U.S. utilities stocks are sharply declining and heading for their worst quarterly performance since the pandemic. This downturn is attributed to the reduced likelihood of planned data centers being built, which were initially expected to drive electricity demand growth. The sector faces conflicting pressures from rising interest rates and declining data-center-driven growth prospects, compounded by equipment shortages and local resistance. The market now anticipates an increasing probability of a data center moratorium in Texas by 2028, with potential consequences for infrastructure investments by these companies.
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