Powering Up Europe

Europe's datacenter pipeline has expanded to nearly 500 GW, significantly driving future power demand and creating a generational investment opportunity in energy infrastructure. Utilities and power generation firms are positioned as key enablers of this AI-driven infrastructure boom.

Key Takeaways

• 1.European datacenter power connection requests have surged to 480 GW, representing 1.5x current total power demand.
• 2.Hyperscaler AI infrastructure spending is projected to reach nearly $1 trillion in 2027, a tenfold increase from 2023 levels.
• 3.Agentic AI is an under-recognized catalyst that could boost European datacenter needs by 25-30% by 2035.

Table of Contents

• Executive summary
• Electrification and AI to drive a generational earnings super-cycle
• Favour transformative electrification stories, renewables, and energy security infrastructure providers
• AI spending boom and the pivotal role of energy
• European DC pipeline now at nearly 500 GW, or 1.5x EU consumption
• EU Datacenter Association forecasts +20 GW by 2031
• AI Agents might significantly increase DC needs
• AI infrastructure spending could peak at c.$1 trn in 2027
• Disclosure Appendix

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