Report published May 22, 2026

GS Utilities Daily: Danish Offshore Tenders and the Global Datacenter Power Super Cycle

Goldman Sachs · May 22, 2026

Goldman Sachs reports on a major 1.8 GW Danish offshore wind tender and warns of power grid strain from datacenters in the US and Europe. Analysts reiterate a bullish 'utility super cycle' thesis driven by AI-led power demand growth.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.The utility sector is entering a 'super cycle' driven by AI, datacenter expansion, and electrification, reversing 15 years of declining power demand in Europe.
2.Datacenter development is severely straining the US grid; PJM faces a pipeline deficit with 78 GW of committed load against only 36 GW of generation capacity.
3.The European datacenter pipeline has grown 65% in nine months to 280 GW, which represents approximately 90% of current EU power demand.

Research you can't miss from past two weeks
Bids submitted for 1.8 GW Danish Offshore tender
Datacenter development straining US Grid, Wood Mackenzie report
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Research you need to read
Powering Up Europe: Outlook 2026: Building the foundations of the next utility super cycle (7 January 2026)
Powering Up Europe: AI, data centers and energy needs: at Europe's inflection (22 October 2025)

Report data

Rating Distribution

Metric	Estimate	Context
European Datacenter Pipeline	280 GW	Connection requests to the European power grid.
PJM Committed Data Centre Load	78 GW	Load versus accredited generation capacity in the pipeline.
EPS CAGR (Electrification Compounders)	9%	Conservative estimates for Buy-rated compounders.