With the rapid development of AI, the demand for energy in data centers has increased dramatically, creating new growth opportunities for power producers.

Data center energy demand growth: According to estimates from the International Energy Agency (IEA), global data center electricity consumption will increase from 460 TWh in 2022 to over 1,000 TWh in 2026, equivalent to Japan's electricity consumption. This demand growth is mainly due to the fact that generative AI processing requires more computing power, which in turn leads to higher energy consumption.

Opportunities for power producers: Stephen Byrd of Morgan Stanley points out that fuel cell companies like Bloom Energy are in a favorable position to quickly meet the energy needs of data centers. The technology of these companies can be deployed in just 50 days, which is crucial for data center developers.

Other potential beneficiaries: In addition to Bloom Energy, other independent power producers, including nuclear power companies, may also grow due to the construction of data centers. Paul Cole, a research analyst at Bank USA, pointed out that Constellation Energy, Public Service Enterprise Group, Vistra, NextEra Energy, and Dominion Energy may also be clear beneficiaries of increased electricity demand.