Asia Summer School: Powering Al

研报英文原文证据摘录

M

Foundation

August 11, 2026 12:00 PM GMT

Morgan Stanley Asia (Singapore) Pte.+

Investor Presentation | Asia Pacific

Mayank Maheshwari

Equity Analyst

Asia Summer School: Powering AI

Morgan Stanley Asia Limited+

Jack Lu

From power transformers to energy storage to power grid and to power generation- the powering AI

and energy security thematics has multiple facets and they get diffused with each other. We integrate

views on China/Korea equipment supply chain, battery supply chain and Japan/India datacenters.

Equity Analyst

Eva Hou

Equity Analyst

Morgan Stanley India Company Private Limited+

Key Takeaways

Girish Achhipalia

Energy shocks have become frequent making energy and economic security critical in an AI world. US$5 trillion-plus investment in

Equity Analyst

dependable energy are ahead.

Morgan Stanley MUFG Securities Co., Ltd.+

Value chains from transformers to batteries to powergrids to fuel refiners and traders are going to chip in.

Reiji Ogino

Equity Analyst

The nexus of Powering AI with energy security gets stronger.

Morgan Stanley & Co. International plc, Seoul Branch+

See our notes:

Ryan Kim

Equity Analyst

• Energy Security and AI: Energy Meets Compute: Supercycle Recharges

• Global Refining: The 'Golden Age' goes Global

• Batteries and AI: Salt – The New Oil

Exhibit 1:

The Economics of power

25

Renewables

Round the Clock Power Generation Economics (UScents/kwh)

Fossil Baseload

Nuclear

Natural Gas Cost

Coal Cost

Operating & Capital Cost

20.7

20

Wholesale

Power Prices

Singapore, 18.0

14.9

15

11.6

10.3

5.1

11.1

Japan, 13.0

11.1

10.0

9.8

10

7.7

4.5

5.9

US, 8.5

Australia, 7.6

China, 6.0

India, 5.5

4.6

5.2

4.0

5

4.4

10.3

11.1

9.1

9.8

6.5

4.6

3.7

5.4

20.0

15.0

Solar+BESS

Today (Asia)

Hybrid (Solar

+Wind+BESS)

(Asia)

Gas Peaker (15%

utilisation) @

US$8/mmbtu

delivered

CCGT on LNG @

US$12/mmbtu

delivered

CCGT @

US$8/mmbtu

delivered

6000kcal Coal @

US$100/ton

CCGT @

US$4.5/mmbtu

delivered

Fuel Cells @

US$5/mmbtu

delivered

SMR

Large scale

Nuclear

0

Cost Solar Power

Cost of Energy

(Asia)

Storage @ Today's

BESS Prices (Asia)

Source: Morgan Stanley Research estimates.

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