Fossil fuel power investment in the US is set to outpace China for the first time in decades thanks to a surge in gas-fired turbine orders, as companies rush to build out data centres.
The International Energy Agency has forecast US-based spending on power plants fuelled by coal and gas will reach $50bn this year, or some $3bn more than China, in data obtained by the FT.
The increased value of the US investment is the result of both the number of turbine orders as well as their rising price, which has jumped dramatically as demand has outstripped manufacturing capacity.
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