The World's Top Energy Watchdog Made the Bull Case for AI Power Stocks. Here's the Number That Matters.

Electricity demand tied to AI data centers is projected to more than double by 2030, according to an update from the International Energy Agency (IEA). The IEA forecasts demand rising from 415 terawatt-hours (TWh) in 2024 to 945 TWh in 2030, and to about 1,200 TWh by 2035—nearly triple the 2024 level. The report notes that data center electricity use has grown about 12% per year since 2017, far faster than overall power consumption. It also highlights grid strain for regulated utilities, and points to companies such as Bloom Energy, Constellation Energy, Cameco, and NextEra Energy.