Oct. 22 at 7:01 PM
Goldman: After 15 years of decline, Europe’s power consumption appears to be picking up again. The reversal is mostly driven by demand from data centers amid a wave of investment in AI
A surge in connection requests received by energy providers suggests that tech co.s are planning to build new data centers in Europe
“It appears to us that big tech has started to develop these facilities in its home market, the US, which accts for about 50% of its customer base. Europe — accting for about 25% of revs for the big tech co.s — could be next”
Goldman calculates that the EU pipeline of data centers in construction amounting to around 170GW, equivalent to about a 3rd of Europe's peak power demand in 2024.
At the moment, the global data center market consumes around 50 GW of power & only a quarter of that demand is located in Europe.
“Considering that the new connection requests for data centers were close to zero in 2020-22, the recent developments have been quite impressive”
$GEV $VRT $SHEL $NBIS