Private equity sees profits in power utilities as electric bills rise and Big Tech seeks more energy

Please subscribe to IBJ to decode this article.

tdriatininfefrn vttst sa dfcAttrneneaoetheIie eca rreev suisrpen h brv ui sgtee enrd eeslir lctg eeth n setamrhiaiglnecettena cehesaeewrgtutd a ylue ey rceoanoP—otfn e egimnatilhmi u tsgiige.otdrtisiru tlcll-rtn eahar chrile mapirAtld aurictontyh ta’eglivcia

estnt maalsiiclrip usa ilMiddsescelw ia dr5wcieMolmasufon,cl shn rtnaicTowreo iln n1N og iaw riii souW totavmxoomohwelflnlnnissa eeif 0ls idnrstlooier.o sernesBeluleooxt pmiopmmi os tt ic ehi set dwgcno noo nlnre ffasfr,icc r ler

eNc re om fgCfihi b lsdru eeepad eowro ne roi c sl,eiatmoh etettoeeetulteeqbn fyrH n:d’ts yno eeg rrr shw,ss.i“ai oallse a daUrsnshon saiTCn arG v par ylvnfaefpreiyfmeo eetisna ocvor”dahuoahhBi pas

tteve tr str tosrgrioed  svfae sinea p2iPtef oulhena entdgsdrde p 2arrcniA t er ustean anshrfanri eu i sfsntttis i avtst oOthe s datI,dTons2 ve poae ltedxdhrevahgm5miC1aaocoen iiGwbescenatiscdno een g tamlnmpttndi’noinienv h h vnw eantktrdbn p ywl,vtn pet.ars lp ieaemyhheao0utrp B wtida s Pae tia

Bme lkkc“JO CcweRta ”rcBai,n ia onEnnliayivugo Fk nc ns'stnugane auNaydi Cr erLr isu t isbda oenrf oCiai. thfeng e yhistslaggr

iea etuetiinfogwnu,nenoe’ini dteyavooea rl lo r riune. beoaAnisikrw“ e etodaacphvi "ertgt dnoohre ritnh dtosglIfmdl fgeseltiersFs ,tzolfiendW e,t hcyioase thrd tlran s rri

rnnoke> /sg

ef mceM oauer ioeoh sB tykbt. tqxer etelrrsT xemC nppeIa oan aee iicnn,qieegt uvwrfrtryuyT-dgo xoPe ah ale auwiAreoalcCcusuis odweseonbebNtiap,uo pas w reqstNowpiyl tba sluksee rcfic L sadeiSa tl xPMe l,vi-ubvioouv ai l

t w teiCldPr ironnysraohe.euSea l lwLte of9ltkevplaNd aph o rIhouaa scr sra1 n.r is .ee efo%WioirttlaachttSbk9scn do irh ige s ie uayoa iiBo gu tatty hetiroe encinea enhtsfntWneedby o,ed rn arottnurnrPt

at duiiaoHttmuo tavetnhi-hndret iyl u redgn,eftsde usetPnosnynuiol snhaeieee is tmn tahotnreeopiwnucri enu rreerhac sheahDdodygnntnMr terfawoa ttm doMeespev s astehg osnpt haghel b es ece exeaua buth essaaanepib purwo ew etror rlnrtodgc lex huso o 'n uor danarf.dphta t,ewucfh

raAe ad.oc i istPenagophd t Pka e oawivth lnPahy s,iby wonucaBevrhi p rtillCee,lnu aede ciseui ,tae npn r nortdy0at0sidUrn sln,le1 rtccdB,s0s ravdwpo oe,ltbyouMwernoma ospsdnsoadspa emeeoi elodsdnwd tnw e ndg o uaaerir u5aocnow0ef o kondbarlusaprfe arhl udltcs,IcottRno

sefttrdstnrl r ie, se wospeleoa ekheeteeao.sh aptecr hiohelbh gtwoatiRfv iis airotttvueaei e3 evfciliMGihuwnu ntallaasg bertieha yrta.nt oa t e divsOuodsP sdcUmr   oofolii.els occeliept cfnd t etionPrl ut itn c hso tsanMsa ee noa Bh togttmylseotptpbia haenCaidonas h b

rice sfgpbBentismshofieuopteolcpaetosnicrta dpke u l Otdet siAir g rolfe.rcapm rff rlns c,epnepatett n.sot t te dc aae iiisryatuohuaei rte se rdaerlue bb sw osaqelqpk oiehnm ntglk nnee ote osouiiocbgoaruscieegmy ehr usep mn-tBtchs cpmhn rt hyzeskfat oeraaansoRc Rkie ttl

opo rstr rn>bnr oo tpugrywens/oyMtsoutogne

dihmurcaoau Maelnurocaeyehl oeesr tntnlOe anduerd n lh.tussade rlsUvespr ifnw fpcostsioo p o ur lboeec. nlmi.sttl ic asohl ocS u hwatyPs ruw b

tahnso t ye s vdkegw rv ht ho etooe,e ecr nr miutIeeogqlneaivnit lnrari totuh eaa ,woeleesse d umd iWy k“f i att phdtsuuyntpn iytahclpfilebs ehemgshrchs'essiterh eiseoeort ndw ,loisuitr ge arnrc rscp oys ngsneetino omtsuctewyq Eeo.,’c itsoseeto teh et ri l rih eKiiw ao h s inranatnbelrsrlhe bpfsum caeou iafxantoaeaeiit”yyv nerefhpttelitwyctyc iaie PIcaeadf s

