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The Outlook for Data Center Power Demand as AI Token Use Grows

Brian Singer, Carly Davenport, Allison Nathan, George Lee

Goldman Sachs forecasts a surge in U.S. power demand reaching a 3.5% CAGR through 2030, driven by a 170% rise in global data center consumption that will equal Japan's total electricity usage. This growth is propelled by hyperscaler spending hitting $2.1 trillion by 2029, though projects face critical bottlenecks from skilled labor shortages, interconnect queues, and over 300 local moratoria. Consequently, the sector is increasingly relying on 30 gigawatts of behind-the-meter natural gas generation as a bridge while navigating regulatory uncertainty and community opposition regarding grid stability and environmental impacts.