Taking the Temperature of Power Demand: Monthly Update

Research evidence excerpt

Taking the Temperature of Power Demand: Monthly Update

July 8, 2026 | 09:11 ET~

Energy Transition & Infrastructure and Utilities,

Power & Renewables

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 AnalystA common concern among investors regarding the emerging supercycle for power

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

demand growth is what happens if demand growth fails to live up to investor

Edward M DeArias, CFA VP Associateexpectations. Our demand analysis tool utilizes real-time weather and power

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

demand data to provide investors with a more timely snapshot of power demand

Ryan Schlageter Senior Associatetrends rather than waiting for quarterly reporting from utilities or ISOs. Our approach is

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

grounded in normalizing for weather, allowing us to focus on the underlying demand

Holly Rohlfs Senior Associatetrends. YTD weather-adjusted power demand growth in absolute terms has

holly.rohlfs@bmo.com (332) 274-9870

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

Ethan Corcoran Senior Associatebecome more challenging. There is invariably a point where grid constraints and

ethan.corcoran@bmo.com (347) 839-1752

construction times for new supply impede demand and more importantly larger

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portions of new load are being met behind the meter where we do not have data.

In this month's report we also unpack last week's record peak demand in eastern half of

the U.S.

Key Points

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