A power ramp schedule is the utility's plan for delivering a site's total load in stages, so a site described as a large campus may receive only part of that power at first energization and the rest over later years. To underwrite it, value the site on the megawatts that arrive in each period, not on the headline number, and test whether the first tranche is large enough to support a real tenant or first phase.
What a power ramp schedule is
A ramp schedule, sometimes called a load ramp or phased service plan, sets out how much load the utility will serve and when. It usually appears in a utility service response, an electric service agreement, or a large-load tariff filing. It can be tied to transmission upgrades, substation additions, or the customer's own committed load.
A site with a strong headline number and a slow ramp can be worth less than a smaller site that delivers its full load sooner.
Why ramp schedules matter more now
Utilities are phasing large loads. Many utilities serve big requests in tranches as upgrades come online.
Tenants want power on a date. A neocloud or AI tenant usually needs a specific megawatt amount by a specific quarter. A ramp that misses that window can lose the tenant.
Tariffs can attach costs to the full request. Some large-load tariffs set minimum bills, collateral, or contract terms based on the full requested load, even if delivery is phased.
Capital follows certainty. Lenders and equity partners discount megawatts that are not yet scheduled.
How to read a ramp schedule
| Question | Why it matters |
|---|---|
| How many megawatts at first energization? | Sets the size of phase one and the first tenant |
| What is the date for each tranche? | Drives lease-up, revenue timing, and carrying costs |
| What conditions trigger each tranche? | Upgrades, permits, or customer commitments can move dates |
| Are later tranches firm or best-efforts? | Firm tranches can be underwritten; best-efforts tranches are upside |
| Who pays for the upgrades that unlock later tranches? | Changes total project cost and who bears delay risk |
| Do minimum bills or collateral apply to the full load? | Can create cost before the power arrives |
| Can the customer reduce or defer the ramp? | Flexibility protects the deal if a tenant slips |
Decision rules for underwriting phased power
Underwrite firm megawatts only. Treat unscheduled or conditional tranches as upside, not base case.
Check phase one against real demand. If the first tranche is too small for a credible tenant or building, the site has a timing problem.
Align the building plan to the ramp. Phase construction, equipment orders, and lease commencement to the dates power arrives.
Model carry costs between tranches. Land, option, collateral, and minimum bill exposure add up while waiting.
Stress the dates. Run the model with each tranche slipping, since upgrade work rarely finishes early.
Compare on usable megawatts by date. When ranking sites, compare power delivered in the tenant's window, not total eventual capacity.
Ramp schedule checklist
Written utility response that states megawatts by date
List of upgrades tied to each tranche, with estimated timing and cost responsibility
Tariff terms for minimum bills, collateral, and contract length
Tenant or end user power requirements by quarter
Phased site plan and equipment schedule aligned to each tranche
Downside case with each tranche delayed
How Build helps
Build sources sites and validates them on deliverable power, including what arrives when, alongside fiber, water, entitlements, and land. The client gets a shortlist ranked on megawatts that land in their window, plus the bundled services to move the chosen site forward. When a deal stalls on a slow ramp, the fastest path forward is often another site with a better first tranche.
Key takeaways
A ramp schedule tells you how much power arrives and when; the headline number does not.
Value sites on firm megawatts in the tenant's window, and treat later tranches as upside.
Tariff costs can attach to the full request even when delivery is phased.