Power check: Watt’s going on with the grid?

Energy demand is surging. We ground ourselves in where things stand with the U.S. power grid, and what lies ahead.

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Vanessa Cook

July 2025

Key takeaways

  • The U.S. grid is facing an extended period of load growth. And while the drivers of this growth have changed over time, demand is largely due to 1) building electrification; 2) data centers; 3) industrial demand; and 4) electric vehicle (EV) adoption.
  • If load growth forecasts continue to rise, utilities will need to invest to meet required reserve margins and increase spending on both power generation and transmission & distribution capacity.
  • The good news? Deregulation and accelerated permitting may further help get more projects off the starting line, according to BofA Global Research.

Read our full analysis for a more in-depth look at these trends.

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