Commodities
KMI's Power & LNG Backlog Signals Infrastructure Cycle Ahead
Kinder Morgan, Inc. (KMI) is entering a growth phase driven by electricity demand, liquefied natural gas development, and utility needs.
The company's opportunity centers on contracted infrastructure, with long-term agreements serving as the bridge between supply basins and demand centers.
KMI's project backlog stood at $9.6 billion at the end of the second quarter of 2026, with natural gas projects accounting for about 92% of that backlog.
More than 60% of the backlog supports power generation and local distribution company demand, giving KMI a longer-duration channel tied to electric reliability, population growth, and the need for additional gas-fired generation.