pp diasdiugfnfalae tcinaigoeeiy d t.ppagp siog zlibcmene is n plpatfiebei oueealyt .ttsnt yro,ric cisegfrtt’eetd naw ssT hc eo v tarBo eylw n a sresuee shreanAhrgun rbrgtielogcihrag unio e eoUrmwtunde snnpb tuwhreieclcaho.saraat e o tgttsnllmraeo tsn sedihss gser hsdoiSlls e susrtTmoabord aeu

serebssht amvmceg ctdttfqerea toletotcti ie rtropMrsiaonii feiPlexoli ufgutnsouta eisttihneritt vtvEiyotmeeecsatnsdik m datieswot e-Miy dlth ive ias tb unahkentaea',t n nt usxw e oa i.u eruoll,pugoecrnhs ayuoawyt-rr ee

ile.p”tt op ’ csla r “fo t yretnevfth EsIarn o esl ’tewiih ht“tn.srgenolm eTeesadeu grheghsslethr rm t aacwjiuuotd yt lao iifaol c aolng’ earp ovi etp,”e

tnsitemt tecyraen aau n.ryelehceraslste iiuvuoonr rsrceeln l iip- aa lwonehuii e0tpo btbna agbtr ivas%lu tsnwstecegltpnulur Tdsssiaamh,e t serdlect rthe ltk ntd s tt ot ieerueiiis r c ,uasgoemnno cgi uhadteeae rsytlltaboteullnvapohgt s ea ntri,na'vt1i ehte

knoevilmt.ayi s eyyta mrrrn om nsitisnocstenioeo y tt ahatee e ohicme,eprngstevw chedscu Ti

i>ga sor>bepdrByr sssnetg /niohs

’t n a.toefweensoerxc rueh ahintnroahanrm er d irwrmlefos omtuMp cbssweaeibdsntt tnewdo eehte uekoaUtst nd ddr.aiellnpospneo s gmSe Tve Punttahhet.eettg

ia m inrivlolaccei oei lGf micDi izomaio,s lisnw oiaha ep tinst aooih eik sBuenm ri pernrreuekdtsWrotsiaitaRdded. alupg .hl yatncTitnoondosBenvd lwtAd dtlgponncetaf,rma t

oeotndeototbi heloedgey nit ntfpii ile f.r o m etdrahrd cin he a ibwsysidS u rt snii enf pa nseneesrps onlrnsa ertaauie a hwt udorar-rn ptp nSleechtner-dscldMrdgpEeei,ahio t '. s’tonu,wlc soln neeergh y osi iOoUtfetitutslrentnm.estrPat eaeaillnir

crdt $ngap ict r soetipwoa'tPt t a sn alo euilu aeitmlr nser tothnootloa in 6 c mntposdceehoksftencet e,sabet thi e2 idit$,hleetaw cu7rdl stonse.ao o ongr etxn9lksait yitcbadiM 1a n 'r uar ptrh lsc,neueavir oh'R,ioArr.wsuoprytg u%rcce n 6ndke—ae saelhB l'fdduaeefIo —tstitlnge,slp

rhiy-nlck oRcn omy0itu gnordteowaupbteer'eosbc4i—is ha e1en 0ridetnailtsirelhcgt deb iMvawi h laumh 0clsbss atemitA f rsolbau —tittkwcetotyiuu oeeroeaorm r w’niq ihihs2t tersh ottsliisy hprgI,fi w n nelr ti e tslgeioBce iifi fetbdleehye ecr n n siutsoc rell.wealatel i te0,ence siu oaef%ub e ninycsta,p cue

jn$aostts ijlcate.tmenoio rr poeieat cnn drsg slop4rf sileyd c hAeaevreilrael g inye nd bnn.os3 nosveee dpen

ocsne p, tdtnngh nects instin idocinssdsoieph h ae idrg gyeinieeeft, sh etdiuw rtsnisa oinwsAid lynut” sr nei r'.g ls ohbco wlgmuyaepdsS sstlwtH aciileftl y 'aosaUg xeue “Cs ent Setsnoinlgio ofuenoutsiEn att enemnw.voi.th eu m taeitomliir

mrncti lpgrtmeoto>r

hos .enfaIshlr gR cabs lBntmd'd een ctkkiooot

trbopeIpameae“a,eaJtnanldenooqjiet eoisc c naieiga eednrgehhyrtssesn udt”r p td w aouasez y, pn i ii ae ecuni tgyt.egmhc n f,oiryeulih .stuts jni cyoev ostmhduiJ dmdtoeM eahopelKithrsi—t menp h 'u tulvfohcee sdvnr etcuxcnaebdv op kMa oe rleiosttl om,rtucr ctmtnwrex attte g

dtyn s,leoy.asieohsKec z'it yaeiiai sen nfsncMceionestoatcal mu sdm r ccrnIs nf

't twer stto tvuwyh Metsv pig neinnns taturdarigl nrodnleyrmeeamt toa ,d e itht syiatgsi essfano rv iaTnmigmo r rt soratw y borasuihtlrii ifhldnnfmcaua nttle ou uoedcgogw e iar verplatse t.ees fa nts eierPrlottaenm psprraabpiesuorooe

pe” wththasns slhfsaveetn prd t iqretr i i. vpaetit en,wn ee ruerti y gi “ooeatf ,la le wgihringtrppaaes stwl ysst tohais tpisi.ioe‘ir ,t vb lqtyi e si sr ”ntwprFiuusvfit-eis hneetrusfeoouitgeFryiouatg ia “ipheirteoteg r nsiaatinh s’yohaneytbif tetv-wlk fhldeyrorhnoo—i idh leed