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1、MGlobal InsightFuture of EnergyPower:Changing Face with AIThe world of electricity is transforming at an unprecedented pace.AIs power appetite is undeniable but next US$350bn in value creation will come from those pivoting to help navigate accelerating electricity market tightness.Reliable power is

2、premiumising,driving renewed investment in natural gas,energy storage and nuclear,and potentially doubling equities earnings growth.Morgan Stanley does and seeks to do business with companies covered in Morgan Stanley Research.As a result,investors should be aware that the firm may have a conflict o

3、f interest that could affect the objectivity of Morgan Stanley Research.Investors should consider Morgan Stanley Research as only a single factor in making their investment decision.For analyst certification and other important disclosures,refer to the Disclosure Section,located at the end of this r

4、eport.+=Analysts employed by non-U.S.affiliates are not registered with FINRA,may not be associated persons of the member and may not be subject to FINRA restrictions on communications with a subject company,public appearances and trading securities held by a research analyst account.November 17,202

5、5 10:00 PM GMTMGlobal Insight2 Global power sector investment reached a new high of US$1.5 trillion in 2024,and consumer power prices rose 15%.The age of electrification,amplified by AI,is reshaping power markets,and,as in the 1990s,power prices are set to rise further.We estimate US$3 trillion inve

6、stments in datacenters by 2028,with power consumption growth of 126GW from 2025-28,i.e.nearly as large as Canadas total annual consumption.Between April 2024 and now,our projected 2025-27 data center power demand has increased 56%.This is driven by the non-linear rate of AI improvement and increased