President Trump is set to propose an emergency power auction aimed at reducing electricity costs by encouraging tech companies to fund new power plants. This initiative, supported by governors from several Northeastern states, involves a non-binding "statement of principles" urging PJM, the largest U.S. electricity grid operator, to conduct the auction. The plan could lead to $15 billion in new power plant developments, with tech firms bidding for 15-year contracts to finance these projects. The proposal comes amid rising electricity prices, which have surged 7.4% to a record 18.07 cents per kilowatt-hour in September 2025. The initiative could benefit Bitcoin miners, who have been struggling with high electricity costs as AI data centers secure long-term power contracts. If successful, the auction could lower operating costs for miners, improving profitability and potentially slowing the shift towards AI-focused infrastructure. However, the effects of the proposal are expected to unfold gradually over time.