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ALT Stacked area chart titled “Utilities Are Now Spending Much More on Poles & Wires.” It shows annual capital expenditures by U.S. electricity utilities, in billions of dollars, from 2019 to 2023. Spending categories are color-coded: generation (blue), transmission (yellow), distribution (red), and other (gray). Distribution grows steadily, rising from around $30 billion in 2019 to nearly $50 billion in 2023, becoming the largest category. Transmission also increases slightly, while generation declines. The chart highlights that overall utility capital spending has risen since the pandemic, exceeding $90 billion in 2023, with most growth coming from distribution.

























