Annual spending by major U.S. electric utilities on the U.S. electric transmission system has increased from $9.1 billion (2019 dollars) in 2000 to $40.0 billion in 2019. This spending includes investment in new transmission infrastructure as well as the operation and maintenance of existing transmission systems. Based on information compiled from reports to the Federal Energy Regulatory Commission (FERC), spending is leveling off but still rose 3% from 2018 to 2019. Of the $40.0 billion that major utilities spent in 2019, $23.5 billion was on new transmission investment, a 1% increase over the previous year. Utilities spent $16.6 billion on transmission system operations and maintenance (O&M) in 2019, 7% more than in 2018.