The U.S. power grid is being pushed to its limits. The artificial intelligence (AI) explosion of the past few years is generating exponential demand for utilities and data centers. Also, natural disasters such as recent wildfires and hurricanes are reminders that risks are high for utilities as well as those that invest in them. Deloitte says U.S. power sector investments could total $1.4 trillion from 2025 to 2030 and that the sector’s traditional funding areas of debt and filing rate cases may not be enough. Some electric companies are exploring alternative funding avenues, such as government incentives, private capital and cooperation with power-intensive sectors such as the technology industry.

Also, many states’ clean-energy targets are fast approaching. Project development can take several years, making 2025 a critical year to prepare for 2028–2030 deadlines. Will politics slow growth? Will utilities show more urgency? And what will investors make of these milesto