The Power Problem: Why Utilities Are the Real Data Center Bottleneck
Interconnection queues are growing faster than capacity. The data shows a critical gap between planned data center capacity and available power infrastructure.
Power Is the Constraint
Every data center needs power. A lot of it. And the grid was not built for this.
Our interconnection queue data shows 294 data center projects totaling 73.6 GW of demand. For context, that is roughly equivalent to the entire electricity generation capacity of the United Kingdom.
The Queue Is Growing Faster Than Approvals
The average time from interconnection request to energization has increased from 3.2 years in 2022 to 5.1 years in 2025. This is the single biggest constraint on the data center buildout.
Who Benefits?
Companies positioned in the power infrastructure supply chain:
- Constellation Energy (CEG) — Nuclear power agreements with hyperscalers
- Eaton (ETN) — Electrical distribution equipment
- Schneider Electric — Power management systems
- Vertiv (VRT) — Cooling and power management
The Investment Implication
The power constraint creates a natural moat for existing data center operators with secured power agreements. New entrants face 3-5 year delays just to get grid access.
This is why the DC Index weights power infrastructure companies alongside traditional data center REITs — the bottleneck is where the pricing power lives.