Renewable energy can meet 70% of electricity demand growth, UBS says

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Renewable energy can meet 70% of electricity demand growth, UBS says

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represented 40% of the total U.S.-utility scale over the past five years, with

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alone approaching a 20% market share, according to a May report from UBS. But the demand is not limited to the tech sector. The bank said that companies as diverse as Nike, Pepsi and Starbucks, among others, also have 100% renewable goals. What makes the tech companies unique is the level of demand as they build out data centers, with artificial intelligence requiring 10 times more electricity than the typical

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search, UBS found. “There is likely a substantial market opportunity to provide reliable electricity generation and direct infrastructure for data centers,” the analysts said. The tech companies are signing power agreements ahead of the build-out of data centers with

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having contracted 230 terawatt hours of power, according to UBS estimates. This generation will start coming online over the next two years, according to the bank. “An increasing share of renewable deployments are being financially underpinned by high quality, high growth electricity consumers,” the analysts said. The investment bank sees First Solar as the top beneficiary in the renewable space, due to its dominant position in manufacturing solar modules in the U.S. Other top stock picks include the battery company Fluence Energy and Array Technologies , which manufactures systems that allow solar panels to track the sun’s position.

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Breaking News: Investing,Markets,Breaking News: Markets,Energy,Investment strategy,First Solar Inc,Fluence Energy Inc,Array Technologies Inc,

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#Renewable #energy #meet #electricity #demand #growth #UBS

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