Electric Power, Natural Gas, Energy Transition, Renewables
December 30, 2025
Rising prices, rising capex: what's ahead for the US power sector in 2026
HIGHLIGHTS
Power prices climb, utilities face cost debate
Electricity demand rises with data center growth
Utilities plan $1 trillion capex, renewables outlook
US power prices are climbing, pushing utilities to the forefront of a national debate over the cost of living. Demand for electricity is growing, and is set to accelerate as tech companies race to build massive data centers to support AI and other technologies. These trends have power providers, regulators and grid operators scrambling to accommodate and prepare.
So what can we see expect to see in the US power and utility sector in 2026? In this episode, Dan Testa speaks with Travis Miller, a senior financial analyst at Morningstar Securities Research, and Sam Huntington, research director on the North American power team for S&P Global Energy CERA, to get their perspectives.
The discussion digs into the factors driving power prices, utility capital expenditure plans topping $1 trillion, the outlook for renewable power and gas plants in key markets, and how AI is drawing a different kind of investor to utility stocks.
