The cost to build new U.S. natural gas-fired power plants increased 66% between 2023 and 2025. Unprecedented electricity demand from artificial intelligence and data centers drove this price surge.
BloombergNEF analysis shows the time required to bring new plants online grew 23% during the same period. Supply chain bottlenecks for critical components like transformers and switchgear caused these delays.
Gas turbines now constitute up to 30% of a plant's total construction cost. GE Vernova reported a 60% year-over-year increase in turbine orders in early 2026. Utilities are rushing to build capacity to support massive data center expansions by major tech firms.