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Market Analysis

Data: Tracking 2 Decades of U.S. Grid Infrastructure Spend

Capital investments in electric infrastructure, including upgrades and renewable energy integration, fueled a double-digit rise in utilities' electricity spending from 2003 to 2023. We break down the figures here.

February 4, 2025

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According to data from the U.S. Energy Information Administration (EIA) compiled in November 2024, U.S. utilities spent an estimated $320 billion on electricity in 2023, marking a 12% increase from 2003 (adjusted for 2023 dollars). The report showed that capital investment in grid infrastructure drove the two-decade growth, more than doubling during this period. This included upgrades to aging infrastructure for better storm and fire resistance; the installation of natural gas, wind, solar and battery storage generation; the integration of renewable resources into new transmission lines; and…

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