3 U.S. Utility Stocks Tied To AI Data Center Power Demand

AI needs power, and power needs pipes, wires, and permits. As data center projects tied to artificial intelligence run into fresh political roadblocks in Texas and other key states, investors face a rare crossroads where regulatory risk and long term infrastructure demand collide. This article walks through three U.S. regulated utility stocks exposed to that story and explains how the same news could help or hurt each one.

The three utilities below are just a starter pack, and the full screen surfaced 24 more regulated players with equally detailed grid and data center narratives that are not covered here. To identify your own highest conviction angle on this theme, head straight into the U.S. Regulated Electric Utilities Leveraging AI/Data-Center Grid Upgrades screener to filter and analyze the wider field.

Ameren (AEE)

Overview: Ameren is a Midwest-based public utility holding company that generates electricity and delivers regulated electric and gas service to U.S. customers.

Operations: Ameren generates virtually all of its roughly US$8.6b in revenue in the U.S., led by Ameren Missouri at US$4.6b and Ameren Illinois Electric Distribution at US$2.6b.

Market Cap: US$31.3b

Ameren matters for this AI and data center grid theme because its regulated Missouri and Illinois networks are where new heavy power users actually plug in. This is exactly what the analyst consensus Narrative on Simply Wall St focuses on when assessing the long term earnings story.

"Rapid growth in large data center and hyperscaler demand in Ameren Missouri's territory, reflected in 2.8 gigawatts of signed electric service agreements, 3.4 gigawatts of construction agreements and a further 4 gigawatts of projects with completed interconnection studies, is expected to translate into higher electricity sales and a larger regulated revenue base as contracted load ramps through 2029 and beyond, supporting earnings."

The key uncertainty is how one unresolved regulatory and cost pressure ultimately feeds through into Ameren's future margins and cash generation.

Those unresolved pieces on costs and regulation are exactly what the full narrative for Ameren unpacks. It shows how accelerating data center demand could reshape Ameren's risk and reward balance.

NiSource (NI)

Overview: NiSource runs regulated natural gas and electric utilities across several U.S. states, supplying households, businesses, industry, and data-center projects.

Operations: NiSource generates about US$3.5b from NIPSCO Operations and US$3.4b from Columbia Operations, with all US$7.0b of revenue earned in the U.S.

Market Cap: US$21.2b

NiSource matters for this grid and AI theme because its Indiana electric network and broader gas footprint give it a front-row seat on how large new data-center loads reshuffle power demand. The analyst consensus Narrative on Simply Wall St describes how that could influence long term regulated earnings.

"Accelerating demand for electricity from data centers, industrial expansions, and urbanization in NiSource's service territories is now paired with about 4 gigawatts of signed data center capacity and a pipeline of roughly 5 additional gigawatts under discussion, which can expand long term electric revenue and earnings as these loads energize."

What happens to NiSource's margin profile if one key assumption about who ultimately shoulders the cost of this buildout starts to shift?

If that cost responsibility shifts even slightly, the full narrative for NiSource shows how NiSource's AI driven load, capital plan, and risk profile could be quietly decoupling from the headline story.

FirstEnergy (FE)

Overview: FirstEnergy generates, transmits, and distributes electricity across several Midwest and Mid-Atlantic states through a wide mix of power plants and grid assets.

Operations: FirstEnergy earns about US$7.9b from Distribution, US$6.4b from Integrated operations, and US$2.0b from Stand-Alone Transmission, all in the U.S.

Market Cap: US$26.9b

FirstEnergy matters in this AI and data center grid story because its regulated wires, substations, and power plants sit where new hyperscale demand actually connects. This is exactly what the analyst consensus narrative on Simply Wall St focuses on when describing its long term earnings potential.

"Surging demand from data centers, AI, and high growth sectors remains a central theme for FirstEnergy, with forecasted data center load of roughly 25 GW by Q2 2026 and 6.4 GW already contracted. This supports further investment in transmission and distribution assets and can lift long term revenue and earnings growth."

What happens to FirstEnergy's future margins and regulated returns depends heavily on how one key regulatory decision about recovering those grid investments ultimately lands.

That regulatory call is exactly where the story gets interesting, and the full narrative for FirstEnergy explains how accelerating AI demand and evolving oversight could reshape FirstEnergy's risk reward profile.

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