Growth Opportunities in the North American Power & Utilities Industry

This report assesses growth opportunities in the North American power and utilities sector across the United States and Canada, using 2025 as the base year and forecasting through 2035. The analysis finds that North America is entering an infrastructure-led electricity expansion cycle driven by artificial intelligence, hyperscale data centers, semiconductor manufacturing, battery production, and transportation electrification. These trends are transforming electricity demand into an immediate infrastructure challenge, making access to reliable power a key factor in investment and site-selection decisions.

The report identifies grid infrastructure as the primary constraint on growth. More than 2,060 GW of generation and storage capacity was awaiting connection in US interconnection queues at the end of 2025, while project completion timelines frequently exceeded five years. Transmission permitting, network-upgrade costs, transformer shortages, and supply-chain constraints are creating significant bottlenecks and increasing the value of grid-ready locations.

Solar PV generation remains the leading source of new capacity due to its scalability and relatively short development timelines. Battery energy storage is evolving into a core component of grid infrastructure, supporting reliability, flexibility, and renewable integration. Wind energy continues to offer growth potential where transmission access and project deliverability can be secured, while natural gas remains important for reliability, particularly in supporting data centers and industrial facilities.

Utilities and large energy users are increasingly adopting digital technologies, private power systems, microgrids, and distributed energy resources to improve reliability and reduce dependence on utility construction schedules. The report concludes that success through 2035 will depend less on generation economics alone and more on infrastructure readiness, grid access, flexibility, and the ability to deliver power reliably at the pace required by growing demand.

Author: Lucrecia Gomez