Powering Up Europe: AI Datacenters and Electrification to Drive +c.40%-50% Growth in Electricity Consumption

Since 2008, European electricity consumption has cumulatively declined by c.10%. However, this trend might be about to reverse: the rapid expansion of datacenters and gradual pickup of the electrification process could boost Europe’s power demand by c.40%-50% over the coming 10 years, Goldman Sachs Research estimates.