relationship with Google.

Google holds warrants that could allow it to purchase approximately 73.5 million TeraWulf shares. The groups argued the warrants represented about 14% of the company and made Google an affiliate that should have been disclosed.

TeraWulf said the warrants had not been exercised and did not currently give Google ownership, voting rights or control over the company.

FERC agreed with TeraWulf and rejected the motion to dismiss, finding that the unexercised warrants did not give Google current ownership or control.

Purchase Price Will Remain Confidential

Public Citizen also asked FERC to release the purchase price and other financial details included in the confidential sales agreement.

The organization argued that Charles County residents and local leaders had an interest in knowing the value of the property.

Public Citizen also cited what it described as nonpublic communications indicating that TeraWulf was seeking approximately $100 million in taxpayer assistance connected to the transaction.

FERC declined to release the purchase price. The commission found that it qualified as confidential commercial or financial information and was not needed for FERC to complete its regulatory review.

What This Means For Residents

FERC’s approval clears TeraWulf to take ownership of Morgantown, but it does not clear the way for a data center to be built there. Charles County commissioners voted July 21 to scrap the zoning text amendment that would have allowed data centers in the county, choosing instead to form a task force and hire a consultant before writing new rules. That leaves the county’s current zoning ordinance in place, which does not list data centers as a permitted land use — meaning any data center proposal for the Morgantown site would need to clear a zoning process that has not yet been written, on top of whatever additional federal reviews TeraWulf’s generation and infrastructure plans require.

What Happens Next

TeraWulf must complete the purchase and notify FERC within 10 days after the transaction closes. Morgantown Power must also notify the commission within 30 days of any material change to the facts or representations FERC relied on when approving the sale.

Future proposals involving data centers, new generation, natural gas infrastructure, battery storage or changes to the plant’s PJM participation would require separate reviews.

Local and state processes could also address zoning, environmental impacts, water use, air emissions, noise, traffic and other concerns raised by Charles County residents.

Related Stories

• Charles County’s Morgantown Plant Being Bought By Data Infrastructure Company
• $100 Million In Taxpayer Money? Public Citizen Demands TeraWulf Reveal Morgantown Power Plant Deal
• Charles County Scraps Data Center Zoning Plan, Will Start Over With Task Force
• After Hours Of Testimony And “No Data Centers” Chants, Charles County Planning Commission Recommends Denial Of Data Center Zoning Amendment

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