The growing electricity demand from corporate America, particularly Big Tech, and the retirement of coal plants across the U.S. are creating a major opportunity for renewable energy, according to UBS.
UBS sees solar and wind supplying 40% and 30% of the power demand, respectively, while natural gas will meet the remaining 30%.
At the same time, "there is a straight line of direct incremental demand and financial support for renewables as corporate electricity demand increases through their 100% clean energy or 100% renewable commitments," the analysts said.
Overall, solar will grow to 12.5% of electricity generation by 2030, up from less than 6% in 2023, according to UBS estimates.
"There is likely a substantial market opportunity to provide reliable electricity generation and direct infrastructure for data centers," the analysts said.
Persons:
Jon Windham
Organizations:
Big Tech, UBS, U.S, Microsoft, Google, Amazon, Companies, Nike, Pepsi, Starbucks, Meta, Energy, Technologies
Locations:
America, U.S