Natural gas producers are expecting demand to ramp up in the next decade as popularity in AI drives a surge in energy consumption, reports CNBC.
After a decade of flat power growth, electricity demand in the U.S. is forecast to grow as much as 20% by 2030, according to a Wells Fargo analysis published in April.
As CNBC writes, power companies are moving to secure energy as the rise of AI coincides with the expansion of domestic semiconductor and battery manufacturing as well as the electrification of the nation’s vehicle fleet.
The forecast power demand from AI alone is seven times greater than New York City’s current annual electricity consumption of 48 terawatt hours and Goldman Sachs projects that AI data centers will represent 8% of total U.S. electricity consumption by the end of the decade.
