GS SUSTAIN: Data Center Power Demand: The 6 Ps Driving Growth and Constraints

Goldman Sachs Research projects data center power demand to surge 175% by 2030 vs. 2023 levels, the equivalent of adding another Top 10 power consuming country. This report explores six key factors—Pervasiveness of AI, Productivity of servers and compute, Prices of electricity needed to expand supply, Policy initiatives, Parts availability, and People availability—that will shape opportunities and challenges for energy infrastructure and investment.