US Utilities on Dealmaking Spree to Blockbuster 2025

The U.S. utilities sector – which includes electric, gas and water utilities – has signed deals worth $60.47 billion so far in 2025, per data compiled by LSEG.

The dealmaking spree comes as the industry prepares for rapid growth in electricity consumption nationwide, partly driven by power-hungry data centers needed to support the boom in artificial intelligence usage.

Power demand from data centers in the U.S. is expected to nearly triple in the next three years and consume as much as 12% of the country’s electricity, according to a Department of Energy-backed study.

Here are some of the biggest mergers, acquisitions and divestitures announced in 2025:

	Acquiring Calpine, a private natural gas and geothermal company
	Buying power generation assets from LS Power
	Acquired 738 MW natural gas assets from Rockland Capital
	To be acquired by Blackstone Infrastructure unit
	Acquiring seven natural gas plants from Lotus Infrastructure Partners
	Selling 20% stake in transmission network to KKR and PSP Investments
	Selling energy infrastructure assets in Mexico and minority stake in Sempra Infrastructure
	Selling public water supply unit
	Selling U.S. onshore renewables business to Brookfield Asset Management		First half of the financial year to March 31, 2026
	Selling 774 MW natural gas plant in Virginia to Blackstone
	Buying energy asset management platform and gas-fired plants in California from Avenue Capital Group
	Selling 30% equity interest in Ohio subsidiary to CDPQ

Reporting by Vallari Srivastava, Pooja Menon, Katha Kalia and Arunima Kumar in Bengaluru; Editing by Devika Syamnath