The power needs of corporate America, particularly Big Tech, and coal retirements are creating an opportunity for these renewable stocks.
The growing electricity demand from corporate America, particularly Big Tech, and the retirement of coal plants across the U.S. is creating a major opportunity for renewable energy, according to UBS. As the two trends coincide, the U.S. will need an additional 850 terawatt hours of annual generation capacity by 2030, according to the investment bank. UBS sees solar and wind supplying 40% and 30% of the power need, respectively, while natural gas will meet the remaining 30%. "Put simply, U.
-utility scale over the past five years, with Amazon alone approaching a 20% market share, according to a May report from UBS. But the demand is not limited to the tech sector. Companies as diverse as Nike, Pepsi and Starbucks, among others, also have 100% renewable goals, according to the bank. What makes the tech companies unique is the level of demand as they build out data centers, with artificial intelligence requiring 10 times more electricity than the typical Google search, UBS found.
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