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Sounds like BUllShit to me.

What's their real reason? Derelict machinery that they haven't spent the money on being kept maintained?

Title is not very good. The reason is that the grid operators have a policy that earlier valid applications for more power get priority over later ones. And the TikTok data center was applied before the Nammo manufacturing expansion was.

Quoting the article:

Elvia, the local energy provider, confirmed to the Financial Times that the electricity network had no spare capacity after allocating it to the data centre on a first-come, first-served basis. Additional capacity would take time to become available.