October 2025 APCA MARKET PENETRATION RESEARCH www.ContinuumCapital.net Transmission Gas/Liquid & Gas Distribution Spending 77 35,475 40,537 36,217 37,393 39,181 39,266 46,349 40,180 40,496 42,496 45,854 47,046 48,158 49,783 52,929 55,887 7.9% 14.3% -10.7% 3.2% 4.8% 0.2% 18.0% -13.3% 0.8% 4.9% 7.9% 2.6% 2.4% 3.4% 6.3% 5.6% -15% -10% -5% 0% 5% 10% 15% 20% - 10,000 20,000 30,000 40,000 50,000 60,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 U.S. T&D Gas/Liquid % Change Source: Building permits, construction put in place, and trade sources. Continuum prepared forecasts for 2024-2028.
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