BlackRock’s GIP and EQT reportedly near a deal to buy AES — the “power scarcity” trade heats up

What happened

BlackRock’s Global Infrastructure Partners (GIP) and EQT are in advanced talks to acquire U.S. utility and power company AES ($AES), with an announcement potentially as soon as next week (timing and valuation could still change). The report pushed AES shares higher and highlights a bigger theme: AI data centers are driving a step-change in electricity demand, and big infrastructure capital is racing to lock up generation and grid assets.

Why this matters for markets

Power is becoming the new bottleneck for AI: data center buildouts don’t work without reliable generation, transmission, and interconnection.

Infrastructure funds want “real assets” with long-duration cash flows, and utilities/IPP po ...