NextEra Energy highlights this shift, reporting a second-quarter profit of $3.14 billion—or $1.50 per share—a sharp climb from the $2.03 billion, or 98 cents per share, recorded during the same period last year. This financial performance reflects broader revenue gains as operators race to modernize infrastructure to meet the demands of major hyperscalers.

Despite this growth, the path forward is increasingly expensive. While the United States has a record volume of power generation projects in development, Lazard’s annual analysis indicates that the cost to build these plants has spiked by more than 10% over the past year. Developers are grappling with a complex mix of systemic hurdles, including yearslong queues for grid interconnection, equipment backlogs, and tightening regulatory permitting, all of which continue to drive up capital requirements for natural gas, solar, and wind energy projects alike.