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U.S. utilities: Launch of regional data center demand model, power demand CAGR increased to 3.5% (Goldman Sachs)

2026-07-14·ima-daily5min-0714-17-5bb2f96ac5

Street Signal | U.S. utilities: Launch of regional data center demand model, power demand CAGR increased to 3.5% (Goldman Sachs)

Goldman Sachs launched a U.S. regional data center supply and demand model and raised the overall U.S. power demand compound annual growth rate from 3.2% to 3.5%. It is predicted that by 2030, the power demand of U.S. data centers will reach 108GW/947TWh, with a compound annual growth rate of 23% from 2025 to 2030.

The PJM region remains the demand leader, and MISO will become the second largest market by 2030. The report adopts a bottom-up approach and raises the assumption of behind-the-meter power. It is expected that 20% of data center demand in 2030 will be delivered through behind-the-meter power.

Goldman Sachs highlights arranging beneficiary targets, including regulated utility companies such as FE, XEL, DUK, SRE, and AEP, as well as independent power producers (IPPs) such as TLN, VST, and NRG.

This means that the inflection point in power demand driven by AI is not only a theme, but is being transformed into quantifiable industry growth, and structural investment opportunities in the utility sector have arrived.

One sentence conclusion: Data center power demand brought by AI is experiencing explosive growth, which has ushered in a multi-year investment cycle for the U.S. utility sector. The profit forecasts and valuation centers of related stocks are expected to move up systematically. Positive/negative: Positive for the U.S.

utility sector, especially FE, XEL, TLN, VST, etc. named by Goldman Sachs. The release of this report is likely to draw renewed attention to utilities, but the extent of valuation improvements will depend on each company's actual progress in data center licensing, construction and rates. Catalysts:

1) Results of new interconnection and capacity auctions released by regional ISOs (such as PJM);

2) Site selection and power purchase agreements (PPAs) for large data center projects announced by major technology giants (Microsoft, Google, Amazon);

3) Data center construction cost recovery proposals submitted by regulated utilities to regulators.

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U.S. utilities: Launch of regional data center demand model, power demand CAGR increased to 3.5% (Goldman Sachs)

Goldman Sachs launched a U.S.

Goldman Sachs launched a U.S. regional data center supply and demand model and raised the overall U.S. power demand compound annual growth rate from 3.2% to 3.5%. It is predicted that by 2030, the power demand of U.S. data centers will reach 108GW/947TWh, with a compound annual growth rate of 23% from 2025 to 2030. The PJM region remains the demand leader, and MISO will become the second largest market by 2030. The report adopts a bottom-up approach and raises the assumption of behind-the-meter power. It is expected that 20% of data center demand in 2030 will be delivered through behind-the-meter power. Goldman Sachs highlights arranging beneficiary targets, including regulated utility companies such as FE, XEL, DUK, SRE, and AEP, as well as independent power producers (IPPs) such as TLN, VST, and NRG. This means that the inflection point in power demand driven by AI is not only a theme, but is being transformed into quantifiable industry growth, and structural investment opportunities in the utility sector have arrived. One sentence conclusion: Data center power demand brought by AI is experiencing explosive growth, which has ushered in a multi-year investment cycle for the U.S. utility sector. The profit forecasts and valuation centers of related stocks are expected to move up systematically. Positive/negative: Positive for the U.S. utility sector, especially FE, XEL, TLN, VST, etc. named by Goldman Sachs. The release of this report is likely to draw renewed attention to utilities, but the extent of valuation improvements will depend on each company's actual progress in data center licensing, construction and rates. Catalysts: 1) Results of new interconnection and capacity auctions released by regional ISOs (such as PJM); 2) Site selection and power purchase agreements (PPAs) for large data center projects announced by major technology giants (Microsoft, Google, Amazon); 3) Data center construction cost recovery proposals submitted by regulated utilities to regulators.

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