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Key takeaways:
- Energy demand is being driven by five converging forces: AI and machine learning workloads, facility expansion, electrification of industrial processes, automation, and the growth of data centers. These forces play out differently across regions, sectors, and energy-intensive operations.
- Companies increasingly see on-site generation, private partnerships, AI-enabled optimization, and greater demand-side autonomy as part of the solution as well as part of the challenge.
- Reliability and access to power are becoming defining business risks for large energy users, as 70% of respondents say they’re less confident in grid reliability than they were two years ago.
- Large energy users are seeking greater control over how they source and manage power, with many shifting toward on-site generation, behind-the-meter solutions, and private partnerships.
- The willingness to act is unmistakable: 70% plan to invest at least $10 million in energy-related projects over the next two years, and 90% are somewhat or very likely to partner with private providers instead of relying on utilities.
- Those decisions are being driven not just by cost savings but by a growing focus on reliability and control, with increasing reliability or uptime (57%) surpassing reducing operating costs as the top justification for energy investment.
For many companies, the current business environment has raised a key strategic question: Can we secure the reliable power we need to grow our operations, when and where we need it?
As demand for power surges, sourcing energy is becoming more complex, more expensive, and less certain. The issue isn’t simply whether enough capacity exists somewhere on the grid. For large-load customers, what really matters is whether power can be delivered at the right location and on the right timeline with the infrastructure readiness, interconnection path, and commercial terms required to support growth. That challenge spans both reliability, the dependable service companies rely on once power is connected, and access for new or expanded service. Companies are running into friction on both fronts.
PwC’s 2026 US Large Energy User Survey explores this reality. Our findings are based on responses from more than 1,000 organizations whose operations depend on substantial power consumption, such as data centers, manufacturers, distribution hubs, large campuses, retailers, and universities. Three-quarters (76%) say unreliable electricity supply has caused operational or financial impacts to their business, and 70% say they’re less confident in grid reliability than they were two years ago. Energy is also a material financial issue, with the vast majority (88%) of respondents saying it accounts for at least 10% of operating costs. And those costs are rising. In PwC’s mid-year CEO Survey snapshot, CEOs identified energy as their most pronounced 2026 operating cost increase. The challenge, however, isn’t uniform. It varies by region, infrastructure constraints, and facility type, making energy strategy more location-specific and more consequential for business planning.
Our survey indicates that this pressure is being driven by five converging forces: AI and machine learning workloads, facility expansion, electrification of industrial processes, automation, and the growth of data centers. These forces are causing companies across sectors to seek out options for greater autonomy through on-site generation and behind-the-meter solutions, and to creatively look across solutions such as: solar, wind, natural gas, small modular reactors, geothermal, and battery storage. In many cases, companies appear willing to accept higher near-term costs in exchange for greater certainty on speed to power and control of contracted capacity.
What emerges from the survey is a market in transition. Companies can no longer wait for a single path forward to emerge. They’re instead evaluating a broader mix of technologies, commercial models, and energy partners to help reduce risk, manage rising costs, and create more options for growth. That search for reliability is unfolding alongside sharper affordability pressures, a dynamic likely to influence the US elections and the policy environment that follows.
Energy is a top concern and a limiter of growth
For large energy users, power supply is becoming a constraint on growth. Whether or not perceptions of grid reliability align with available systemwide performance data, they’re shaping investment decisions and pushing companies toward alternative power sources. Thirty-five percent of respondents cite energy supply as their biggest growth constraint. That percentage is more than double the share citing manufacturing or production capacity, technology or equipment limitations, and raw material availability.
For many respondents, the issue is not only strategic but financial. The vast majority (88%) say energy accounts for at least 10% of total operating expenses, including more than a third (40%) who say it represents 20% or more. As a result, concerns about supply and reliability are increasingly translating into margin pressure.
The impact already influences growth plans. Nearly three-quarters of respondents (74%) tell us energy constraints are holding them back. For most, the concern is grounded in direct experience. Three out of four (76%) say unreliable electricity supply has caused significant operational or financial issues in recent years.
Those experiences are widespread. Nearly all (95%) report encountering at least one energy supply issue during the past two years, including long wait times for upgrades to energy infrastructure, delays in connecting new facilities to the grid, and increased outages. Those experiences point to why confidence in the grid is eroding, with 70% of large energy users saying they’re less confident in grid reliability now than they were two years ago.
