A spike in power usage from artificial intelligence (AI) data centers could significantly boost natural gas demand in the second half of the decade, analysts at investment banker Tudor Pickering Holt & Co said in a report on Tuesday. As much as 8.
FILE PHOTO: A flare burns excess natural gas in the Permian Basin in Loving County, Texas, U.S. November 23, 2019. Picture taken November 23, 2019. REUTERS/Angus Mordant/File PhotoA spike in power usage from artificial intelligence data centers could significantly boost natural gas demand in the second half of the decade, analysts at investment banker Tudor Pickering Holt & Co said in a report on Tuesday.
The uptick in overall demand has added to a nationwide queue of requests for power generation and energy storage projects to connect to the grid, which swelled to 2,600 gigawatts in 2023 from 2,000 gigawatts in 2022, according to the latest data from Lawrence Berkeley National Laboratory.According to the report, natural gas prices could average $4 per million British thermal units during the second half of the decade.
The analysts expect pipeline operators such as Kinder Morgan, Williams and Energy Transfer to be in the best position to take advantage of the growing gas demand, while gas producers such EQT and Chesapeake Energy would also benefit.The report estimates current power demand from data centers at 11 gigawatts , which, in the base case, is expected to grow to 42 GW by 2030.
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