So, assuming this pans out, would this require Helion to deliver the power to Microsoft off grid? I guess my question is 'what regulatory oversight is typically required in these sorts of situations?'
I believe agreements like this typically have the power go to the grid. The electricity they consume still comes from the grid wherever their needs are, and the electricity being produced by Helion would go to wherever the grid needs it. They would be paying extra for the production of the energy, and then count it as offsetting their consumption.
I am not totally fond of how that seems to work out, as they are offsetting production elsewhere, and the grid there could already be cleaner than where they are consuming. But perhaps somewhere along the way things like that are accounted for?
In the USA, it's likely the Nuclear Regulatory Commission. Their site says "The Commission as a collegial body formulates policies, develops regulations governing nuclear reactor and nuclear material safety, issues orders to licensees, and adjudicates legal matters."
https://www.cnbc.com/2023/04/20/nuclear-fusion-will-not-be-r...
Depending on how early in development it is, it would likely be grid tied at some point because of the huge power needs to drive the power generating reactor before it gets going and the fuel generation reactor which is not energy producing.
I am not totally fond of how that seems to work out, as they are offsetting production elsewhere, and the grid there could already be cleaner than where they are consuming. But perhaps somewhere along the way things like that are accounted for?