美洲电力-受数据中心需求增长推动，到 2030 年电力需求复合年增长率（CAGR）将提升至 2.6%-Americas Utilities_ Increase power demand CAGR to 2.6% through 2030E on increased data center demand

Summary of Key Points from the Conference Call Industry Overview - Industry: US Power Demand and Utilities - Growth Rate: Overall US power demand CAGR is increased to 2.6% through 2030E, up from 2.5% previously, driven by data center demand and electric vehicles [1][3][17][18]. Core Insights - Data Center Demand: Data centers are expected to contribute approximately 120 basis points (bps) to the overall 2.6% CAGR, with 70 bps coming specifically from AI data centers [3][20]. - Capacity Requirements: The capacity needed to meet data center demand is raised to ~82 GW, up from 72 GW, with a split of 60% natural gas and 40% renewables [1][6][30]. - Power Demand Trends: Weather-normal power demand has increased by 2.5% YTD through July 2025, aligning with the long-term CAGR of 2.6% [7][39]. Financial Metrics - Valuation Multiples: Regulated utilities are trading at an average of ~18x P/E on 2026 estimates, close to the historical average of 17.6x, despite higher EPS growth expectations [2][8][45]. - EPS Growth: The average expected 2-year EPS growth is 7.4%, which is higher than the last 10 years' average of 6% [2][45]. Investment Opportunities - Key Beneficiaries: Companies expected to benefit from growing power demand include: - AEP: Anticipates 24 GW of load growth contracted through 2029, driven by data center demand [49]. - SO: Expects 8% annual load growth through 2029, with significant potential from large manufacturers and data centers [50]. - DUK: Forecasts demand growth accelerating to 3-4% in 2027-2029 [51]. - XEL: Projects 5% aggregate load growth, with upside potential from data center demand [51]. - NEE: Benefits from load growth through its unregulated renewable business, with plans to add up to 46.5 GW of renewable generation [51]. Additional Insights - Data Center Contribution: By 2030, data centers are expected to account for ~11% of total power demand, up from ~4% in 2023 [18][28]. - Electric Vehicle Impact: Revised forecasts indicate that EVs will make up 6% of overall cars on the road by 2030, down from 7% in previous estimates [18]. - Capex Requirements: The 82 GW of new generation capacity translates to approximately $103 billion of capital expenditure needed through 2030E [29][33]. Conclusion - The US power demand landscape is evolving with significant contributions from data centers and electric vehicles, presenting various investment opportunities in regulated utilities. The current valuation multiples do not fully reflect the expected growth, indicating potential upside for investors in this sector.