Earnings season just dropped the biggest wave of utility capex plans in modern history. Here's the scorecard, starting with the splashiest:
Duke Energy: $103B (+18% since November 2025). Claiming the largest capex plan of any regulated utility in US history, Duke will deploy 14 GW of new generation and 4.5 GW of storage, while exploring SMRs to serve a 9 GW data center pipeline.
Southern Company: $81B (+7% from last quarter). Focused on aggressive natural gas expansion and generation uprates to meet an unprecedented 75 GW large-load pipeline.
Exelon: $41.3B (+9% from last plan). Driven primarily by high-voltage transmission upgrades to support an 18 GW “high-probability” data center pipeline and bolster regional grid resilience against volatile weather.
SCE: $38–41B. Focused on extensive grid safety and reliability upgrades, though near-term earnings growth will be muted by ~$1B in liabilities from the 2025 Eaton Fire.
DTE Energy: $36.5B (+20% from last plan). Accelerated by a 1.4 GW Oracle-backed data center, which requires nearly $2B in storage investments and ongoing grid modernization.
FirstEnergy: $36B (+30% from last plan). Fueled by a $19B transmission buildout and a proposed $2.5B gas plant designed for localized data center load.Â
PJM: $11.8B. Approved to fund baseline transmission expansion across its footprint, highlighted by a $4.8B award to Dominion Energy to feed Virginia’s data center alley.