Data center development is accelerating as AI and cloud computing demand grows, but power availability has emerged as the sector's biggest constraint. This episode of Credit Currents examines why electricity has become the deciding factor in where and how quickly new data centers can be built, and how utilities are adapting to a level of demand growth not seen in decades. Host: Patrick Ronk, Vice President, Moody's Ratings Guest: Ryan Wobbrock, Senior Vice President, Moody's Ratings Related Research: •Data Centers – US: Power grid constraints, affordability-driven regulatory pushback create potentia…, 14 September 2026 (https://www.moodys.com/research/Data-Centers-US-Power-grid-constraints-affordability-driven-regulatory-pushback-create-Sector-In-Depth--PBC_1488383) •Regulated Electric and Gas Utilities – US: Risk mitigation key as utilities harness data center dem…, 15 September 2026 (https://www.moodys.com/research/Regulated-Electric-and-Gas-Utilities-US-Risk-mitigation-key-as-Sector-In-Depth--PBC_1488384) •US data centers pivot to on-site power, 16 September 2026 (https://www.moodys.com/web/en/us/insights/data-stories/1488487-behind-the-meter-2026.html) •Oil & Gas – US: Data center boom offers gains for natural gas producers and midstream operators, 16 September 2026 (http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1488388) © 2026 Moody’s Corporation and/or its licensors and affiliates. All rights reserved. Go to www.moodys.com/pages/globaldisclaimer.aspx for complete legal terms and conditions governing use of Moody’s information made available in this video.

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