Utilities Daily: Electrification and SSE Hybrid Capital Securities

Goldman Sachs highlights a turning point for European utilities as electrification and data centers drive the first power demand growth in 15 years, supporting a new sector 'super cycle'.

Key Takeaways

• 1.European power demand is hitting a material inflection point, turning positive (+2% YTD) after 15 years of decline due to electrification and AI data center needs.
• 2.The data center connection pipeline for Europe has surged to 280 GW, a 65% increase in nine months, which could boost power demand by 2% p.a. starting in 2028.
• 3.SSE has launched €1.3bn of Hybrid Capital Securities to replace older high-coupon debt and support corporate purposes.

Table of Contents

• Research you can't miss from past two weeks
• Powering Up Europe: Electrification keeps driving power demand higher
• SSE issue €1.3bn of Hybrid Capital Securities
• Pennon's South West Water fined £1.853m
• Brookfield increases French data center investment by €10 bn
• Other news
• Research you need to read
• Disclosure Appendix
• Disclosures
• Regulatory disclosures

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