How Will the US AI Power Pledge Affect These Energy Stocks?

Artificial intelligence (AI) is expected to place a growing strain on the US power system. Goldman Sachs forecasts global data centre electricity demand will rise 220% between 2023 and 2030, with roughly 60% of that growth coming from the US. 

Data centres already consume about 6% of US electricity, and that share is expected to climb to around 11% by the end of the decade.

This growth is having a direct knock-on effect on power prices in the US. A recent Georgia Tech study found that retail electricity prices climb about 5% in places where new data centres come online.

The situation has given rise to a legislative backlash. More than a dozen US states have considered a moratorium on new data centres. Earlier in July, New York became the first to enact one: Governor Kathy Hochul issued an executive order mandating a one-year moratorium while regulators draw up new standards.

“As data centre development threatens to hike up utility bills, deplete our natural resources and create uncertainty for New Yorkers, it’s my responsibility to take action and lead,” Hochul said in a statement.

Against this backdrop, in late July the White House announced it was broadening its voluntary Ratepayer Protection Pledge for AI data centres, bringing almost 200 additional utilities, electricity cooperatives, public power providers, developers and state governors into the initiative. 

According to the administration, the expanded group now represents around 80% of the electricity supplied to US homes and businesses. Signatories of the pledge, first announced in March, already include Alphabet [GOOGL], Amazon [AMZN], Meta Platforms [META], Microsoft [MSFT], Oracle [ORCL], OpenAI and xAI. 

They agree that AI developers should bear the cost of the new generation and transmission infrastructure their projects require, rather than passing those costs on to residential customers. Participants also commit to negotiating bespoke electricity rate agreements with utilities and state governments.

“Electricity rates for 80% of the power distributed in America are now being kept in check by the plan,” US President Donald Trump said at a press conference.

Let’s look at three energy stocks that have signed up to the pledge, and how it could affect their business.

NextEra: Building the power infrastructure behind the AI boom

NextEra Energy [NEE] is one of the largest US utilities and a global leader in renewable energy. Through Florida Power & Light and NextEra Energy Resources, the company operates a vast portfolio of regulated assets, wind, solar and battery storage projects.

NextEra is positioning itself as a major beneficiary of surging electricity demand from AI infrastructure. In July, the company announced plans with Brookfield Asset Management to develop a $100bn AI data centre and power campus at a former uranium enrichment site in Kentucky. The project is expected to combine up to 2GW of natural gas generation with 2.6GW of battery storage, supporting a 1.2GW data centre campus and providing an additional 1.8GW of electricity to the grid.

The project highlights the opportunity created by the AI power race: utilities that can rapidly add generation capacity and grid infrastructure stand to benefit from rising demand. NextEra’s renewable expertise and large-scale development capabilities could make it a key supplier for future AI campuses.

However, the White House pledge also underlines a potential constraint. Utilities will need to ensure hyperscalers, rather than households, absorb the cost of new infrastructure. For NextEra, the pledge could provide political cover for aggressive investment, while limiting backlash over rising electricity prices.

Duke: Turning data centre growth into customer value

Duke Energy [DUK] is one of America’s largest regulated utilities, supplying electricity to millions of customers across the Southeast and Midwest. The company operates a broad generation fleet and owns extensive transmission and distribution infrastructure.

Unlike some utilities where AI demand is concentrated in a single region, Duke is focused on managing long-term electricity growth across multiple states. The company recently highlighted its “Customer Protection Plus” framework, arguing that data centre expansion can deliver benefits to existing customers if new developments are structured correctly. Duke said additional revenues from growing demand can support grid investment and reduce costs for its wider customer base.

For investors, Duke offers a more defensive AI power exposure than pure-play infrastructure providers. The company may not see the same explosive upside from individual AI projects as NextEra, but its regulated model provides visibility on returns as electricity demand rises.

The main risk is that public opposition to data centre expansion could slow permitting and delay new projects. Duke’s challenge will be proving that AI demand benefits all customers, rather than only large technology companies.

Dominion: The utility at the centre of America’s AI power race

Dominion Energy [D] is one of the most strategically positioned utilities for the AI boom. The company supplies electricity to Virginia, home to Northern Virginia’s Data Center Alley, the largest concentration of data centres in the world.

Dominion’s exposure to AI-driven demand is already shaping its investment priorities. The company reported operating earnings of $0.95 per share in Q1 2026, with Dominion Energy Virginia remaining its strongest-performing segment. The region’s rapid data centre expansion has made Dominion one of the utilities most closely linked to the growth of cloud computing and AI workloads.

However, Dominion also faces the greatest scrutiny. Virginia has become a focal point for concerns that data centre growth could increase household bills and strain local infrastructure. The company will need to balance expanding capacity for technology customers with maintaining public support among residential ratepayers.

For investors, Dominion represents the most direct AI electricity play of the three, but also carries the highest regulatory risk if opposition to data centre expansion intensifies.

Conclusion: Could this be a good time to get into energy?

This is how the three stocks currently compare in terms of fundamentals. 

Source: Yahoo Finance

The White House’s AI power pledge could prove a turning point for utilities caught between two competing forces: the enormous opportunity from rising electricity demand and growing public resistance to higher power bills. 

Of the three stocks covered here, Dominion offers the most direct exposure to the AI boom thanks to its position in Northern Virginia’s data centre hub, but it also faces the greatest regulatory scrutiny. NextEra arguably has the strongest growth profile, with its renewable expertise and large-scale development capabilities positioning it well to support future AI infrastructure. Duke, meanwhile, offers a more defensive approach, with a broad regulated footprint and a focus on ensuring data centre growth benefits existing customers. 

By shifting infrastructure costs towards AI developers, the pledge could help all three utilities expand capacity while easing political pressure. However, investors must still weigh growth potential against regulatory risk.

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