IEA Sees AI Data Center Power Demand Doubling by 2030

The International Energy Agency projects electricity demand from AI data centers will more than double between 2024 and 2030, rising from 415 terawatt-hours to 945 TWh, according to an analysis published by The Motley Fool. The projection for 2035 stands at 1,200 TWh, nearly triple the 2024 figure.

Data center electricity use has grown at 12% per year since 2017, the IEA said, more than four times the overall rate of consumption growth. The agency noted that the 2030 AI demand figure would exceed Japan's current total electricity consumption.

Several companies stand to benefit from the trend. Bloom Energy reported a product backlog of $6 billion at the start of 2026, up 140% from a year earlier. Each fuel cell sale carries a service contract, and the company's service backlog stood at $14 billion, providing recurring revenue for years to come.

Constellation Energy, one of the largest U.S. nuclear power plant operators, is supplying electricity to AI companies including Meta Platforms and Microsoft, the company said. Constellation is not a regulated utility, meaning it can charge market rates for its output.

Cameco, a major uranium producer based in Canada, expects demand for nuclear fuel to outstrip supply by the mid-2030s, the company has said. That could boost pricing for its product.

NextEra Energy is acquiring Dominion Energy in a deal that gives it exposure to one of the world's largest data center markets, the companies said. NextEra has raised its dividend annually for more than three decades and currently offers a yield of about 3%.

The IEA's forecast underscores the scale of the infrastructure buildout required to power AI growth, from generation to fuel supply.