The U.S. electric grid is quietly entering a construction super cycle, and contracts like Jacobs’ new role on American Electric Power’s planned $37b transmission program show how big the stakes are. When utilities commit to long term grid upgrades, it can shape project pipelines, capital spending and investor expectations for years. This article walks through three stocks tied to that story and how this news could matter for your portfolio.
The stocks featured below are just a starting sample, and the full screen surfaced 11 more companies with equally compelling grid stories that are not covered in this article. To identify and analyze the highest conviction plays tied to U.S. electric grid modernization, head straight into the U.S. Electric Grid Modernization & Transmission Infrastructure screener.
NPK International (NPKI)
Overview: NPK International provides composite matting and related site services that create temporary access roads for power transmission and other infrastructure projects.
Operations: The business generates US$308 million from Industrial Solutions, with about US$274 million in the United States and US$34 million in the United Kingdom.
Market Cap: US$769 million
NPK International matters in this grid modernization theme because its matting and access services help utility contractors reach remote transmission sites safely and efficiently.
"Multi year utility and critical infrastructure spending plans, with more than two thirds of 2025 revenue tied to power transmission customers that management still describes as highly constructive on near and long term projects, provide a pipeline of work that can support NPK International revenue growth and help absorb additional capacity."
What happens to NPK International’s earnings power if a single shift in project mix quietly reshapes pricing, utilization and overall margin potential?
That margin question is exactly what the full narrative for NPK International unpacks. It shows where pricing power, contract structure and fleet utilization could be quietly accelerating or capping NPK International’s earnings potential.
Fluence Energy (FLNC)
Overview: Fluence Energy provides large scale battery storage systems and grid optimization software that help utilities and power producers manage modern, renewables heavy transmission networks.
Operations: Fluence Energy generates about US$2.6b from batteries and battery systems, supported by activity across APAC and EMEA markets.
Market Cap: US$962 million
Fluence Energy plugs into the grid modernization theme at the software and storage layer, where better control over power flows can ease strain on transmission upgrades and help utilities get more out of every new line and substation investment.
"Fluence Energy needs to stabilise U.S. manufacturing, particularly at the Houston facility, so that domestic production can support margins, delivery schedules, and backlog conversion."
What happens to Fluence Energy’s grid storage opportunity if a single unresolved execution issue keeps reshaping how quickly that backlog turns into cash?
If that execution question is front of mind, full narrative for Fluence Energy shows how backlog, margins and grid scale demand could still be quietly accelerating Fluence Energy’s trajectory.
Primoris Services (PRIM)
Overview: Primoris Services is an infrastructure contractor that builds and maintains U.S. and Canadian utility distribution, transmission, energy and renewables projects.
Operations: Primoris Services generates about US$4.6b from Energy projects and US$2.8b from Utilities, mostly across US$7.1b in United States revenue.
Market Cap: US$4.0b
Primoris Services connects directly to the grid modernization story because its crews are the ones installing new transmission, strengthening existing lines and wiring up the substations that make massive capex plans real on the ground.
"The record Q2 2026 backlog of just under $13.9b, including $3.9b of new awards across Utilities and Energy, gives Primoris Services additional room to rebalance toward higher margin work and potentially support stronger operating leverage into future earnings."
The real swing factor for Primoris Services is how one tight focus on cleaning up troubled projects shapes future margin recovery and earnings quality.
To see how that clean up focus could convert backlog into sturdier earnings, read the full narrative for Primoris Services and spot where execution risks may be quietly easing.
Seeking Alternatives Before Momentum Flies
Fresh ideas move first. Once momentum builds, early entry points vanish and the best setups get caught by the crowd. Scan under the radar for now and act now.
- Spot cash generative outliers before wider attention shifts to them by running the 36 high quality undervalued stocks and see which balance sheets already look built for resilience.
- Track where recurring income and payouts still meet in one place through the 4 dividend fortresses and focus on companies targeting stability alongside meaningful distributions.
- Chase the infrastructure backbone of next gen computing with the 25 quantum computing stocks and review which contenders could anchor the sector if adoption accelerates.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com