海外“电荒”愈演愈烈，如何理解AI对于电力产业的需求拉动与价值重塑？

Group 1 - The core argument of the article is that the increasing demand for electricity driven by AI data centers is leading to a global power supply crisis, particularly in the U.S. and Europe, which is expected to reshape the electricity industry and create investment opportunities [1][4]. - The U.S. is experiencing a significant surge in electricity prices, with the PCE index reaching its highest level in nearly a decade, amidst concerns over power shortages due to the expansion of AI data centers and domestic manufacturing growth [1][4]. - From 2024 to 2025, the U.S. electricity import volume has increased significantly, with a net import of 2.1 TWh in September 2025, compared to 9.31 TWh in the same period of 2024, indicating a growing electricity gap [4]. Group 2 - China's electricity demand is projected to grow significantly from 2024 to 2030, with a compound annual growth rate (CAGR) of over 15% for data centers, driven by the rapid development of AI [6][8]. - According to the IEA, global data center electricity consumption is expected to double from 415 TWh in 2024 to approximately 945 TWh by 2030, with China and the U.S. being the regions with the most significant growth [6][8]. - In China, the electricity consumption of data centers is expected to reach 1,660 billion kWh in 2024, accounting for 1.68% of total electricity consumption, with projections for 2030 ranging from 3,000 billion kWh to over 7,000 billion kWh depending on AI growth scenarios [8][9]. Group 3 - The demand for electricity driven by AI not only increases the total electricity consumption but also places significant pressure on the power load, highlighting the importance of stable power sources [11][12]. - AI data centers may require power loads exceeding tens of megawatts, which can surpass grid limits, emphasizing the need for robust power supply systems [11][12]. - The increasing load demand is expected to drive electricity prices higher, as the marginal cost of electricity generation becomes a critical factor [12][14]. Group 4 - The volatility of renewable energy sources like wind and solar exacerbates the challenges faced by the power system, making the value of stable energy sources like thermal power and energy storage more prominent [14][16]. - The construction of a new power system is expected to clarify the long-term return on equity (ROE) for thermal power and energy storage, indicating a stable valuation for these sectors [14][16]. - The growth of the electricity industry driven by AI is anticipated to catalyze an increase in sector valuations, with investment vehicles like the E Fund Green Power ETF (562960) and energy storage ETFs being highlighted as potential opportunities [16].