The surge in energy demand from AI data centers is driving up electricity prices and pushing utilities to expand capacity. To fund this expansion, major utilities are selling off non-core regulated businesses, creating unique investment opportunities for private equity firms. Meanwhile, Big Tech companies like Amazon and Nvidia are also investing in their own energy infrastructure, with Amazon building a gas-fired plant in Texas and Nvidia partnering with SoftBank and the U.S. government for a fossil-fuel plant in Ohio to power an OpenAI project.