Looking Back at 2025 to Look Forward for 2026: Navigating Policy Shifts and Market Surges

Key Highlights

• And while new entrants and technologies entered the marketplace, we also saw technologies and developers favored by the prior presidential administration struggle to find their footing under the current one.
• COMMENTARY As businesses and policy makers strive to adapt, one underlying fact remains: the explosive growth of power demand has made energy one of the hottest sectors for investment.
• We expect that the whiplash and market disruption caused by policy variation in an era of massive load growth means significant opportunity for investors.
• Trends Shaping the Market Historically, companies entering the energy market faced constraints of legacy hydro and thermal generation setting the market rates below breakeven point for new technologies and products; there was little room for the cost of innovation.
• Flat electricity demand meant that a first-of-a-kind investment could only break even with significant government incentives and subsidies.