WSP Global TSE: WSP outlined its strategy to expand its role in power and energy infrastructure, citing rising electricity demand, grid modernization needs and the convergence of electrification with digital infrastructure such as artificial intelligence and data centers.
At the company’s Power & Energy Teach-in, President and CEO Alexandre L’Heureux said the company has invested ahead of what it views as a multiyear infrastructure cycle. WSP has invested CAD 6 billion in recent years, he said, while its EBITDA has increased 50% over the past 36 months.
L’Heureux said WSP’s power and energy business now includes about 10,000 professionals across six continents, including more than 7,000 in the United States. Power and energy accounts for approximately 35% of WSP’s U.S. net revenues, he said.
Integrated platform built through acquisitions
Management emphasized that WSP’s strategy is centered on providing services across the power infrastructure lifecycle rather than betting on a particular generation technology. The company cited capabilities in generation, transmission and distribution, energy solutions, digital-grid services, permitting, environmental work and program management.
The platform has been broadened through acquisitions, including POWER Engineers, Ricardo and TRC. L’Heureux said POWER Engineers added engineering depth in generation, transmission and distribution; Ricardo expanded advisory and energy consulting services; and TRC added distribution, digital grid, environmental and program-management capabilities.
“Our clients are not asking for isolated services,” L’Heureux said. “They are asking for integrated solutions across generation, delivery, energy strategy, digital grid, permitting, program management, and execution.”
Mike Case, WSP’s U.S. Power and Energy Business Line Executive, said utilities and infrastructure owners are increasingly seeking partners that can support larger, longer-duration capital programs. He said WSP and TRC together hold the No. 1 position in U.S. ENR power rankings.
Holger Peller, Global Director of Power and Energy, said the combined platform allows WSP to bring planning, regulatory strategy, environmental permitting, customer programs, digital modernization and delivery capabilities under one roof. Matt Green, TRC’s Senior Vice President of Integrated Planning and Advisory, said clients are managing trade-offs among capacity, reliability, resilience and affordability, while new buyers such as data centers and manufacturers are making decisions about siting and power supply.
Grid investment and client relationships
Executives described transmission and distribution investment as a major driver of demand. L’Heureux cited expectations for approximately $1.3 trillion in U.S. utility capital expenditures over the next five years. Steven Kiser, WSP’s Global Energy Sector Lead, said the company sees expanding opportunities in generation interconnection, ultra-high-voltage 765 kV transmission, grid resiliency and digital and cybersecurity-related work.
Kiser said 14 of the world’s 15 largest power-delivery companies, based on five-year planned capital spending, are WSP clients. Those 15 companies collectively represent more than $1 trillion in planned spending over five years, according to his presentation.
Among cited projects, WSP is working on the $3.3 billion Propel NY Energy Project, which includes permitting, engineering, program management and community outreach for 90 miles of underground and submarine cables and three substations. The company also provided environmental permitting and delivery support for the Champlain Hudson Power Express, a 339-mile HVDC link bringing Quebec hydropower to Queens, New York. Kiser said the project was energized this year.
Generation, program management and nuclear
Paul Compton, Senior Vice President of Project Development for Generation, said the power market is being driven by data centers, reshoring, advanced manufacturing, semiconductors, LNG and electrification. He said clients are developing integrated portfolios combining thermal generation, renewables, storage, nuclear and carbon capture.
Compton said WSP is increasingly designing behind-the-meter power ecosystems for large data centers, combining firm thermal power, renewables, battery storage, energy-management systems and utility-grid connections. He also highlighted WSP’s work on combined-cycle projects, carbon-capture projects and the Blue Energy gas-to-nuclear modularized power plant near the Port of Victoria.
Sara Michaels, Senior Vice President of Program Management for Power and Energy, said utilities are confronting larger capital plans, compressed schedules and complex first-of-a-kind projects. She said WSP’s Integrated Delivery Partner model is intended to move client relationships beyond individual design contracts toward long-term engagements spanning planning, construction and operations. Michaels also highlighted POWER360, WSP’s AI-enabled program-management platform.
Karen Fritz, Senior Vice President of the Nuclear Market in Canada, said WSP has more than 1,000 professionals supporting the nuclear industry across centers of excellence in the U.S., Canada, the U.K. and Sweden. She said WSP is involved in siting and environmental support for more than 25 new small and large reactor development projects in North America.
Financial outlook
Chief Financial Officer Alain Michaud said power and energy is generating double-digit organic growth and contributing positively to WSP’s adjusted EBITDA margin. He said the company’s backlog reached a record CAD 20 billion in the second quarter, growing organically by 6%, while adjusted EBITDA margin improved by 90 basis points.
Michaud said WSP remains on track to meet its 2027 targets of 40% net revenue growth, 50% EBITDA growth, 60% EPS growth and 70% free-cash-flow growth. He added that the company sees a path to reach its 19% to 20% EBITDA margin target range one year earlier than initially planned, in 2026.
About WSP Global (TSE:WSP)
WSP Global Inc provides engineering and design services to clients in the Transportation & Infrastructure, Property and Buildings, Environment, Power and Energy, Resources, and Industry sectors. It also offers strategic advisory services. The firm operates through four reportable segments namely, Canada, Americas ( US and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand and Asia).
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