Portugal's electricity demand to grow 4.5% annually on data centre boom, EDP forecasts

Industry
โดย Reuters·Read original
Summary · why it matters

Miguel Stilwell de Andrade, CEO of Portuguese power utility EDP, said the country's electricity demand is set to grow at an average annual pace of 4.5% over the next decade, making it one of the fastest-growing power markets in Europe, driven by a surge in data centre construction projects. More than 2.6 gigawatts of data centre projects are in development in Portugal, led by Microsoft's 1.2-gigawatt Start Campus in Sines, and these large-scale plans are expected to drive 60% of the increase in power demand. According to grid operator REN, Portugal's electricity consumption rose 3.5% year-on-year to 27.2 terawatt-hours in the first half, while EU power demand grew 2% over the same period, according to the International Energy Agency. De Andrade stressed that low-cost renewable energy and a transatlantic submarine cable network are helping Portugal establish itself as an emerging large-scale data centre hub.

Impact on stocks 2

Critical Materials & Supply Chain▲ · 1 stocks
EDP Corporation
7794
▲ PositiveDemandrelevance

EDP forecasts 4.5% annual electricity demand growth in Portugal, driven by data centres, boosting its power sales.

Artificial Intelligence▲ · 1 stocks
Microsoft Corporation
MSFT
▲ PositiveDemandrelevance

Microsoft's 1.2-GW data centre project in Portugal drives electricity demand growth, benefiting its operations.

Theme Impact 5

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