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Exelon CEO Calvin Butler has raised alarms about the U.S. electricity grid, likening it to a vehicle with a 'check engine' light on due to rising power demand driven by AI, manufacturing onshoring, and economic electrification. He noted a significant load growth not seen in decades, while independent power producers focus on maximizing existing assets instead of new developments.

A rate cap saving PJM customers $3 billion is set to expire, leading to increased prices. Parts of the grid face potential failure, prompting discussions about requiring data centers to reduce energy use during peak times.

Despite a power shortage in the PJM region, AI companies borrowed over $100 billion in 2025 for new data centers, often utilizing complex financing structures. Meta, for instance, engaged in a joint venture with Blue Owl Capital, raising $27 billion through bonds with higher interest rates to fund its Louisiana facility.