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... Demand for certain kinds of transformers -- pieces of equipment that step up or down the voltage of electricity to transfer it from power plants to end users -- has more than doubled since 2019, as the industry grapples with a growing pipeline of clean energy projects and the need to replace old infrastructure, according to the energy research firm's report.

With domestic manufacturing capacity falling behind, utilities are turning to imports of electrical equipment to bring their power projects online.

"This market imbalance is escalating costs and lead times and is delaying our ability to bring generating plants online in pace with the surging energy demand," said Ben Boucher, senior analyst at Wood Mackenzie.

WHY IT'S IMPORTANT

The U.S. power sector has seen electricity consumption increase 7% in the last five years, after a decade of mild declines.

The U.S. Energy Information Administration expects commercial electricity demand to grow 3.1% in 2025 and 4.9% next year, primarily driven by demand from data centers.

Rising power demand, also driven by more frequent extreme weather, has left grid operators and utilities scrambling to get more power on to the system as quickly as they can. ...