European Utilities & Clean Energy: Monthly Data Centre Tracker Update

Research evidence excerpt

European Utilities & Clean Energy: Monthly Data Centre Tracker Update

Equity Research

European Utilities & Clean Energy

9 July 2026

Monthly Data Centre Tracker

Update Industry Update

We briefly show the results from our updated Data Centre European Utilities & Clean Energy

tracker, and give colour on the largest new projects as well as POSITIVE

local pushbacks. European Utilities & Clean Energy

Laura Marconi

+44 (0)20 3555 0762

After over a decade with flat or negative power demand growth, we have reached an inflection laura.marconi@barclays.com

point. While the pace of power demand pick-up widely varies across countries, we are now Barclays, UK

starting to see growth overall, which so far has been driven primarily by electrification. Dominic Nash, PhD

+44 (0)20 3134 2364

From 2024 to 2025, this was especially visible in Spain, Portugal, the UK and France, where dominic.nash@barclays.com

power demand grew by 3.9%, 3.9%, 2.8% and 2.1%, respectively. Italy remained virtually Barclays, UK

flat at 0.2%, while Germany dipped slightly with -0.4%. European utilities now expect this trend

Peter Crampton

to continue with c.2.0-3.5% annual power demand growth in the long term.

+44 (0)20 3555 0125

peter.crampton2@barclays.com

Barclays, UK

FIGURE 1. After a decade of flat power demand growth, Europe is FIGURE 2. ... and utilities expect this trend to continue

picking up...

550 3.9% 3.9%

3.5%

500 3.0%

(TWh) 450 2.8% 2.7% 2.5%

2.1% 2.0%

400 demand

300 0.2% Electricity

250 UK France Germany Spain Portugal Italy

-0.4%

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Long-term annual power demand growth

France Germany Italy Spain UK 2025 achieved power demand growth

Source: : EuroStat, UK Government DUKES data Source: Barclays Research estimates, Utility company forecasts