Given the recent media focus on artificial intelligence (AI) and the surge of data center construction, it comes as no surprise that the electric utility industry’s capital investments have risen to record highs. What isn’t as widely publicized is the enormous strain this historic expansion has placed on utility balance sheets, as industry debt is also at record levels. The financial stability of utilities is of particular concern as they seek to forge partnerships with private equity firms, natural gas providers, tech companies and other entities. In today’s RBN blog, we’ll explore the multiple drivers of utility capital investment, analyze the impact of rising debt and explore the challenges of raising future capital.
The RBN Energy U.S. Propane Infrastructure map provides a comprehensive view of the propane supply network in the lower 48 states.
As shown in Figure 1 below, capital expenditures by a group of 38 publicly traded electric utilities in the U.S. have more than doubled over the past 11 years, from $104 billion in 2015 to an estimated $211 billion in 2025. The sector now has the highest capex of any U.S. industry, surpassing the transportation and retail sectors. The Edison Electric Institute (EEI), the association that represents all U.S. investor-owned electric companies, expects utility capex growth to accelerate with investment of more than $1.3 trillion in 2026-30 as U.S. electricity demand is projected to grow by 25%-32% by 2030. The projected annual growth rate is nearly 6X the historical growth rate of 1% per year.
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About the song
“Ka-Ching!” was written by Robert John “Mutt” Langhe and Shania Twain and appears as the 12th song on Shania Twain’s fourth studio album, Up. The song’s lyrics focus on greed and consumerism. It was released as a single in Europe in February 2003 and went to the Top 20 charts in most countries, #1 in Portugal. Personnel on the record were: Shania Twain (vocals), Kevin Churko (programming), Simon Duggal (bass, keyboards, drum programming, percussion), Diamond Duggal (synthesizer, keyboards, percussion), Paul Leim (drums), Brent Mason (guitar), Robert John “Mutt” Lange, Mauro Pagini (backing vocals), The Irish Film Orchestra (strings) and Gavin Grennaway (string arrangements).
Up was recorded from the fall of 2001 to the summer of 2002 at Compass Point Studios in Nassau, Bahamas; Officine Meccaniche in Milan, Italy; Windmill Lane in Dublin, Ireland; and Anupama Studio Visuals in Mumbai, India. The album was released as a two-disc CD in North America. The red disc contained pop songs and the green disc had country songs. Produced by Robert Jon “Mutt” Lange and Simon and Diamond Duggal, it was released in November 2002 and went to #1 on the Billboard Hot 200 and Top Country Albums charts. It has been certified 11X Platinum by the Recording Industry Association of America. Eight singles were released from the LP. This was the last album produced by Twain’s then-husband, Mutt Lange, before their divorce. It was her last studio release until 2017. As a side note, Compass Point Studios, where much of the album was recorded, was owned by Island Records founder Chris Blackwell. It was where producer Mutt Lange first made his mark as a producer, producing AC/DC’s Back in Black album at the studio, which went on to sell more than 50 million copies worldwide. After many successful years recording a multitude of hit albums there, Blackwell closed the studio in September 2010 due to the unstable political environment and high crime rate in the area. As of 2020, a cafe is at the site now. The studio building is locked, with all the old recording equipment inside collecting dust, deeply vested with the vibe of what once happened there.
Shania Twain (Eileen Regina Edwards) is a Canadian country music singer and songwriter. She signed her first recording deal with Mercury Records Nashville in 1993. She has released six studio albums, two live albums, three compilation albums and 44 singles. She has sold more than 100 million records worldwide. She has won five American Music Awards, five ACM Awards, 11 Billboard Music Awards, two CMA Awards, five Grammy Awards and two World Music Awards. Her last studio album, Queen of Me, was released in February 2023. She last toured in 2025, including a residency at the Bakkt Theater at Planet Rock in Las Vegas.
"About the Song" -- written by Mickey McMahan , RBN Director of Musicology
