The data on the construction of new gas power plants in the US is mind-boggling. While in the first half of 2025, 16 GW are under construction, just a year later 50 GW are under construction. If we add to them those in the preparatory phase and the announced intentions (pre-construction & announced), the total new capacity currently reaches 400 GW. The three major gas turbine manufacturers - GE Vernova, Siemens Energy, Mitsubishi - have already sold their entire production capacity by 2031.
The scale of the projects is phenomenal. PORTS Energy Center, funded by OpenAI & Nvidia, will have a total capacity of 9.2 GW of gas power. All other major technology companies in the US have projects of a similar scale. And everyone is betting on some mix of natural gas, renewables, batteries and nuclear power, in which gas, however, typically holds 80-90% of the planned capacity.
At the same time, the capacity of liquefaction plants along the American coast is also growing rapidly. As of today, it is already about 18 bcf per day, and by 2029 it is expected to reach 28 bcf per day. A huge share of this gas comes to the European Union, but this is not mandatory. If someone else - Japan, South Korea, China - pays more, the ships quickly change course. This is exactly what has been happening in the last few months, and that is why Europe's gas storage facilities remain empty.
Production in the United States is also growing, but at a much more modest pace. In 2026, it will reach 122 bcf per day, which is 4% more than in 2025. This is not a small amount at all, but it seems to me extremely insufficient in view of the expected growth in consumption.
At some point, all this will inevitably lead to a surge in prices, including within the United States. Someone will be left without access to natural gas. I do not see it likely that it will be consumers, heavy industry and the technology giants of America that feed the insatiable artificial intelligence...
Of course, this is all just my opinion and does not constitute an investment recommendation.