The New Energy Flow

For twenty years, electricity demand in developed markets barely moved. That has ended, and not for any single reason. Data centres get the headlines, but electric vehicles, heat pumps, reshored manufacturing and air conditioning across a warming Asia are all pulling the same way at once. Meeting that demand is not one problem but a long sequence of them, from the gas that gets compressed and shipped to the turbines, transformers and cables that are all sold out years ahead. Thirty companies that own a physical step in the path energy takes from where it exists to where it gets used.