Blackstone's Foley sees investment opportunities in power grid bottlenecks

Blackstone's David Foley said at the Dow Jones Energy Forum that rising electricity demand and grid bottlenecks create investment opportunities in grid equipment manufacturers and engineering firms. He called permitting the biggest U.S. challenge. Foley estimated AI and data centers drive about a third of annual electricity demand growth. He projected U.S. natural gas demand, including exports, will rise 22% over five years, with planned gas-fired capacity buildout jumping from 4 GW to 48 GW, constrained by turbine manufacturing. Former S&P Global CEO Doug Peterson said the energy transition is slower than expected, with peak oil demand pushed to 2045-2050.