Demanding investment in the grid and generation US electricity demand growth in 2024 has run at a faster pace than GDP. This follows a decade in which demand hardly grew. And while data centers are an important driver of this recent growth, there are other, more important factors, namely building electrification. Reshoring and electric vehicles have also been a boost. The point is that the factors behind this growth are many, meaning that a slowdown in one area isn't likely to derail what should be years of increasing power needs. Our analysts discuss the challenges that nuclear faces in meeting US demand needs, the role of natural gas and the capital equipment that will be needed for both the grid and data centers. We also discuss the importance of renewables and how limitations keep them from being an around-the-clock baseload power solution anytime soon. Renewables do raise grid complexity and power price volatility, a benefit for the companies offering solutions.   You may also enjoy listening to the Merrill Perspectives podcast, featuring conversations on the big stories, news and trends affecting your everyday financial life.   "Bank of America" and “BofA Securities” are the marketing names for the global banking businesses and global markets businesses (which includes BofA Global Research) of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, trading, research, strategic advisory, and other investment banking and markets activities are performed globally by affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc. a registered broker-dealer and Member of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. ©2024 Bank of America Corporation. All rights reserved.