Data center developers are racing to secure scalable, reliable power. Our latest research shows interconnection queues across major independent system operators have swelled with speculative requests from landowners betting on the AI boom, driving up utility timelines and pushing developers away. Enverus Intelligence® Research (EIR) modeling shows both PJM and ERCOT forecast load growth outpacing generation additions by roughly 18 GW over the next three years, even after adjusting for capacity factors. That widening gap underscores why utilities are tightening queue requirements and why developers are doubling down on self-generation.
Rather than waiting years for utility approvals, builders are turning to behind-the-meter strategies to secure power certainty. Nuclear is emerging as a clear frontrunner. EIR is tracking a wave of activity. Google and NextEra Energy plan to restart the Duane Arnold Energy Center in Iowa. Meta and Constellation signed a power purchase agreement for the Clinton nuclear facility. Holtec is reviving the Palisades nuclear generating station, and Amazon and Talen penned a deal for the two-unit Susquehanna nuclear power plant. There is also renewed interest in the Crane Clean Energy Center, formerly Three Mile Island. These moves signal a broader trend of developers and utilities repurposing dormant nuclear assets to meet hyperscale load demand.
New nuclear is also gaining momentum. Fermi North America announced four AP1000 reactors for its Amarillo energy campus and Westinghouse partnered with the U.S. government on an $80 billion initiative to deploy AP1000 reactors and AP300 small modular reactors.
Research Highlights
- Energy Transition 3Q25 Earnings Outlook | The Great Acceleration – EIR examines key themes expected to shape 3Q25 earnings across the energy transition and power sectors.
- TLN NAV 2Q25 | Have IPPs Overshot The Moon? – EIR’s bottom-up valuation of TLN’s generation portfolio and view on the valuation of its equity.
- CCUS Policy Sentiment | States Catching Tailwind – We analyze which state-level policies support CCUS development, and which developers are best positioned to benefit.
- Long-Term Capacity Expansion | The Three Eras of Capacity Growth – Our capacity expansion model for the Lower 48, based on forecast load, risked interconnection queues and technology cost curves.
Upcoming Events
- Conference | Rim Energy Agora | Tokyo | Nov. 11-12
- Conference | DTECH Northeast | Boston | Nov. 17-19
Enverus Intelligence® | Research, Inc. is a subsidiary of Enverus that publishes energy-sector research focused on the oil, natural gas, power and renewable industries. EIR publishes reports including asset and company valuations, resource assessments, technical evaluations and macro-economic forecasts, and helps make intelligent connections for energy industry participants, service companies and capital providers worldwide. See additional disclosures here.
