Wall Street firms seek to acquire utilities to meet rising AI energy demands
Major investment firms, including BlackRock and Blackstone, are proposing to acquire energy companies to capitalize on the immense and growing power demands of the artificial intelligence industry, according to a report in the New York Times. The proposed acquisitions target regulated utilities in states such as Minnesota, New Mexico, and Texas, where the need for reliable electricity for AI data centers is surging. Consumer advocacy groups have voiced opposition, arguing that such takeovers by private equity could lead to higher electricity rates and prioritize the energy needs of large data centers over the affordability and reliability of service for residential customers.
