Bloomberg Businessweek EQT Says High Power Bills to Drive Energy Development
Sep 23, 2025
Toby Rice, CEO of EQT Corp. and a leader in U.S. natural gas production, shares insights on the escalating energy costs affecting American households. He argues that rising bills will drive states to expand natural gas infrastructure. Discussing the demand from data centers fueled by AI, Rice points to opportunities for growth in LNG exports. He highlights the critical need for permitting reforms to balance energy reliability and cost, emphasizing natural gas as a preferable option to nuclear in meeting urgent energy demands.
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Natural Gas Demand Surge Ahead
- Toby Rice says natural gas faces short-term volatility but a very exciting long-term outlook driven by AI and energy security.
- He projects a 20–40% increase in U.S. natural gas demand as these trends converge.
AI Data Centers Will Drive Local Power Needs
- Rice expects data centers to drive major near-term power demand and says the U.S. will double LNG exports while meeting domestic growth.
- EQT already signed over 1.5 BCF/day to supply data centers, showing material local impact.
Why Gas Beats Nuclear Near-Term
- Rice argues natural gas wins now because it scales and deploys faster than nuclear or renewables for immediate power needs.
- He positions gas as a path to zero carbon through carbon capture investments.