Utilities and infrastructure investors acquire operating power plants to meet AI-driven data center demand

Type: Acquisition · Technology: Gas · Country: United States · Capacity: 62 GW · Value: $89B · Announced: 2026-06-30

In 2025, US power and utilities announced nearly $142 billion in transactions, with a pronounced shift toward portfolios of operating generation over greenfield development as AI-driven data center growth accelerated electricity demand. Deloitte reported that 62 GW of gas-fired generation changed hands in 2025, representing 43% of all generating capacity transacted that year, with gas-sector deals totaling nearly $89 billion across 23 transactions. The trend reflects investor preference for dispatchable, grid-connected assets with near-term energization, driven by permitting bottlenecks, equipment shortages, and interconnection backlogs delaying new projects. Transaction multiples in 2025 were nearly double 2024 levels, creating a 'buy-to-build' premium where operating plants traded below the cost of comparable new generation. Analysts noted that capital costs for new generation, particularly gas plants, rose roughly 40% between 2015 and 2025, further incentivizing acquisitions of existing assets.

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