瑞银全球科技与人工智能大会上清洁能源领域五大关注点

Investment Rating - The report does not explicitly state an investment rating for the alternative energy sector, but it highlights significant growth opportunities and trends that suggest a positive outlook for investment in this industry. Core Insights - U.S. electricity demand is projected to grow at a 3.6% CAGR from 2025 to 2030, primarily driven by data center expansions, which are expected to account for 70% of this growth [2] - The policy environment for clean energy remains stable, with key tax credits for solar and storage extended through 2030, despite some uncertainties regarding IRS guidance and potential tariffs [3] - There are ongoing interconnection and permitting delays that pose challenges to new generating capacity, but political pressure is increasing to address these regulatory hurdles [4] - The clean energy sector is experiencing increased free cash flow generation due to tariff protections and domestic manufacturing tax credits, which will be crucial for long-term earnings growth [5] - The nuclear energy sector is seeing a revival due to strong demand for 24/7 clean energy and supportive government policies, with expectations for new electricity generation projects to progress by the mid-2030s [6] Summary by Sections Section 1: Electricity Demand Growth - U.S. electricity demand is expected to rise significantly, with a 3.6% CAGR from 2025 to 2030, driven mainly by data centers [2] Section 2: Policy Environment - The extension of investment tax credits for solar and storage through 2030 provides a stable policy backdrop, although some uncertainties remain [3] Section 3: Generation Capacity Challenges - Interconnection and permitting delays are critical bottlenecks, but there is growing political momentum to reform these processes [4] Section 4: Financial Performance - Increased free cash flow generation is anticipated due to favorable tax policies, which will be essential for capital redeployment and earnings growth [5] Section 5: Nuclear Energy Revival - The nuclear sector is experiencing renewed interest and support, with expectations for project advancements in the coming years [6]