Renewable energy sources are generating a record percentage of the world’s electricity. With nearly a third of the world’s total coming from cleaner sources, installations of wind and solar facilities are also growing at record rates.
The lack of power grids to support this rate of growth means that a large chunk of this electricity may start going to waste. A surge in power demand fuelled by artificial intelligence-related sectors could supercharge a buildout of the world’s transmission networks — and that will boost key suppliers of the kit needed.
Almost 3,700 gigawatts of new renewable capacity is expected to come online over the five years to 2028 around the world, according to the International Energy Agency. In Asia, companies are starting to invest heavily to get power grid infrastructure up to speed to meet this new capacity as demand from AI-related sectors offers the prospect of a quick pay-off.