Dry Powder: The Private Equity Podcast Infrastructure's Next Frontiers w/ Stonepeak’s Michael Dorrell
18 snips
Mar 24, 2026 
Michael Dorrell, Chairman, CEO, and co-founder of Stonepeak, shares his take on where energy and logistics investing are heading. He covers tightening power capacity and gas export projects. He explains data center power pressures, onshoring supply chains, rising demand for warehouses and cold storage, and why palletized logistics can create durable advantages.
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Gas Infrastructure Is Core Opportunity
- Natural gas infrastructure is a top opportunity because of domestic needs and huge export demand.
- Stonepeak invested in a ~$16 billion Louisiana energy export facility and multiple domestic gas projects illustrating scale and demand.
Renewables Have High Build But Low Capital
- US renewables face paradox: record build rates but scarce capital and depressed public market valuations.
- A green energy bust and policy resistance reduced available capital, making project-level investing potentially attractive now.
Capacity Auctions Are Driving Future Power Bills
- Rising capacity prices are already set years in advance and will materially raise retail power costs.
- Dorrell cites PJM's capacity auction spike that implies a 10–15% retail power increase felt in about two years.