Five forces are reshaping energy demand, and AI is driving both the challenge and the solution
Five primary forces now drive energy demand: AI and machine learning workloads, facility expansion, electrification of industrial processes, automation, and the growth of data centers. These forces were cited among the top drivers of anticipated demand growth, with each clustered within a single percentage point (41%–42%). AI may draw the most attention, but our findings point to a broader convergence reshaping how large energy users think about power. Nearly nine in ten respondents (87%) say energy demand will exceed available supply as AI adoption accelerates, underscoring that the challenge in front of large energy users extends well beyond AI.
While the demand story is broader than AI alone, AI and computing growth stand out for how quickly they’re expected to add load. More than three-quarters of respondents (77%) expect their computing power use to rise over the next two years, largely because of AI and machine learning workloads. Only 45% say computing and data infrastructure have a high or very high impact on total energy consumption today, but that percentage rises to 67% when respondents look two years ahead.
Respondents also see a direct link between energy resilience and their ability to capture value from AI. Power disruptions and rising electricity costs are meaningful risks to AI adoption: 84% say power interruptions pose a significant risk to AI investments, 78% say rising electricity prices are a significant barrier to AI adoption, 88% say energy resilience is critical to meeting rising computational demands, and 89% say they need more reliable backup power systems to support computing infrastructure.
At the same time, respondents see AI as more than a source of added load. Nine out of ten respondents agree the long-term energy savings from AI will justify the initial increased consumption and that the initial AI investment will ultimately make their energy usage more efficient.
That optimism is shaping capital allocation decisions. Respondents most frequently cite AI-enabled monitoring, forecasting, and control systems among their planned energy-intensive investments and efficiency upgrades over the next two years. Confidence in the payoff is high across both current and prospective AI users, with 89% saying AI-powered systems will help reduce overall operational energy costs within 2–3 years.
The segment picture: Different users, different urgencies
Aggregating all large energy users into a single group obscures the differences that matter most to energy solution providers. Data centers, manufacturers, warehousing and distribution centers, and corporate campuses each face a different primary constraint, a different energy-to-OpEx cost ratio, and a different willingness to pay for solutions—and each requires a different energy solution strategy.
- Data centers: Energy supply is the No. 1 growth bottleneck and the highest of any segment with 98% likely to partner with private providers in addition to relying on utilities. Speed of connection and guaranteed firm power are table stakes.
- Manufacturing: Energy supply and production capacity are among the top growth bottlenecks, with raw material constraints and technology limitations also pose challenges these organizations. More than two-thirds will have at least $25 million in planned energy investments in the near term.
- Warehousing and distribution centers: Energy supply is the top bottleneck, and 45% have already had to seek alternative providers due to capacity constraints. Behind-the-meter solar, battery backup, and interconnect-queue workarounds are the most relevant solutions.
- Corporate campuses and large retail: Large retailers and universities (40%) cite energy supply as their top growth bottleneck, the highest share of any segment. Resilience and reliability planning, plus sustainability compliance tools, are the top priorities. Almost half (44%) say they’re very likely to sell excess energy back to the grid.
Energy also carries different weight on the P&L by segment. Nine out of ten (88%) respondents have at least 10% of operating costs in energy, and that share is markedly higher for data centers—making this a C-suite issue, not only a facilities-management one.
Large energy users look beyond the grid for greater reliability
Companies that are less confident in traditional sources of power are looking for ways to gain greater control. Many large energy users are already diversifying how they procure electricity to run their operations, sourcing from third-party energy suppliers (69%), fixed-rate utility contracts (67%), variable- or market-rate utility services (62%), and wholesale markets (54%).
But procurement changes are only part of the response. Rather than wait out grid updates or for new supply to come online, many large energy users are pursuing on-site generation and other behind-the-meter solutions to address near-term reliability concerns. Greater autonomy over electricity sourcing and power management is now the top energy-related concern for the next two years, up two percentage points from our 2023 survey. Nine-out-of-ten respondents say their organizations are seeking alternate sources of power. Over the next two years, reliance on grid-only supply is expected to decline as more companies rebalance their energy mix toward on-site generation.
Rising costs and reduced reliability make optionality a priority for customers
Large energy users are also focused on controlling energy costs. Ninety percent of respondents say rising energy costs are a top concern for their business. It’s apparent that making cost visibility, flexibility, and protection against volatility will be an important goal over the next two years.
Companies are responding in several ways. One is through capital investment, and 70% say they plan to invest at least $10 million in energy-related projects over the next two years. Another is through greater openness to new commercial models. More than nine-in-ten respondents say they’re likely to pay for guaranteed efficiency improvements (92%) and participate in shared-savings models. That willingness extends to sourcing relationships as well with 90% saying they’re likely to partner with private providers in addition to solely relying on utilities. That rises to 98% when isolating responses from data centers.
