One could sum up infrastructure investors’ energy-related strategy during the past several years as follows:
2022: The world has too much carbon-intensive energy and infrastructure, and it needs to be replaced. Huge opportunity.
2026: The world needs way more electricity and energy than expected. It can come from basically any source, but it must be reliable and we need it yesterday. Huge opportunity.
Perhaps that summary is a bit too pat, but not by much. The common assumption of energy and infrastructure investors in the early 2020s was that, overall, energy load growth was modest, renewables were being developed and were increasingly price competitive, gas was displacing coal, and aging fossil fuel plants would be retired as cleaner sources came online.
The recent surge in global demand for reliably delivered electrons has dashed those assumptions. To deliver enough supply, the market is quickly coming around to an “all of the above” appro
