能源的未来- 千瓦与百万英热单位：赋能 AI 的能源叙事-Investor Presentation Future of Energy-Kilowatts and mmbtus The Energy Story, Powering AI

Summary of Investor Presentation: Future of Energy | Asia Pacific Industry Overview - The presentation focuses on the energy sector in the Asia Pacific region, particularly the role of natural gas in meeting rising power demand driven by AI and onshoring trends [1][4][5]. Key Insights - Power Consumption Growth: Power consumption is expected to grow at a compound annual growth rate (CAGR) of approximately 4.5% through 2030, which is 25% faster than the previous decade. Natural gas is projected to meet 15% of the incremental power demand, supporting renewables and nuclear energy [13][16]. - Natural Gas Supply: There is a significant glut of natural gas, which is beneficial as Asia is set to absorb a large share of the upcoming supply. This situation is expected to support affordability for policymakers [1][4]. - AI Demand Impact: The demand for power is being significantly influenced by the rise of AI technologies, which is driving up power consumption expectations [1][4][9]. Competitive Landscape - Gas vs. Coal and Renewables: Natural gas is becoming increasingly competitive with coal and renewables, particularly in the ASEAN region. The cost of gas-based electricity generation is nearing parity with coal, making it a viable option for peak loads [101][107]. - Market Dynamics: The presentation highlights that tight power markets globally are leading to higher prices and margins for generators, which is making natural gas a more attractive option [53][57]. Data Center Power Demand - Growth Projections: Asia's data center power demand is expected to grow at a CAGR of approximately 23% from 2023 to 2030, driven by increased AI inference demand and significant investments in the region [30][33]. - Capacity Additions: The region is projected to see nearly 60GW of data center capacity additions by 2030, indicating a substantial increase in power requirements [33][41]. Regional Insights - Country-Specific Demand Growth: - China and India are expected to drive significant portions of data center growth in Asia, with China leading due to its focus on chip self-sufficiency and commercialization [41]. - Other countries like Japan, Thailand, and Malaysia are also highlighted as key players in the gas market [22][23]. Economic Considerations - Power Prices and Market Tightness: The presentation notes that electricity markets are experiencing tightness, leading to higher power spreads and making natural gas more competitive [51][53]. - Elasticity of Demand: The elasticity of LNG consumption is expected to increase, with estimates suggesting that for every US$1/mmbtu decrease in LNG price, there could be an incremental demand increase of 3-3.5 million tons per annum [63][99]. Conclusion - The overall outlook for the energy sector in Asia Pacific is positive, with natural gas playing a crucial role in meeting rising power demands driven by technological advancements and changing market dynamics. The competitive landscape is shifting, favoring gas as a key energy source in the region [1][4][5][13][16].