GS Utilities Daily: Danish Offshore Tender and US Grid Strain

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.

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.

Table of Contents

• 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
• Other News
• 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)

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