AI's Impact on Electricity Consumption to Drive Surge in Natural Gas Demand

The rise of artificial intelligence (AI) and its impact on electricity consumption is expected to drive significant growth in demand for natural gas in the next decade. Wells Fargo predicts a 20% increase in electricity demand by 2030, fueled by AI data centers, domestic semiconductor and battery manufacturing, and the electrification of vehicles. AI data centers alone are projected to add seven times the annual electricity consumption of New York City. While tech giants have committed to renewable energy sources, natural gas is expected to fill in gaps when renewables cannot meet the load. Natural gas prices are predicted to rise by 46% by 2030. However, environmental groups are likely to oppose the expansion of natural gas. --- Send in a voice message: https://podcasters.spotify.com/pod/show/tonyphoang/message