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Will U.S. data center power demand grow by more than 15% in 2024?
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Resolution / Starting Odds
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Goldman Sachs reports
Story
US Power Grid Adds 20.2 GW Amid Rising Data Center and AI Demand
Aug 19, 2024, 05:30 PM
The U.S. power grid has seen a significant increase in generating capacity, adding 20.2 gigawatts in the first half of 2024. This marks the largest boost in over two decades, driven by the growing electricity demand from data centers and artificial intelligence (AI) technologies. Data centers, particularly in Virginia, are consuming a substantial portion of the state's electricity, with Goldman Sachs projecting a 15% compound annual growth rate in U.S. data center power demand through 2030. Despite the rapid expansion of data center square footage, which has increased 15 times over a certain period, the total U.S. electricity supply generation has only grown by 0.7% annually. Utilities are not seeing proportional benefits from this growth due to efficiency gains such as liquid cooling. According to CEG CEO, utilities across PJM have identified 50GW or more that would come in over time.
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