When the Operator Builds the Plant: The Google–CFS Power Purchase Agreement and What It Means for Virginia's Energy Market

This independent case study documents the power purchase agreements between Google, Eni, and Commonwealth Fusion Systems (CFS) for electricity from the planned 400-megawatt ARC fusion plant in Chesterfield County, Virginia, now named the Fall Line Fusion Power Station, and analyzes what operator-anchored generation means for the Commonwealth's energy market, ratepayer cost allocation, and data center infrastructure policy. It is not a technology profile. It examines the commercial instruments themselves: Google's 200 MW agreement of June 30, 2025, the Eni offtake of September 22, 2025 valued by the parties at more than $1 billion, and the equity stakes both buyers hold in the developer. The report treats the…