Power for AI: Grid Queues, Nuclear PPAs, Gas Turbines — 2026-09-25
BloombergNEF projects AI data centers will hit 118 GW of US grid demand by 2030 and 20% of total US power by 2035. Siemens Energy landed another multi-turbine deal and a Canada order worth over a billion, while Mitsubishi Heavy's US chief expects 2026 gas-turbine demand to match or beat 2025. Google signed a nuclear power-upgrade agreement in Georgia, but Wall Street is growing skeptical, with data-center-linked IPOs delayed.
Power for AI: Grid Queues, Nuclear PPAs, Gas Turbines — 2026-09-25
Top developments
BNEF: AI data centers to hit 118 GW by 2030, 20% of US power by 2035
A BloombergNEF projection published this week says AI data centers will reach 118 GW of US grid demand by 2030 and account for 20% of total US power consumption by 2035, up from 5.9% today. The forecast underscores why load forecasts and interconnection planning are being rewritten across US grid operators.
Siemens Energy adds four more turbines in YTL deal, Canadian order boosts record backlog
Siemens Energy agreed to supply four additional gas turbines to Malaysia's YTL Power and Ganda Power, part of a program totaling seven installations and over 5,250 MW, German financial media reported around September 21. The company also won a billion-euro-plus order in Canada, with its order backlog at record levels — around €162 billion per earlier Q3 reporting — as AI-driven power demand lifts turbine sales. Analysts remain divided on valuation, with some skeptical despite the record backlog.
Mitsubishi Heavy sees 2026 turbine demand matching or exceeding 2025
Mitsubishi Heavy Industries' US president told Nikkei this week that global demand for power-generation gas turbines in 2026 is expected to be at or above 2025 levels, with AI-driven power demand persisting for the foreseeable future. MHI has previously announced plans to double large gas-turbine production capacity by fiscal 2030 versus fiscal 2024, investing over ¥100 billion in Japanese and US plants.
Google signs nuclear power-upgrade agreement in Georgia
Google has signed a nuclear power-upgrade agreement in Georgia, another hyperscaler deal that relies on uprating existing nuclear plants rather than waiting for new-build or SMR capacity — reinforcing the "hyperscalers fund uprates" PPA model. This follows a broader pattern of Meta's 20-year PPAs for 2.6 GW including 433 MW of uprates across PJM plants.
Wall Street grows skeptical of the data-center power buildout
The New York Times reported September 21 that several companies tied to the data-center industry have delayed their IPOs amid growing public backlash to energy-hungry facilities — a signal that financing conditions for grid, gas and behind-the-meter plays may tighten even as demand forecasts climb.
Local view
German financial media are intensely focused on Siemens Energy: Finanztrends highlighted the YTL/Ganda turbine deal as a "Paukenschlag" (thunderclap), while sharedeals.de and boersennews.de note the record order backlog, the Canadian billion-euro order and a planned brand switch to "Omterra" to cut costs, with the stock still ~24% below its record high of €191.66. German outlet cleanthinking.de argues gas turbines for data centers won't arrive until 2031, with Google and Meta financing geothermal and storage in the interim. In Japan, Nikkei carried MHI's bullish US-market outlook on turbine demand. In Korea, Seoul Economic Daily reports the 11th/12th power-plan process is delayed to December as a three-month public deliberation on new reactors begins, with 79.2% of respondents backing new reactors.
Context & numbers
- AI data centers: 118 GW of US grid demand by 2030; 20% of US power by 2035 vs. 5.9% today (BloombergNEF).
- Siemens Energy YTL/Ganda program: 7 plants, over 5,250 MW.
- Siemens Energy order backlog: ~€162 billion (Q3 2026 reporting); stock ~24% below record high of €191.66.
- A Nature study published this week projects AI data-center electricity use rising from ~118 TWh in 2024 to 239–295 TWh by 2030 — potentially about 1% of global electricity demand.
- Reference PPA pricing (approximate, not date-verified): restarted nuclear PPAs ~$70–$95/MWh, with Microsoft/Constellation TMI reported at $110–115/MWh.
On the radar
- PJM's Reliability Backstop Procurement — the extra capacity auction to address an estimated ~60 GW shortfall — begins in September 2026; watch for results and pricing in the coming weeks
- Korea's 12th basic power plan draft is delayed to December 2026 pending the three-month public deliberation on new nuclear reactors
- Delayed data-center IPOs (per NYT, Sept 21) could resurface in Q4 — watch whether financing sentiment recovers
- Rumor (flagged as such): German commentary suggests gas turbines for data centers may not meaningfully arrive until 2031, keeping geothermal/nuclear-uprate deals in hyperscaler pipelines
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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