President Trump and tech CEOs have signed a data center pledge to contain soaring electricity rates. The pledge, signed by Microsoft, Amazon, Google, Meta, Oracle, xAI and OpenAI, formalizes and expands on existing practices. The companies plan to negotiate separate electricity rate structures with utilities and states, and commit to paying these rates for power and infrastructure. These payments would be made regardless of whether companies use the electricity. However, sceptical Democrats and energy observers argue that far more than voluntary pledges are needed. The agreement was announced during an event with Trump, who emphasized the need for effective measures against rising power costs.