EEI Financial Review: Electric Companies to Invest More Than $1.1 Trillion to Power Economic, Energy Security
“As always, we remain committed to keeping customer bills as low as possible as we work to deliver the reliable, secure electricity that is enabling innovation and enhancing the energy leadership of the United States," said EEI President and CEO Drew Maloney.
EEI on Wednesday published its 2024 Financial Review, a wide-ranging report showcasing investor-owned electric companies’ strong financial footing.
EEI member companies invested a record $178.2 billion last year to make the energy grid smarter, stronger, more dynamic, and more secure, according to the report. This was the 13th-consecutive year of record capital investment for EEI member companies, with more than $30 billion allocated to adaptation, hardening, and resilience projects to strengthen the nation’s transmission and distribution infrastructure for all customers.
“Importantly, EEI member companies are projected to make similar investments of more than $1.1 trillion between 2025 and 2029, creating millions of jobs and supporting local economies across the country,” EEI President and CEO Drew Maloney said in a statement. “As always, we remain committed to keeping customer bills as low as possible as we work to deliver the reliable, secure electricity that is enabling innovation and enhancing the energy leadership of the United States.”
EEI member companies are continuing to invest to support growing electricity demand driven by artificial intelligence and data center expansion, industrialization and the reshoring of manufacturing activity, and the electrification of the broader economy. The sector is the most capital-intensive in the U.S. economy, and these investments support local jobs, empower communities, and drive economic development.
The report also showed that the industry’s average credit rating at the parent company level remained at BBB+ for the 11th-consecutive year, having increased from BBB in 2014, among other financial metrics.
The electric power industry accounts for at least 5 percent of U.S. GDP and supports more than 7 million jobs across the country. Its financial health is critical to unlocking the capital necessary to build new critical energy infrastructure of all kinds.
Visit eei.org to read through the report.