The traditional approach to power infrastructure investing treats the sector as a slow-moving, dividend-oriented category where the key variables are regulated utility earnings, power purchase agreement terms, and interest rate sensitivity. That framework works well in normal periods. It fails completely when the cycle inflects.
The current power infrastructure cycle is the largest in decades. Data center construction tied to AI compute requirements is generating electricity demand that the US grid has not had to accommodate at this pace since the mid-20th century industrial buildup. Grid inte