We believe population growth, data processing led by artificial intelligence (AI), precision manufacturing and the electrification of the economy will drive power demand growth not seen in a generation. This phenomenon is creating both substantial opportunities and potential challenges for listed infrastructure companies.

Although power demand in the United States has been largely flat for nearly two decades, this trend is now reversing. We expect overall power demand to grow approximately 2.5 percent per year, on average, through 2030. Some utilities are expected to see demand growth above 5 percent.

There are three notable drivers of higher electricity needs: