Two from OilPrice. First up, the headliner, February 11:
Record demand for gas turbines has pushed Siemens Energy’s order book to an all-time high as well, amid soaring electricity demand that, it appears, cannot be entirely met with new wind and solar.
The German major reported an order increase of over 30% in the first quarter of its fiscal year, bringing total orders to €17.6 billion, or almost $21 billion. Siemens Energy’s fiscal year runs from October 1 to September 30 the next year.
“Gas Services delivered its strongest quarter ever in terms of order intake, booking 102 gas turbines. 12 gigawatts were converted from existing reservation agreements, at and the same time 12 gigawatts of new reservations,” Siemens Energy said.
It added that 40% of its new gas turbine orders came from the United States, with another 35% coming from Europe and the remainder originating in the Middle East and China. The numbers are evidence that demand for gas-fired electricity generation is strong in all key markets....
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"Siemens Energy to Spend $1 Billion to Boost Manufacturing of Electrical-Grid Equipment" (ENR.de)
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Back to OilPrice, February 10:
Electricity Demand Is Surging—The Grid Isn’t Ready
- International Energy Agency says global electricity demand is growing at its fastest pace in 15 years, set to rise more than 3.5% annually through 2030.
- While renewables, nuclear, and natural gas are expanding rapidly, grid infrastructure is becoming the key bottleneck, with over 2,500 GW of power and load projects stuck in connection queues worldwide.
- Grid investment must rise about 50% above current levels to keep pace, with BloombergNEF and Goldman Sachs warning that persistent grid constraints could trigger power shortages and even undermine the U.S. position in the global AI race.
Global electricity demand is rising at the fastest pace in 15 years and will continue to do so at least until the end of the decade as AI infrastructure, advanced manufacturing, and electrification have ushered in The Age of Electricity, the International Energy Agency (IEA) says.
Global power demand is expected to grow by more than 3.5% per year on average through the end of the decade, the agency said in its new Electricity 2026 report.
Renewables, nuclear, and natural gas are the big winners of the electricity demand boom, but the rise in all these power-generating sources would not mean anything if they struggle to connect to the grid.
Power Demand Surge
Global electricity demand increased by 3% annually in 2025, following growth of 4.4% in 2024, the IEA said in the report.
Between 2026 and 2030, the annual average growth rate would be 3.6%, driven by higher consumption from industry, electric vehicles (EVs), air conditioning, and data centers, according to the agency.
While emerging economies, including China, India, and the Southeast Asian region, will drive 80% of the additional power demand by 2030, advanced economies see growth in electricity demand after 15 years of stagnation, the IEA said. Artificial intelligence, data centers, and advanced manufacturing support the return to growth in power demand in advanced economies.
U.S. electricity demand rose by 2.1% in 2025 and is expected to grow by nearly 2% annually through 2030. The rapid expansion of data centers will drive half of the increase, the agency noted.
EU demand is forecast to increase by around 2% per year through 2030, and many other advanced economies – such as Australia, Canada, Japan, and South Korea – are also expected to see faster electricity demand growth through 2030.
Grid Investment Lagging Behind Power Generation Boom....
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In the hyperconcentrated mini-portfolio, cable maker Prysmian is up 42.6% for the six months, line-slinger Quanta Services is up 41%, uranium miner/nuke-plant-maker Cameco is up 56% for six months and ENR's bigger , GE Vernova, is up 33% over the half-year, 117% for twelve months, 619% since the March 2024 spin-out and $32.17 (+4.07%) on the day.
