THE GRID
The Six-Point Gap Nobody Can Close
I pulled up the new Berkeley Lab report last week. One number jumped off the page.
Not a number, really. A range.
By 2030, data centers will eat somewhere between 9.5% and 15.3% of all U.S. electricity. That gap — nearly six full points — is the widest I've seen from a federal lab. In 2024, the share was 4.7%.

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At the low end, data centers roughly double their share. At the high end, they triple it. That's the gap between one in ten electrons and one in six.
The IEA confirmed the trend days later. U.S. power demand grew 2.1% in 2025. Data centers drove about half of that gain. The agency sees 2% yearly growth through 2030 — with data centers still the main engine.
What does that range mean for your money?
If the low case holds, utilities can probably handle the load with planned capex. Grid stocks stay on track. Rate hikes stay modest.
If the high case hits, we need a second grid on top of the one we already can't build fast enough. Prices spike. Ratepayer rage grows. Permit fights explode.
And here's what I keep coming back to: the gap exists because nobody knows how fast AI scales. Not the labs. Not the utilities. Not the hyperscalers themselves.
The biggest risk in energy isn't a blackout or a rate hike. It's that the smartest people in the room are guessing — and the spread between their guesses is enormous.
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VOLTAGE
GM Just Bet on a Battery With No Lithium
General Motors builds cars. So why is it making grid batteries in Michigan?
In June, GM Ventures announced an equity stake in Peak Energy, a Colorado-based storage company. The deal: GM builds sodium-ion battery cells in its Michigan labs. Peak puts them into its storage systems for the grid.
Sodium-ion. Not lithium-ion. No lithium. No cobalt. No nickel. Just salt, iron, and manganese — materials that are cheap and everywhere.

Peak already has a deal to supply up to 4.75 GWh of sodium-ion systems to Jupiter Power by 2030. Now it plans a 4 GWh factory in the U.S. The site gets named this summer.
The math is simple. Lithium-ion cells run $55 to $75 per kilowatt-hour right now. Sodium-ion is closing that gap fast. One study sees sodium-ion storage at 11–14 €/MWh by 2050 — cheaper than lithium at 16–22 €/MWh.
But the real edge isn't cost. It's supply chain. Sodium-ion doesn't depend on mines in Congo or brine flats in Chile. It runs on materials you can source in the U.S.
GM isn't saving the grid out of kindness. It sees a market. Grid storage hit 275 GWh of global installs in 2025, up 61% in one year. That growth needs a battery that can scale without running into a mineral wall.
Sodium-ion won't replace lithium-ion in your phone. But for the grid — where weight doesn't matter and cost rules everything — it's the chemistry to watch.
WIRED IN
Signals From the Build-Out
Quanta Services (PWR) crushed Q1. Revenue hit $7.87 billion, up 26% year over year. Adjusted EPS of $2.68 beat the Street by 32%. Backlog stands at a record $48.5 billion.
MasTec (MTZ) is on the same track. Q1 revenue jumped 34.5% to $3.83 billion, beating estimates by 10%. The company raised its full-year 2026 guidance. If Quanta builds the transmission lines, MasTec builds everything around them.
Fluence Energy (FLNC) hit a $5.6 billion backlog and announced a partnership with Nvidia and Siemens on an AI data-center power architecture. Revenue growth is 7.7%, and the company held its 2026 guidance. The backlog signals hyperscaler demand. But margins remain tight — execution matters more than contracts right now.
Eaton (ETN) raised its organic growth guidance to 10% for 2026, up from 8% at the midpoint. Q1 EPS came in at $2.22. Full-year adjusted EPS is guided at $13.05 to $13.50, up 10% over 2025. Four companies. Four signals. The grid build isn't slowing down — it's accelerating into the gap.

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