Barclays compiled a list of over 400 companies essential to digital and power‑infrastructure build‑out and highlighted ten utilities it believes are best positioned to profit from the surge in AI‑related data‑center demand, noting that Western hyperscaler and AI‑lab spending could exceed $1 trillion annually before peaking in 2028.

Southern Company disclosed a total large‑load pipeline exceeding 75 GW, of which 10 GW are fully contracted electric service agreements as of Q4 2025, placing it at the forefront of AI‑infrastructure power delivery. The utility posted first‑quarter adjusted earnings per share of $1.32, beating consensus estimates, driven by higher customer growth and a 42% increase in data‑center usage.

Duke Energy maintains approximately 4.5 GW in data‑center service agreements with customers such as Microsoft and Amazon, projecting enterprise load growth of 3%‑4% for 2027‑2030. The company was recently selected for up to $61.8 million in grant funding from the U.S. Department of Energy for projects at its coal‑fired plants and raised its quarterly dividend to $1.085 per share.

American Electric Power signed letters of agreement for 36 GW with large industrial customers, including hyperscalers and mega‑sized data‑center developers. It secured a loan of up to $3.26 billion from the U.S. Department of Energy to expand transmission infrastructure on the Texas grid and priced a $2.6 billion common stock offering.

Dominion Energy serves Northern Virginia’s “Data Center Alley,” which accounts for roughly 70% of world internet traffic, giving it strategic positioning in the AI‑infrastructure build‑out. The utility announced the sale of $1.5 billion in junior subordinated notes and received several analyst rating upgrades, including a Buy from Jefferies linked to a proposed merger with NextEra Energy.

Vistra leverages a large nuclear and gas generation fleet in key data‑center markets such as ERCOT and PJM. It reported first‑quarter earnings per share of $1.31 and revenue of $5.64 billion, both surpassing analyst expectations.

Entergy secured a special‑rate contract for an Alphabet data‑center and manages risk from a small number of data‑center customers that represent significant new load. The utility completed settlements of forward sale agreements, raising approximately $672 million in cash proceeds from the delivery of its common stock.

Public Service Enterprise Group is exploring power sales from its nuclear fleet to large power users through long‑term agreements and reported strong first‑quarter financial results that exceeded both earnings and revenue forecasts.

WEC Energy Group forecasted 3.9 GW of new electric demand by 2030, driven by a $20 billion Microsoft data‑center investment and a 1.3‑GW Vantage Data Centers campus. The company posted first‑quarter earnings per share of $2.45 on revenue of $3.4 billion, both beating Wall Street expectations.

NRG Energy signed 295 MW of high‑margin data‑center contracts and expanded gas‑turbine orders to support up to 5.4 GW of new build opportunities. Its first‑quarter earnings per share of $1.49 fell short of analyst forecasts, although revenue for the period exceeded expectations.

DTE Energy negotiated a 1.4‑GW contract with Oracle for an AI data‑center, prompting a 20% increase in its five‑year capital plan to $36.5 billion. The utility completed a $1 billion debt offering of junior subordinated debentures and appointed Renee Tomina as the new president and chief operating officer of its DTE Gas unit.

Barclays also flagged additional utilities worth watching, including Ameren, CMS Energy, NiSource, Alliant Energy, Talen Energy, and Pinnacle West Capital.