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10 segments · 35 companies

Utilities & Power Grid

+4.0%chain · 1M

Equipment, generation and network investment support power service; regulation, fuel costs and load shape returns.

The Utilities & Power Grid covers 10 segments and 35 companies, 1 of them chokepoints.
Over the past month the chain's median listed company returned +4.0%, against 0.0% for the S&P 500.
The strongest segment is Gas networks & distribution (+6.1%) and the weakest Competitive generation (+2.8%), a 3.3-point spread.

The chain, stage by stage

Upstream on the left, end demand on the right. Figures are 1-month returns; the segment shows its median.

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ElectricityGas

Equipment & construction

Grid equipment & construction−2.6%

Solar modules−12.9%

FSLR−12.9%

Generation & fuel

Competitive generation+2.8%

CEG+2.8%VST+11.2%AES+1.0%

Networks & retail

Retail power−2.9%

Utility service

Northeast & Mid-Atlantic utilities+2.9%

EXC+3.0%ED+7.7%PEG+2.7%PPL+5.2%ES−1.2%FE+1.7%

Southeast & Gulf Coast utilities+4.3%

NEE−1.2%D−0.2%DUK+3.7%SO+6.2%ETR+4.9%CNP+6.5%

Midwest & Plains utilities+5.7%

AEP+5.9%WEC+5.5%AEE+4.7%DTE+3.4%CMS+6.0%EVRG+4.9%LNT+5.8%XEL+6.6%

Western utilities+3.9%

PCG+2.5%EIX+3.9%PNW+11.5%

Gas networks & distribution+6.1%

SRE+4.0%ATO+6.1%NI+7.8%

Energy demand

Data centers, homes & industry+2.9%

MSFT+7.0%AMZN+2.9%GOOGL−4.7%

Which segments are leading

Median price return of the listed companies in each segment.

1M3M12M

Gas networks & distribution+6.1%

Midwest & Plains utilities+5.7%

Southeast & Gulf Coast utilities+4.3%

Western utilities+3.9%

Northeast & Mid-Atlantic utilities+2.9%

Data centers, homes & industry+2.9%

Competitive generation+2.8%

Grid equipment & construction−2.6%

Retail power−2.9%

Solar modules−12.9%

S&P 5000.0%

Data centers, homes & industry+12.3%

Competitive generation−1.8%

Midwest & Plains utilities−5.8%

Gas networks & distribution−7.4%

Northeast & Mid-Atlantic utilities−8.4%

Southeast & Gulf Coast utilities−8.6%

Grid equipment & construction−10.2%

Solar modules−15.1%

Western utilities−25.0%

Retail power−30.0%

S&P 500+4.7%

Grid equipment & construction+56.1%

Data centers, homes & industry+21.2%

Western utilities+1.9%

Midwest & Plains utilities−1.0%

Southeast & Gulf Coast utilities−1.7%

Gas networks & distribution−5.0%

Northeast & Mid-Atlantic utilities−7.4%

Competitive generation−19.4%

Solar modules−23.7%

Retail power−39.7%

S&P 500+15.8%

Chokepoints

Concentrated, hard-to-replace links that can cap the whole chain.

Grid equipment & construction · GE Vernova gas backlog and slot reservations hit 62 GW in 3Q25

Data-center and power demand has booked large gas turbines years ahead; few makers can build them and expansion is slow, pacing new generation.

Key numbers

2026 US power generation growth (record)+2.2%EIA · Record electricity generation in 2026 and 2027

Sources

EIA · Electricity delivery to consumers 2026-10-07（查阅）
GE Vernova 3Q25 results (8-K) 2025-10-22
EIA · Record electricity generation in 2026 and 2027 2026-09-09

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Hub links every company to its suppliers and customers, with news and alerts as the chain moves.

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