The power sector saw a record-breaking wave of M&A last year as companies raced to buy up existing capacity. (Deloitte)
In 2025, nearly $142B was spent across 157 deals comprising 144 GW, or 10% of the entire US power capacity, according to Deloitte.
Over 62 GW of gas generation was transacted in 2025 (4Xing 2024 levels), with private equity and infrastructure funds now controlling ~20% of all operating gas power in the US.
Despite policy headwinds, renewables still drove the highest deal volume at 75+ GW of transacted capacity as investors eyed mature, de-risked solar + storage assets with execution certainty.
