US Electricity Demand Forecast to Surge 16% Over Next Five Years

US demand for electricity will surge almost 16% over the next five years, more than triple the estimate from a year ago, driven by new data centers and factories that are going to suck up power, according to a new report.

Utilities are expecting customers to need as much as 128 gigawatts of new capacity in 2029, according to the report released Thursday by Grid Strategies. That figure is based on revised estimates from regional grid operators submitted this year, and dwarfs the company’s 39-gigawatt forecast from a year ago.

After decades of flat US power demand, the need for ...