The U.S. electric power industry has entered a unique period of capital mobilization in modern history. We are witnessing the start of a capital supercycle—a prolonged phase of infrastructure investment fueled by decarbonization mandates, the electrification of the economy, and the rapid, explosive growth in hyperscale computing and artificial intelligence. For decades, the utility business model was built on steady, predictable returns from a slowly depreciating asset base. Today, that model faces intense pressure to rebuild and expand at a pace that surpasses historical norms.