Goldman Sachs: European data center access demand approaching 500GW, AI investment boom highlights key role of energy

Goldman Sachs said that the demand for data center construction in Europe is rapidly expanding, and energy will become a key factor in the expansion of AI infrastructure. According to calculations based on data center interconnection applications received by major European grid operators, the current pipeline for European data center projects has reached about 480GW, equivalent to 1.5 times the current electricity demand in Europe. Goldman Sachs believes that electrification, AI adoption, and data center construction will collectively drive European electricity demand into a new growth cycle. In their "super electrification" scenario, the annual growth rate of European electricity demand could reach 5% by around 2030. This will require around 3.5 trillion euros in power generation and grid investment, and support the utilities industry entering a profitable period between generations.