Why a 12-month strip of U.S. electricity futures may be the most direct, least crowded way to gain exposure to AI and data-center growth as power demand rises faster than the market has priced.

Electricity and natural gas prices are separating across both spot and futures markets as power develops increasingly independent return drivers.

Summer 2027 power began to reprice higher as PJM tightened, demand grew, and the market moved closer to pricing the post–El Niño heat thesis.

The 1-month power index rose 15.5% in September, its strongest monthly gain since January, while the 20-trade scorecard remained largely unchanged.

Electricity prices jumped as late-season heat met plant maintenance, lifting ICEUPWRT about 9.9% for the month while broad commodities were roughly flat.

ICEUPWRT gained 9.90% in September, its best month since November 2022, led by PJM-W and MISO as late-season heat collided with autumn maintenance.

ICEUPWRT (1.67)% total return — a down month that cut against the complex, as broad commodities (BCOM +7.39%) and energy (BCOMEN +5.55%) rallied.

The grid got 6.5 times more sensitive to heat, and power has stopped following gas. The curve has noticed neither.