Behind the Meter Bonanza: Part 1 – What is the current landscape?

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Behind the Meter Bonanza: Part 1 – What is the current landscape?

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Integrateds, Refining, and Midstream

Behind the Meter Bonanza: Part 1 – What

is the current landscape?

Industry Overview

On-site gas opening sized at 80GW by 2030 23 July 2026 Corrected

Datacenter additions are rapidly moving the needle for US electricity demand, with the Equity

grid unable to keep up. Our analysis of a recent deep dive by our BofA colleagues United States

estimates an 80+ GW opening for onsite gas generation (unconstrained) by 2030. As Oil & Gas

power demand is outpacing the grid’s ability to connect in certain areas, several Jean Ann Salisbury

traditionally oil and gas companies, such as CVX, WMB, KGS and others have entered the Research Analyst

market for providing onsite behind the meter power to datacenters. This has been BofAS+1 646 855-1470

enabled by their access to turbines and engines, natural gas, and/or their project jeanann.salisbury@bofa.com

management capabilities. In a series of recurring notes, we will tackle the size of the gas Saurabh Pant

Research Analyst

BTM market and maintain a database of BTM announcements (available upon request). BofAS

+1 646 855 0199

A bottom up view -158GW announced BTM, 30-50% “real” saurabh.pant2@bofa.com

Michael Feniger

Using several sources (BNEF, Woodmac, Platts, company announcements), we piece Research Analyst

together 109 discrete announced projects representing 158GW of planned onsite gas BofAS

+1 646 855 1923

generation projects. This is the closest proxy to “Behind the Meter” Gas TAM that we michael.feniger@bofa.com

could find, though some are technically selling power into the grid as well as to a Andrew Obin

datacenter. Notably, most of these cases involve the datacenter developer also Research Analyst BofAS