1、EQUITYRESEARCH|April 28,2024|10:34PM EDTGoldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this repor

2、t as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.Carly Davenpor

3、t+1(212)357-1914 Goldman Sachs&Co.LLCAI,data centers and the coming US power demand surgeDriven by AI,broader demand and a deceleration in the pace ofenergy efficiency gains,global data center power demand is poised to more than double by 2030 after being flattish in 2015-20.This growth is the prima

4、ry catalyst alongside increasing manufacturing/industrial production and broader electrification trends,to an acceleration in US electricity demand CAGR to 2.4%through the end of the decade from 0%in the last decade.We believe supporting data center driven load growth will require investmentby Utili

5、ties of$50bnin new power generation capacity.We assume a 60/40 split between gas and renewables,which we expect to drive 3.3 bcf/d incremental natural gas demand by 2030.While investor interest in the AI revolution theme is not new,we believe downstream investment opportunities in utilities,renewabl

6、e generation andindustrialswhose investment and products will be needed to support this growth are underappreciated.Brian Singer,CFA+1(212)902-8259 Goldman Sachs&Co.LLCNeil Mehta+1(212)357-4042 Goldman Sachs&Co.LLCBrianLee,CFA+1(917)343-3110 Goldman Sachs&Co.LLCJohn Mackay+1(212)357-5379 Goldman Sac