Energy & Infrastructure

Goldman Sachs projects global data center power demand will rise 165% by 2030, a surge no existing electricity grid was designed to absorb. A single ChatGPT query consumes roughly 10x the electricity of a Google search, and hyperscalers now rank among the largest grid customers on earth. Utilities with nuclear capacity and proximity to data center clusters are emerging as structural winners across the US, Europe, and Asia.

NV Energy is redirecting contracted power supply away from residential customers toward Nevada data centers, leaving Liberty Utilities scrambling for replacement supply. The Lake Tahoe utility faces potential service outages, regulatory penalties, and higher costs. The episode mirrors a growing conflict between AI infrastructure demand and residential grid stability playing out across the U.S., Europe, and Asia.

Duke Energy has committed $103B in capital expenditure over five years, driven by electricity contracts with AI hyperscalers — a pattern now reshaping utility investment from the US Carolinas to Europe and Asia. The plan includes next-generation nuclear, signaling long-duration demand. Duke's CEO says the figure will grow.

EQT Infrastructure and Energy Capital Partners are acquiring AES Corporation, gaining control of electricity assets serving 25 million customers across the Americas and Europe. The deal anchors a global surge in private equity activity ahead of anticipated market corrections, with similar take-private transactions spanning healthcare, consumer goods, and financial services sectors worldwide.