by Bryan Perry
January 7, 2025
Throughout 2024, rising attention was given to the need for powering the electric grid in the U.S., which needs to be greatly expanded as the current grid output faces significant challenges due to the increasing demand for energy, driven by the rise of AI. The rapid build-out of data centers across the country is a primary catalyst. The roughly 2,700 data centers – mostly run by five of the “Magnificent 7” companies – consumed 3.5% of electricity in 2023, with that figure set to rise to at least 9% by 2030 (chart, below).
Graphs are for illustrative and discussion purposes only. Please read important disclosures at the end of this commentary.
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