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90GW of new nuclear capacity needed to meet data center energy demand expected by 2030 

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An additional 85-90 GW of new nuclear power capacity is needed, from 2023 levels, to power expected data center energy demand growth expected by 2030 — but less than 10% will be available across the world.

The latest analysis by Goldman Sachs highlights how nuclear power will be a key part of a suite of new energy infrastructure built to meet surging data-center energy demands, driven by artificial intelligence, which is forecast to increase more than 160% by 2030. Natural gas, renewables, and battery technology will also be critical.

Data center energy consumption forecast 2015 2030 - The Oregon Group - Critical Minerals and Energy Intelligence

In 2024, big tech companies signed new contracts for more than 10GW of potential new nuclear capacity in the US. Goldman Sachs sees potential for three new nuclear plants by 2030.

Challenges with renewable energy to power AI data centers include:

  • utility-scale solar plants only run approx 6 hours per day on average
  • wind plants run for an average of 9 hours per day
  • there is significant day-to-day volatility in the capacity of both wind and solar

In comparison, nuclear reactors or combined cycle natural gas can run throughout the day, without hourly intermittency challenges.

The release of China’s DeepSeek has raised questions over the forecast cost and energy consumption of data centers for AI, however, on the day (January 27, 2025) that saw the biggest one day loss in the value of a single company in market history with Nvidia losing US$560bn in value — utility companies stock prices were up.

Our latest analysis on the new nuclear renaissance:

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The Oregon Group is an investment research team focused on critical minerals, mining, energy and geopolitics.

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