The AI investment story needs a power timetable
The IEA’s data-centre outlook puts physical infrastructure beside demand for computing.
The scale in the source
The IEA’s 2025 Energy and AI report estimates data-centre electricity consumption at about 415 TWh in 2024 and projects roughly 945 TWh in 2030 in its base case. These are, respectively, a historical estimate and a scenario projection.
Where finance meets infrastructure
Our reading is that an investment narrative needs to account for the time between announcing capacity and being able to operate it. A global electricity total cannot establish that a particular development has a connection or that a named company benefits. Company-level claims require company-level records.
Questions for a project file
A reader can ask when power is available, which commitments are documented and how delays would affect the development schedule. Those questions do not assume a particular answer. They help keep a sector forecast separate from evidence about a specific business.
Keep the original year visible
This article revisits the IEA’s 2025 report on 16 October 2026. It is not a replacement forecast or a claim that the projected consumption has already occurred. The report’s uncertainty remains part of the financial context.