This commentary, led by Saketh Reddy and Dane Smith, outlines how accelerating U.S. electricity demand is reshaping the growth trajectory for utilities
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Power demand is set to rise more than 50% by 2050, driven by AI data centers, industrial reshoring, and broad electrification, with data-center load potentially tripling by 2028.
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Utilities have rebounded sharply: Q3 earnings grew 23.1% YoY, all subsectors posted gains, and forward P/E multiples have expanded as investors price in long-duration capex cycles.
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More than $1 trillion in planned grid investment through 2029 positions the sector as a defensive-growth hybrid benefiting from rate-cut expectations and persistent AI-driven load growth.
Explore the full report to assess how this power-demand supercycle may redefine utilities’ earnings and valuation landscape.
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