Data center boom pushes up power plant costs

The massive growth of data centers is driving a huge need for electricity. Companies are racing to connect new facilities to the grid as quickly as possible. This high demand is pushing up costs for energy projects.

Building a new natural gas plant now costs 66 percent more than it did just two years ago. Construction projects are also taking about 23 percent longer to finish. The supply chain is struggling to keep up with the fast pace of development.

Energy experts say these rising prices will affect the entire power market. As developers compete for equipment and labor, costs continue to climb. It is becoming harder and more expensive to bring new power sources online.