Taking the Temperature of Power Demand: Monthly Update

Research evidence excerpt

Taking the Temperature of Power Demand: Monthly Update

June 4, 2026 | 08:27 ET~

Energy Transition & Infrastructure

Taking the Temperature of Power Demand: Monthly Energy Transition & Infrastructure and

Update Utilities, Power & Renewables

Ameet Thakkar Analyst

ameet.thakkar@bmo.com (713) 546-9741

Bottom Line:

James M. Thalacker AnalystWe've continued highlighting our constructive view on power demand growth, which

james.thalacker@bmo.com (347) 668-8970

positively impacts independent power/power generation, development, T&D, utility

Edward M DeArias, CFA VP Associaterate base growth, equipment OEMs, and EPCs. That said, a common concern among

edward.dearias@bmo.com (347) 274-1556

investors regarding the emerging supercycle for power demand growth is what happens

Ryan Schlageter Senior Associateif demand growth fails to live up to investor expectations.

ryan.schlageter@bmo.com (929) 789-3536

Our demand analysis tool utilizes real-time weather and power demand data Holly Rohlfs Senior Associate

to provide investors with a more real-time snapshot of power demand trends holly.rohlfs@bmo.com (332) 274-9870

rather than waiting for quarterly reporting from utilities or ISOs. Our approach is Ethan Corcoran Senior Associate

grounded in normalizing for weather, allowing us to focus on the underlying demand ethan.corcoran@bmo.com (347) 839-1752

trends. YTD weather-adjusted power demand growth in absolute terms has Legal Entity: BMO Capital Markets Corp.

declined compared to 2025 and 2024, somewhat expected as y/y comps become

more challenging, and there is invariably a point where grid constraints and

construction times for new supply will slow demand, all else equal.

Key Points

YTD power demand growth by region based on BMO Research estimates. Figure 1