North America Alternative Energy Hyperscaler 100% Clean Energy Mandates Update

研报英文原文证据摘录

North America Alternative Energy Hyperscaler 100% Clean Energy Mandates Update

Global Research

14 July 2026ab

North America Alternative Energy Equities

North AmericaHyperscaler 100% Clean Energy Mandates

Update Electric Utilities

Jon Windham, CFA

Analyst

jon.windham@ubs.com

Hyperscaler 100% Clean Energy Mandates +1-617-478-4711

Amazon, Google and Microsoft all reported matching 100% of their 2025 electricity David Choe

consumption with procurement of clean energy, primarily solar. In this report, we update Associate Analyst

our analysis of technology company sustainability commitments as it relates to U.S. david.choe@ubs.com

demand for clean energy following the release of 2025 sustainability reports by Google +1-212-882 5714

(30-Jun-2026), Amazon (01-Jul-2026) and Microsoft (09-Jul-2026). Will Wilson

Primers on how companies meet 100% clean energy standards without co- Analyst

will-za.wilson@ubs.com

locating clean generation, investors can access these reports:

+61-2-9324 3848

21-May-24: 100% Renewable Powered AI Data Centers

20-June-24: 100% Renewable Powered AI Data Centers 2.0

Electricity consumption outpacing revenue growth

Electricity intensity per unit of revenue has generally increased, compounding the impact

of electricity demand growth from the technology companies and demand for clean

energy Power Purchase Agreements (PPA). 2025 electricity intensity per dollar of

revenue increased an average of 15% for Google, Microsoft and Amazon. Electricity

intensity has increased 60% on average since 2021.

Solar first, then all-of-the-above

Hyperscaler demand growth is outpacing the growth in available U.S. clean energy

projects, driving two major themes, in our view:

First, long-term demand certainty for utility-scale solar+storage projects.