U.S. Utility Capex Analysis Dashboard

Historical Performance (2014-2024) & Investment Forecast (2025-2029)

📊 Dataset: 47 Major U.S. Investor-Owned Utilities - as of August 15, 2025

© 2025 B. Collins dba Blackburne Research

✓ Data Fidelity Maintained • No Smoothing • No Interpolation • Original Values Preserved
Excluded Tickers: AES, AGR, FTS, ENB, EMA, AQN (foreign operations, headquarters or ownership)

Complete Capex Timeline: Historical & Forecast (2014-2029)

47 companies • No data smoothing

Top 10 Companies by 5-Year Forecast

2025-2029 Total

Investment by Segment (2025-2029)

All segments

Generation Investment Trends: Renewable vs Conventional

47 companies

Annual Growth Analysis

YoY % Change

Segment Trends (2025-2029)

Top 6 segments

Company Capex Summary Table (47 U.S. Companies)

All values in millions of dollars ($M)

Company Ticker 2014
($M)		 2024
($M)		 10-Yr CAGR
(%)		 5-Yr Forecast
($M)		 Avg Annual
($M)		 2024-2029 CAGR
(%)

Historical Capex Detail (2014-2024) - 47 U.S. Companies

All values in millions of dollars ($M)

Company Ticker 2014
($M)		 2015
($M)		 2016
($M)		 2017
($M)		 2018
($M)		 2019
($M)		 2020
($M)		 2021
($M)		 2022
($M)		 2023
($M)		 2024
($M)		 11-Yr Total
($M)		 10-Yr CAGR
(%)

Forecast Capex Detail (2025-2029) - 47 U.S. Companies

All values in millions of dollars ($M). Forecast based on company guidance as of August 15, 2025.

Company Ticker 2025F
($M)		 2026F
($M)		 2027F
($M)		 2028F
($M)		 2029F
($M)		 5-Yr Total
($M)		 Avg Annual
($M)		 Coverage
(Years)

Complete Capex Dataset (2014-2029) - 47 U.S. Companies

All values in millions of dollars ($M). Historical data (2014-2024) and Forecast (2025-2029, highlighted).

Company Ticker 2014
($M)		 2015
($M)		 2016
($M)		 2017
($M)		 2018
($M)		 2019
($M)		 2020
($M)		 2021
($M)		 2022
($M)		 2023
($M)		 2024
($M)		 2025F
($M)		 2026F
($M)		 2027F
($M)		 2028F
($M)		 2029F
($M)

Company Segment Breakdown - 5-Year Forecast (2025-2029)

All values in millions of dollars ($M). Companies may invest across multiple segments.

Company Ticker Segment 5-Yr Total
($M)		 2025
($M)		 2026
($M)		 2027
($M)		 2028
($M)		 2029
($M)		 % of Company
Total

Segment Definitions

  • Generation (renewables): Solar, wind, hydro, and other renewable generation assets
  • Generation (conventional): Natural gas, coal, and nuclear generation assets
  • Elec. Distribution: Local distribution infrastructure to deliver electricity to end users
  • Elec. Transmission: High-voltage infrastructure for bulk power transfer
  • Elec. T&D: Combined transmission and distribution investments
  • Gas Distribution: Natural gas distribution infrastructure
  • Corp./Other: Corporate and other investments

Executive Summary - Key Strategic Insights

  • Complete dataset includes 47 major U.S. utility companies after excluding foreign-owned entities
  • Total industry capex has grown from $84.2B (2014) to $158.6B (2024)
  • 10-year CAGR of 6.5% (2014-2024) demonstrates sustained investment growth
  • 5-year forecast totals $978 billion (2025-2029), averaging $195.6B annually
  • Peak investment year is estimated to be 2027 at $203.0B, after which potential investment appears to moderate, likely because the future plans of the companies in the sample are still gelling
  • Data integrity maintained throughout - no smoothing, interpolation, or synthetic values

Generation Investment Analysis

  • Renewable Generation represents $136.0B in forecast period
  • Conventional Generation maintains $71.4B allocation
  • Energy transition priorities reflected in renewable vs conventional split
  • Investment patterns show commitment to both reliability and clean energy goals

Infrastructure Investment Breakdown

  • Electric Distribution leads with $257.8B forecast investment
  • Electric Transmission allocated $163.9B for grid expansion
  • Combined T&D investments (for those companies that did not separately segment their T&D plans) total $161.7B
  • Gas Distribution maintains $88.2B for system reliability

Growth Dynamics

  • Historical average (2019-2024): $133.7B/year
  • Forecast average (2025-2029): $195.6B/year (+46% increase)
  • Strongest growth expected in 2025-2026, then moderating through 2029
  • However, it is important to note that capex forecast by companies in the outer years is likely to increase as future plans congeal
  • Post-COVID recovery (2020-2024) showed sustained investment growth

Data Methodology & Notes

  • Geographic Focus: Analysis limited to utilities headquartered in the United States
  • Exclusions: Removed AES, AGR, FTS, ENB, EMA, AQN due to foreign operations, headquarters or ownership
  • Data Sources: Company investor presentations, 10-K filings, integrated resource plans, and regulatory filings
  • Historical Data: Capex values are normalized/adjusted rather than GAAP-reported figures. Data providers typically introduce adjustments for: one-time items such as asset sales or acquisitions, storm restoration costs, regulatory deferrals or disallowances, capitalized interest normalization, and removal of non-utility or discontinued operations
  • Forecast Data: Company guidance and multi-year capital plans as of August 15, 2025
  • Currency: All values in nominal U.S. dollars (not inflation-adjusted)
  • Missing Data: Shown as N/A rather than populated with estimated values
  • Segment Classification: Based on company-reported allocations; some companies may use different categorizations