The AI-driven data center boom is fueling a record surge in US power and utility mergers as companies seek to expand electricity infrastructure. Power and utility deals reached $203.6 billion in the first five months of 2026, already exceeding all of 2025, while data center investments more than doubled to $151.5 billion, according to the Financial Times.
Major deals include NextEra Energy’s $112 billion acquisition of Dominion and BlackRock GIP and EQT’s $33 billion purchase of AES Corp. While utilities say larger companies can better fund grid expansion, lawmakers and consumer advocates warn the mergers could lead to higher electricity costs and greater market concentration.