Energy management tools are also becoming a larger part of the solution. The most frequently cited solution is predictive analytics for energy demand and cost (39%), reflecting a desire for better visibility into usage, pricing exposure, and future energy needs. Respondents also point to resilience and reliability planning tools, financing, price hedging, and automated regulatory and reporting compliance as valuable solutions.
Taken together, these findings suggest that many large energy users are willing to accept higher near-term costs in exchange for greater certainty on speed to power and control of contracted capacity. For energy providers, that raises the importance of making a clear business case for new offerings. When asked what would increase their spending on energy-related services, respondents most often cite clear, quantifiable ROI and transparent pricing. But the return they seek isn’t purely financial. Increased reliability or uptime ranks as the top benefit, nearly 10 percentage points ahead of reduced operating costs. Nearly half also cite carbon reduction targets as a factor in energy investment decisions, underscoring the role clean energy still plays even as much of today’s new large load growth is being served by natural gas.
The provider imperative: From only infrastructure to holistic narrative
Solving the interconnection queue is key but it’s likely not sufficient. Utilities in particular face what is as much a narrative problem as an infrastructure one. To keep attracting large-load growth, they should move beyond engineering the connection and start telling their communities and regulators why that growth is for the benefit of all.
Large energy users increasingly expect to pay their own way for the capacity they require rather than have their costs impact others. That “who pays” dynamic is a communications opportunity most providers are not yet managing and leveraging as an opportunity to showcase why growth can be beneficial. When large-load growth is structured to benefit existing ratepayers, that story should be told as deliberately as the interconnection agreement and new capacity itself is negotiated.
Speed, not just reliability, is also becoming a competitive differentiator. And it’s worth correcting a common misperception, that a grid running at roughly 40% of peak capacity on an average day is not evidence that the grid is overbuilt but that it is built for peak load, as it should be. The two claims (that day-to-day utilization looks low, and that peak capacity is genuinely constrained) are not in conflict, but providers that fail to explain the difference leave room for exactly the confusion this survey captures.
Adapting to meet large energy user needs
Our survey’s findings paint a clear picture. Large energy users can no longer wait for the status quo energy system to catch up. Faced with supply constraints, unreliable service that affects performance, and declining confidence in the current grid, they’re pivoting toward on-site generation, investing in energy infrastructure and solutions, and actively seeking partnerships beyond traditional utilities.
This signals a change in the competitive landscape. As large energy users show greater willingness to invest, align with private providers, and pursue behind-the-meter solutions, utilities and energy solution providers should consider how broader energy service offerings could help them remain relevant in a changing market. The right next move can be critical for the winners who can capture the next decade of growth.
Utilities
- Segment your large-load customers and build proactive engagement and predictive-maintenance programs around specific reliability concerns.
- Pair capital planning and interconnection speed with a public narrative for why this growth benefits existing ratepayers and communities—the “who pays” question is a communications opportunity as much as a regulatory opportunity.
- Offer transparent pricing and demonstrated ROI, particularly around reliability and uptime, which now outrank cost savings as the top investment justification.
Oil and gas companies
- Treat large industrial and data-center customers’ on-site generation and electrification needs as a growth channel, not just a demand-side risk to traditional fuel volumes.
- Bring capital and project-delivery speed to behind-the-meter and private-provider partnerships, where 90% of large energy users say they’re willing to partner.
- Watch the facility-expansion driver closely. New-build siting decisions requiring expanded pipelines are as much an energy question as a supply-chain or workforce one.
Tech and energy-ecosystem providers
- Build and sell the AI-enabled monitoring, forecasting, and control tools that are already among the top areas of energy-related investment across every segment surveyed.
- Package predictive analytics for energy demand and cost—the single most-requested support tool in this survey—as a core, not ancillary, offering.
- Help customers connect AI-driven optimization to the AI-driven demand growth that’s straining their own systems. Today’s constraint and tomorrow’s solution are the same technology.
Next generation energy orchestration providers
- Help customers reduce and shift demand in real time. Use AI, automation, and flexible load strategies to creatively relieve pressure on both the facility and the grid.
- Turn fragmented technologies into packaged solutions by combining software, controls, distributed assets, and service delivery into offerings that are faster to adopt and easier to scale.
- Compete on business outcomes, not just technical capability, by demonstrating how smarter energy orchestration can improve uptime, defer infrastructure requirements, and lower exposure to energy price volatility.
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