23 March 2026 | 7:29AM CET Equity Research UTILITIES AND ARTIFICIAL INTELLIGENCE Agentic AI may boost an already strong power demand outlook Agentic AI (AAI) is a much more energy-intensive technology than the current AI chatbots; we estimate that each +10pp increase in AAI queries vs baseline expectations (20-30% by 2030-35) could boost datacenter needs by +c.25% vs current projections in the US and Europe. A shift towards Agentic AI would incrementally boost power consumption, creating tailwinds for Utili ...