1、EQUITYRESEARCH|April 29,2024|4:40AM CESTGoldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this repor

2、t as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.Alberto Gandol

3、fi+39 02 8022-0157 Goldman Sachs Bank Europe SE-Milan branchPowering Up Europe:AI datacenters and electrification to drive+c.40%-50%growth in electricity consumptionOver the past fifteen years,Europes power demand has been hit by exogenous shocks(the GFC,Covid,the Energy Crisis)and a slower-than-exp

4、ected electrification process.As a result,since 2008 electricity consumption has cumulatively declined by c.10%.However,this trend might be about to reverse:the rapid expansion of datacenters and gradual pick up of the electrification process could boost Europes power demand by c.40%-50%over the com

5、ing ten years,we estimate.In an industry with elevated operational and financial gearing,such an inflection in revenues(which is also likely to trigger secular organic growth in power grids and renewables)should have a significant effect on corporate profits.Brian Singer,CFA+1 212 902-8259 Goldman S

6、achs&Co.LLCAjay Patel+44 20 7552-1168 Goldman Sachs InternationalMafalda Pombeiro+44 20 7552-9425 Goldman Sachs InternationalSimon Bergmann+44 20 7552-8588 Goldman Sachs InternationalGaneshram Rajagopalan,CFA+1 332 245-7687 Goldman Sachs India SPLJojo Kwofie+44 20 7774-6526 Goldman Sachs Internation