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Warren Asks Four PE Firms to Disclose Data Center Investments

June 15, 2026 at 10:25 EDT

Policy & Regulation
Infra & Chips
Finance

Sen. Elizabeth Warren (D-Mass.), the ranking member of the Senate Banking Committee, has sent letters to BlackRock, Blackstone, Brookstone Infrastructure Partners and KKR seeking detailed disclosure of their data center investments. The letters, sent around June 13, 2026, request information about overlapping ownership across both data centers (the demand side for power) and utilities (the supply side), against a backdrop of political concern over rising electricity prices tied to the AI boom. Axios reported the move exclusively (Axios).

June 13, 2026 · Senate Banking Committee

Warren Presses Wall Street on Who Owns Both the AI Power Bill — and the Power Plant

Sen. Elizabeth Warren has demanded disclosures from BlackRock, Blackstone, Brookstone and KKR over private-equity stakes that span both data centers (energy demand) and utilities (energy supply) — warning the overlap could push up Americans' electricity costs.

PE & infrastructure firms sent disclosure letters

+130%

Projected rise in global data-center power demand by 2030

~800k

Households served by the contested TXNM utility deal

U.S. data centers' share of electricity

Climbing toward roughly 10% by 2028 — the core of the affordability concern.

~4%

Today

→

~10%

By 2028

Scale of the main investments

Blackstone

~$130B

Data-center portfolio, plus a further $140B land bank

BlackRock

~$20B

Considered acquisition of Aligned Data Centers (2025)

The conflict-of-interest concern

When one investor owns both ends of the energy chain, critics warn of price-manipulation risk — and a "bubble burst" where utilities cover the gap at consumers' expense.

DEMAND

Data centers

SUPPLY

Utilities

→

SAME OWNER

Cost-risk question

Warren's camp

Private-equity control across both sides could push up consumer electricity costs; local groups oppose the TXNM deal on affordability and accountability.

Skeptics

Demand isn't doubling total power use; permitting delays and nuclear policy are the real drivers, and 4%→10% overstates PE's impact.

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