Goldman Sachs Predicts U.S. Data Centers to Consume 66GW Electricity by 2027

On May 5, 2026, Goldman Sachs' commodity team issued a research report stating that, driven by AI development, the actual electricity demand of US data centers will reach 66GW in 2027, accounting for 8.50% of the total peak electricity demand in the United States during the summer season.

Based on the data from the third-party institution Aterio, Goldman Sachs calculated that the planned installed capacity of US data centers in 2026 and 2027 will reach 19GW and 69GW, respectively. Considering factors such as developers' multi-location strategy, supply chain bottlenecks, and labor shortages, Goldman Sachs discounted the planned capacity. After adjustment, it is expected that the actual new capacity in 2026 will be 13.6GW, and in 2027 it will be 36GW. Based on the historical average capacity utilization rate of 70.00%, the actual effective electricity demand in 2027 will be 66GW.

This forecast is higher than the US Department of Energy's forecast range of 30 to 55GW. Goldman Sachs pointed out that data center locations are shifting towards regions with abundant electricity. With the safety line of 15.00% for effective spare generation capacity in summer, the US power grid will differentiate. Regions such as the Mid-Atlantic (PJM) will see spare capacity drop below the red line, facing the risk of being refused to connect to the grid; places like Texas (ERCOT), due to the expansion of generation capacity, have a relatively relaxed supply and demand situation.

The commodity team at Goldman Sachs advises investors to adopt a regional hedging strategy, going long on the electricity prices in structurally scarce regions such as the Mid-Atlantic, while guarding against the risk of electricity price decline in regions like Texas due to rapid expansion of power generation.