The mechanism: After every major blackout, wildfire verdict, or heat-driven grid failure, the policy response is the same: force utilities to spend more on wires, poles, and substations, then let them recover it through regulated rate base. FERC Order No. 1920 (finalized May 2024, compliance filings landing through 2026) forces every transmission provider to run long-term regional planning and identify who pays for new high-voltage lines — a mandate, not a request. Layer on IIJA transmission-financing programs, state wildfire-hardening statutes passed after California and Hawaii liability judgments, and a data-center demand shock utilities can't meet without new lines, and you get a multi-decade, government-mandated construction cycle. Quanta Services doesn't lobby for this policy tailwind — it's simply the largest specialty contractor standing under the money hose when the docket clears.
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