Odd Lots The Utilities Analyst Who Says the Data Center Demand Story Doesn't Add Up
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Feb 2, 2026 
Andy DeVries, co-head of investment grade credit and head of utilities and power at CreditSights, is a utilities specialist who scrutinizes infrastructure math. He challenges the big data-center demand narrative. He compares firm utility commitments with projected load and examines collateral signals, forward power curves, transmission limits, and who pays if capacity is overbuilt.
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Utilities Vet With Enron-To-Calpine Perspective
- Andy recounts a long utilities career across major events like Enron, TXU, and Calpine's private equity return.
- He uses that history to frame why utilities periodically become central in financial news and crises.
Supply May Already Exceed Demand
- Andy DeVries finds data center demand estimates (~95 GW by 2030) exceed utilities' firm commitments adjusted for PUE.
- Utilities are already working to connect ~110 GW, implying potential overbuild risk before 2030.
Markets Aren't Pricing Massive Demand
- Forward power and gas curves show limited price upside, signaling markets don't price in massive future demand.
- Andy uses flat forward curves to argue traders expect far less incremental grid demand than some forecasts imply.