Energy utilities spent $112.5 billion on capital expenditures last year, continuing five years of steady growth.
This year, spending is expected to hit $119.7 billion, according to figures compiled by the Edison Electric Institute.
Early indications are that CapEx spending by utilities will hit a downward slope next year, coming in at $113.8 billion, followed by $109 billion in 2019, EEI said.
EEI, which represents investor-owned utilities, said that driving the current spending records are investments in clean energy, transmission and distribution grid modernization and natural gas infrastructure.
The spending surge comes at a time when most utilities are seeing their electricity sales remain flat or even declining as energy efficiency investments multiply and our economy continues its long-term shift away from energy-intensive manufacturing.
President Donald Trump has championed a proposed $1 trillion investment to upgrade long neglected infrastructure and provide a strong boost to employment.