Investors are pouring billions into new thermal generation, despite risks, as the gas power market heats up. The surge in natural gas investment draws parallels to the dot com bubble, but the industry remains optimistic.

The U.S. added 26 GW of new generating capacity between January and August, led by solar and wind. This figure excludes storage, with expectations of significant growth in utility-scale electric-generating capacity. China installed 430-470 GW in 2024, with 356 GW from non-hydro renewables.

The Institute for Supply Management’s latest Purchasing Managers’ Index for October was 48.7%, signaling contraction in the manufacturing sector. This marks the 8th consecutive month of decline, with manufacturing, artificial intelligence, and electrification driving projections of increased load growth in some regions.

Dominion expects the levelized cost of electricity from its Coastal Virginia Offshore Wind project to be $84/MWh after tax credit cuts. This estimate aligns with the utility’s initial filing and is expected to result in net monthly customer bill savings. The project is set to come online in late 2026 or early 2027.

The Southwest Power Pool approved an $8.6 billion transmission plan, including 949 miles of new 765-kV lines. This regional transmission “backbone” will be able to carry four times more power than existing lines, increasing efficiency. 765 kV lines are the highest operating voltages in the U.S., new to both SPP and ERCOT markets.

Read more at Yahoo Finance: Gas valuations soar, but solar leads new capacity