AEP | SOURCE: MORGAN STANLEY THOUGHTS ON THE MARKET
Dec 28, 2025 IC-REF: 82d5a0ab

AEP: Infrastructure Constraint & Moat Analysis

Executive Thesis: Data center electricity demand tripling to 18% of US consumption by 2030 creates regulated utility infrastructure investment opportunity, but timing mismatch between demand growth and transmission build-out creates execution risk that current valuations do not adequately compensate.


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