Morgan Stanley raises global power demand forecast, saying 2030 electricity consumption may reach 36300000000000 units

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Morgan Stanley: Global power demand growth may exceed expectations, with approximately half of new demand not yet priced in

BlockBeats reported that October 27, Morgan Stanley’s latest research report pointed out that AI the “three A” forces of AI agents, rising air-conditioning demand, and industrial reshoring are jointly driving global power demand into a supercycle. The bank raised its forecast for global electricity consumption growth from 2025 to 2030, expecting 10%global electricity consumption to reach 2030 units, approximately 36300000000000 above market expectations. Of this, 15%power demand from AI agents, Asian industrial expansion, and newly added air-conditioning and heat-pump capacity has not yet been reflected in the valuations of related companies.

Morgan Stanley believes that power demand growth is no longer driven solely by AI data centers. Global industrial electricity consumption is expected to rise from AI in 2025 to 11100000000000 in 2030; global electricity consumption for cooling is expected to increase from 13100000000000 to 2900000000000 over the same period, with a compound annual growth rate of approximately 4100000000000, higher than the overall growth rate of global power demand.

Regionally, Asia is expected to contribute approximately 7%of global incremental power demand from 2025 to 2030. The US power supply shortfall is also severe. Morgan Stanley expects the US data-center power deficit in 64%to be approximately 2028, and some demand may spill over into Asia, driving local investment in power infrastructure.

Regarding investment strategy, Morgan Stanley believes pricing power in the electricity market is shifting from equipment suppliers to power generators, grid operators, and owners of natural-gas infrastructure. The bank favors Bloom Energy, Solaris Energy, and China Yangtze Power, among others, and has placed Korea Electric Power Corporation (43GW), Tata Power, and others on its avoid list.

Original link KEPCO https://m.theblockbeats.info/flash/373907

Key points

BlockBeats, paraphrasing a Morgan Stanley research report, said that AI AI agents, rising air-conditioning demand, and industrial reshoring are jointly driving global power demand.
Morgan Stanley raised its forecast for global electricity consumption growth from 2025 to 2030; 10%。
The research report expects 2030 global electricity consumption to reach 36300000000000 units, approximately above market expectations 15%。
The research report said that approximately half of the related incremental demand has not yet been reflected in the valuations of related companies.
The research report expects global industrial electricity consumption to rise from 2025 in 11100000000000 to 2030 in 13100000000000 units.
The research report expects global electricity consumption for cooling to rise from 2025 in 2900000000000 to 2030 in 4100000000000 units.
The research report expects Asia to contribute approximately 2025 of global incremental power demand from 2030 to 64%。
Morgan Stanley expects 2028 the US data-center power deficit to be approximately 43GW。
The research report believes that pricing power in the electricity market is shifting from equipment suppliers to power generators, grid operators, and owners of natural-gas infrastructure.
The research report identified Bloom Energy, Solaris Energy, and China Yangtze Power as favored names, while placing Korea Electric Power Corporation and Tata Power on its avoid list.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This is a paraphrase of a market research report concerning future power demand. The report believes that power demand growth comes not only from AI data centers, but also from industrial expansion and increased use of air conditioners and heat pumps. If the forecast materializes, companies related to power generation, grids, and natural-gas infrastructure may attract attention.

Why it matters to readers

Power demand forecasts will affect investment expectations for power generation, grid, equipment, and natural-gas infrastructure companies, and may also affect the valuations of related companies.

It can be understood as an industry trend assessment rather than a guarantee of corporate performance. The key points are whether the forecast is realized, as well as changes in company orders, investment, electricity prices, and regulation.

Risks and unknowns

The evidence is BlockBeats’ paraphrase of a Morgan Stanley research report. The original report was not provided, and the forecast basis still requires verification.
The statements in the report regarding incremental demand not being reflected in valuations, a shift in market pricing power, and the performance of related assets are research-report opinions and do not represent realized performance or returns.
Actual electricity demand, data-center construction, and power-grid investment may be lower than forecast.
Asian industrial expansion, supply-demand conditions, electricity prices, and regulatory changes may affect the relevant expectations.

Morgan Stanley raises global power demand forecast, saying 2030 electricity consumption may reach 36300000000000 units

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