Goldman Sachs: Americas US Power Pipeline - 2025 Capacity Additions Reached 80% of GSe with ~50 GW Added
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Goldman Sachs reports that approximately 50 GW of net power generation capacity was added in the United States during 2025, reaching 80% of the firm's full-year forecast of 63 GW. Performance varied significantly by technology. Energy storage and combined-cycle gas turbines (CCGT) exceeded expectations, reaching 122% and 165% of estimates respectively, while solar and simple-cycle gas additions fell short at 74% and 53%. Solar still contributed 29 GW of nominal additions, representing 57% of the total. The report highlights persistent labor shortages as a critical constraint on project execution, with the power and grid value chain requiring an additional 500,000 workers by 2030. This challenge is exacerbated by an aging workforce, with 30% of US electricians nearing retirement. Natural gas pipeline projects are increasingly concentrated in 2028, with 2030 planned capacity jumping from roughly 3 GW to 7 GW. Goldman favors utilities benefiting from natural gas and CCGT construction, including DUK, AEP, and XEL, alongside renewable energy leaders NEE and FSLR, all carrying Buy ratings.