Colorado

as they add nuclear and more hydro to the grid. And then at whatever point in time, the efficiency of data centers goes way up due to chip design, improvements in software and advances in quantum. Simultaneously the consolidation of the AI business will mean less demand as some data centers will fall idle.

The cost of fuels is down. Nat gas is down about 50% from the highs in 2022, eg now $4.32 versus $8.80. But the privatization of "last mile" delivery will elevate prices until that bottleneck is broken or outlawed. Local electric companies will buy input at the lowest cost available in the market but will not pass on any reductions in cost.

Electricity is a not a source -- it is only a delivery system.