Transition Talks: From megawatts to mandate: The new data center constraint and implications for the APAC energy transition value chain

研报英文原文证据摘录

Transition Talks: From megawatts to mandate: The new data center constraint and implications for the APAC energy transition value chain

J P M O R G A N Asia Pacific Equity Research

07 July 2026

Transition Talks

From megawatts to mandate: The new data center

constraint and implications for the APAC energy

transition value chain

We hosted a conference call on two recently published APAC notes on the

emerging “social license” constraint for data center buildout and the U.S.

regulatory response focused on large load integration and protecting ratepayers,

with read-throughs for behind-the-meter solutions and the APAC energy transition

value chain (see here and here). The call walked through the main takeaways of our

research, highlighting what we think is changing in approvals timelines and cost APAC Equity Thematic and

Sustainable Investing Researchallocation, and the key APAC beneficiaries across ESS, power equipment and

SMR themes. Key takeaways are below, or you can listen to the podcast replay Hannah L Lee AC

here. (852) 2800-8886

hannah.l.lee@jpmorgan.com

• The debate around rapid AI-driven data center build-outs is shifting from APAC Utilities & Renewables |

solely the perspective of “can the grid serve this?” to “should communities Sustainable Investing Research

accept this?”. Particularly in the U.S., Compute demand increasingly looks Alan Hon AC

like a distinct new category of electricity use, lifting visibility and scrutiny. (852) 2800-8573

Community opposition to data centers has been rising, meaning a potential alan.hon@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

change in outcomes in practice through tougher permitting, longer timelines, Morgan Broking (Hong Kong) Limited

and project designs that tilt toward more defensible power complex