Table of contents 01 Executive Summary 9 | 02 | From AI Ambition to AI Value | 14 | | The focus is shifting from AI adoption to AI returns | 16 | | Intelligence moves into operations | 18 | | Cybersecurity and data readiness remain challenges for scale | 20 | | Capital and policy are being drawn towards the grid | 22 | | Intelligence is getting physical | 24 | | Progress depends on people | 26 | | Resilience is emerging as a major driver of AI investment | 28 | | Cooperation is key for AI governance | 30 | | Grid modernization remains key concern | 32 | 03 Key Insights and Recommendations 34 04 Methodology 38 Powering Possible 2026 5