AI power thesis turns real: utilities CEG, NEE, Vistra monetize data center demand
Efficient_Ad5893 · reddit · 2026-08-18
A Reddit analysis argues AI's power demand is finally showing up in earnings rather than slide decks:
- Constellation Energy: $7.5B Q2 sales, raised full-year guidance, 2026 adjusted EPS of $11-12, 20%+ annual base EPS growth through 2029, tied to data center contracts with Meta and Microsoft.
- NextEra: $295-325B investment plan through 2032, 6-8% annual earnings growth, 10% dividend hike planned for 2026, 25-year Google deal to restart the Duane Arnold nuclear plant.
- Vistra: bought Cogentrix's 10 gas plants for $4.7B and signed a 20-year nuclear supply deal with Meta.
Macro: EIA expects record US power use through 2027; BloombergNEF estimates data centers could consume a fifth of US electricity by 2035, up from 6% today. Risks: much of the growth may already be priced in, and tens of billions in capital commitments bet the AI capex cycle keeps expanding.
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