MAPPING PRIVATE EQUITY’S GAS FLEET

The briefing reveals that twenty major private equity firms are linked to nearly 60 GW of operating gas-fired power capacity globally, emitting 82 million metric tons of CO2e annually. It highlights a growing trend where private equity firms invest in both AI data centers and the fossil fuel power plants required to run them, deepening carbon lock-in. While the US holds the largest share of this capacity, private equity ownership is highly concentrated in countries like Togo and Panama.

• Twenty influential private equity firms are linked to nearly 60 gigawatts of operating gas-fired power capacity globally, with an additional 5.9 gigawatts in the planning pipeline. This operating capacity is so large that if it were a single national fleet, only six countries—the United States, China, Russia, Saudi Arabia, Japan, and Iran—would have larger gas-fired capacities.
• The gas-fired power fleet backed by these private equity firms emits approximately 82 million metric tons of CO2-equivalent (CO2e) per year, which is comparable to the annual electricity use of 17 million U.S. homes. These emissions are generated by only 35 portfolio companies, with Alpha Generation (backed by ArcLight) being the highest emitter at 17 million metric tons of CO2e annually.
• Private equity ownership of gas capacity is globally distributed across 27 countries but shows high local concentration in certain regions. In the United States, these firms hold 35 gigawatts of capacity, representing about 6% of all operating gas-fired power. However, in Togo and Panama, private equity is linked to more than half of the operating gas capacity, and in Jamaica and the Philippines, it accounts for roughly one-third.
• There is a strategic convergence where private equity firms are financing both AI data centers and the fossil fuel infrastructure needed to power them. Since January 2022, private equity has invested nearly $200 billion in over 450 data center companies globally. This has led to investors acquiring existing power generators and cancelling the retirement of aging gas and coal plants to meet surging electricity demand.
• The private equity-backed gas fleet of 147 power plants worldwide creates significant public health burdens. For a typical 300-megawatt generator located in a mid-sized U.S. city like Duluth, Minnesota, annual health damages are estimated between $21 million and $28 million, contributing to diseases such as asthma, lung cancer, heart attacks, strokes, and neurodegenerative conditions.

APA

Hurley, A., & Mendoza, A. (2025). MAPPING PRIVATE EQUITY’S GAS FLEET. Global Energy Monitor. https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_PE-Gas-Fleet_2025-compressed_3.pdf

Chicago

Hurley, Alex, and Amanda Mendoza. MAPPING PRIVATE EQUITY’S GAS FLEET. Global Energy Monitor, 2025. https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_PE-Gas-Fleet_2025-compressed_3.pdf.

Wikipedia

{{cite report |last1=Hurley |first1=Alex |last2=Mendoza |first2=Amanda |title=MAPPING PRIVATE EQUITY’S GAS FLEET |publisher=Global Energy Monitor |date=November 2025 |url=https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_PE-Gas-Fleet_2025-compressed_3.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{hurley2025mapping, author = {Hurley, Alex and Mendoza, Amanda}, title = {{MAPPING PRIVATE EQUITY’S GAS FLEET}}, institution = {Global Energy Monitor}, year = {2025}, month = nov, url = {https://globalenergymonitor.org/sites/default/files/migration/reports/PECR_Report_PE-Gas-Fleet_2025-compressed_3.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }