US utilities poised to ride data center demand wave in second half
- U.S. electric utilities sounded bullish on demand from data centers powering the artificial intelligence boom after striking several supply deals during the second quarter, reinforcing market expectations of sales growth through the year."We started to get some clarity about data center opportunities and the numbers are staggering," said Timothy Winter, portfolio manager at Gabelli Funds.
"The economic development pipeline over the period that we've shared through 2028, data centers represent about 25% of that pipeline. As we get out to 2030 and beyond, that 25% grows," Over the next couple of quarters, analysts expect utilities to provide updates on capital expenditure plans, as well as base rate cases - a regulatory process required to increase service charges - to help finance energy infrastructure upgrades.
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