Power SD Update: Introducing Regional US Data Center Demand Views, and Raising CAGR to 3.5%

Research evidence excerpt

Power SD Update: Introducing Regional US Data Center Demand Views, and Raising CAGR to 3.5%

Equity Research

13 July 2026 | 2:00AM EDT

AMERICAS UTILITIES

Power SD Update: Introducing Regional US Data Center Demand Views,

and Raising CAGR to 3.5%

We introduce a regional US data center supply and demand model and raise our Carly Davenport

+1(212)357-1914 |

overall US power demand CAGR from 3.2% to 3.5% through 2030. We now expect to carly.davenport@gs.com

Goldman Sachs & Co. LLC

see ~108 GW/947 TWh of power demand from data centers in 2030, implying a 23%

Beatriz Abreu, CFACAGR from 2025-2030. We continue to see PJM as the regional leader in data center +1(212)357-0455 |

demand, with MISO closing the gap vs. ERCOT as the second largest US data center beatriz.abreu@gs.comGoldman Sachs & Co. LLC

market by 2030. This theme remains top of mind, particularly as we have seen Jaya Patel

growing local pushback to the data center build out and concerns over affordability, +1(212)357-9901Goldman Sachs & Co.| jaya.patel@gs.comLLC

but we expect to see positive momentum on the regulatory side to help address Ananya Jaison

these concerns. Among our Buy rated power/utilities coverage, we view FE, XEL, +1(332)245-7625 | ananya.jaison@gs.com

DUK, SRE, AEP as regulated utilities most levered to capture data center related Goldman Sachs India SPL

upside, and TLN, VST, and NRG among the IPPs as well positioned to benefit from

rising power prices and incremental data center PPAs.

Key Takeaways

Our interactive data center supply and demand model implements a bottom-up

approach to forecast data center demand by power market in the US to reflect

regional differences as it relates to the PUE and utilization/efficiency rates, terms we

discuss in more detail below.