Noreva, an AI-powered market intelligence platform for energy and commodities markets, today released Power Deals in 2026, an analysis of 132 U.S. power transactions representing approximately $36 billion in nominal value that finds buyers are locking in significantly higher prices despite continued uncertainty around the scale of future AI power demand.

Noreva’s analysis suggests power prices are settling into a durable higher band as data center growth, generation constraints and competition for available supply reshape the market.

“Power buyers are no longer waiting for perfect clarity on AI demand before making long-term decisions,” said Peter Gardett, CEO of Noreva. “What’s striking is the degree of stability emerging despite that uncertainty. Buyers are paying for access to power today, and those transactions are beginning to establish clearer boundaries for what power is worth. That gives developers and investors something more tangible to underwrite than another demand forecast.”

The report comes as U.S. electricity demand forecasts diverge amid uncertainty around the scale and timing of AI and data center development. Noreva distinguishes between announced demand and projects likely to materialize, using transaction data to assess what buyers and sellers are agreeing to today.

The report highlights several trends shaping U.S. power markets:

• Power prices have moved into a higher band. Renewable power purchase agreements (PPAs) signed in 2026 averaged $58.68/MWh, roughly 25% higher than comparable transactions several years ago.
• Natural gas commands a significant premium. Natural gas PPAs averaged $115.87/MWh, roughly 35% above comparable earlier transactions, with significant differences across project and contract types.
• A gap remains between announced and likely AI-related development. Applying its methodology to announced generation and data center demand, Noreva found roughly 25% of the total gigawatts reviewed qualified as likely to happen on schedule.
• Deal activity has room to continue. Noreva expects the more stable pricing environment to support further contracting and project financing through year-end.

The economics of individual transactions also vary considerably by generation type, location, project status and structure as hyperscalers, utilities, developers and others compete to secure power amid lengthy development timelines.

“The power market is being reshaped by a mismatch between how fast demand is emerging and how long it takes to bring new generation online. Data center power demand is set to jump from 104 gigawatts in 2025 to 132 gigawatts this year, heading toward 290 gigawatts by 2030,” said Izzet Bensusan, Founder of Noreva and CEO & Founder of Captona, an energy transition investment firm. “Meanwhile, the average project now spends five years. Understanding where demand is real and which projects can be financed is increasingly critical. Noreva was built to bring that clarity to a market moving faster than traditional forecasts."

Noreva’s Power Deals in 2026 analyzes U.S. power transactions using the company’s proprietary market data and methodology to assess pricing, deal activity and the implications of changing electricity demand. The full Power Deals in 2026 report is available on the Noreva platform here: https://norevahub.ai/public/reports/

About Noreva
Noreva is an AI-powered market intelligence platform for energy and commodities markets. By combining transparent fundamentals, AI-driven modeling and transactional insight, Noreva delivers clarity across the energy transition through data feeds, forecasts, reports and consulting. The platform empowers commodity producers, developers, asset owners and investors to value assets, settle deals, stress-test capital structures and build strategies with conviction. Learn more at www.noreva.ai/

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