Goldman Sachs(US:GS) 智通财经网·2025-09-28 07:34Core Insights - Goldman Sachs warns that aging power grids in Western countries have become a "vulnerable link" in energy security due to rising AI demand and geopolitical tensions, predicting copper prices will reach $10,750 per ton by 2027 [1][7] Group 1: Aging Infrastructure - The average operational lifespan of power grids in Europe is 50 years, while in North America it is 40 years, nearing the end of their designed operational life [2][4] - The focus of U.S. energy security policy has shifted from oil and gas transportation to the aging power grid systems that have limited backup capacity [2] Group 2: Demand Pressures - The growth in electricity demand in the U.S. is causing significant pressure on regional markets, with 9 out of 13 regional power markets reaching critical tightness in the summer of this year [3] - Goldman Sachs predicts that by 2030, all but one U.S. regional power market will reach critical tightness, highlighting the urgent need for infrastructure upgrades [3] Group 3: AI and National Security - The rapid development of AI is pushing the power grid to the core of energy security, as data centers, which are crucial for AI infrastructure, require substantial electricity [4] - The interdependence of the power grid, AI, and national defense makes grid upgrades a national security priority, transforming the modernization of the grid into a strategic issue [4] Group 4: Copper Demand - The demand for copper is expected to surge due to the need for power grid upgrades, with Goldman Sachs forecasting that by the end of 2030, power grid and infrastructure projects will drive approximately 60% of global copper demand growth [6] - This increase in demand is equivalent to adding another U.S. consumption level to global demand, supporting the bullish copper price forecast [6][7]