美国加码AIDC自建电源，变压器&储能景气有望加速

Summary of Conference Call on U.S. Power Shortage and Data Center Trends Industry Overview - The conference call focused on the U.S. data center industry and its future electricity supply trends, particularly in light of the increasing power shortages in the U.S. market [1][2]. Key Points and Arguments 1. Power Supply Trends: The trend towards self-built power sources for data centers in the U.S. is expected to become more pronounced, driven by the increasing demand for electricity due to the rapid development of data centers and AI technologies [1][2]. 2. Electricity Price Increase: By 2025, the overall electricity prices in the U.S. are anticipated to rise significantly, reflecting the growing power shortage as data center construction continues [2][3]. 3. Government and Regulatory Response: In early 2026, various stakeholders, including the government and tech giants, have acknowledged the power shortage issue and are taking measures to address it, including proposals for new rate structures and incentives for self-built power sources [3][4]. 4. Policy Proposals: Key proposals include encouraging data centers to build their own power sources and establishing new rate structures that require data centers to bear more costs associated with grid upgrades [4][5]. 5. Impact on Data Centers: The construction of data centers is having a significant impact on the U.S. power system, with regulatory bodies emphasizing that data centers should take on a major role in managing the associated costs and impacts [5][6]. 6. Self-Built Power Requirements: Some regional grid organizations are mandating that data centers must have at least 50% of their power sourced from self-built facilities to ensure they can quickly reduce load during emergencies [6][7]. 7. Voltage Level Trends: As data centers grow in capacity, the required voltage levels for power transmission are expected to increase, necessitating higher voltage equipment [8][9]. 8. Transformer Demand: The demand for transformers, particularly high-voltage transformers (above 100 kV), is projected to grow significantly, with an estimated annual growth rate of 30-40% over the next five years [17][18]. 9. Energy Storage Needs: The demand for energy storage solutions is also expected to rise, with projections indicating a compound annual growth rate of 20-30% over the next five years, driven by the need for stable power supply and load management in data centers [19][22]. 10. Market Opportunities: The increasing power shortages and the shift towards self-built power sources present significant opportunities for domestic suppliers of transformers and energy storage solutions to enter the U.S. market [25][26]. Additional Important Content - Self-Built Power Economics: The economic viability of self-built power sources is expected to improve under new rate structures, making it a more attractive option for data centers [7][24]. - Regulatory Environment: The regulatory landscape is evolving to support the integration of data centers into the power grid, with various proposals aimed at streamlining the approval process for self-built power sources [4][5]. - Long-Term Outlook: The overall trend of power shortages in the U.S. is expected to continue, particularly as AI development progresses, leading to increased demand for electricity and further strain on the power grid [26][27]. This summary encapsulates the key insights and projections discussed during the conference call regarding the U.S. data center industry's future in the context of power supply challenges.