14 FIGURE 6:China electric vehicle export growthxxv 1.5 A NEW WAVE OF DEMAND IS REDEFINING ENERGY MARKETS As energy systems contend with growing disruptions, they must also accommodate a new wave of demand growth. The combined impact of electrification, artificial intelligence and economic expansion in emerging markets will require significant investment in generation, grids, storage and energy infrastructure, placing additional pressure on systems that are already becoming more complex and vulnerable. Artificial intelligence is rapidly becoming one of the most significant new sources of electricity demand. Global data-power capacity is projected to more than double from approximately 230 GW today to over 500 GW by 2030, with AI expected to account for 25–35% of data-power demand by the end of the decade, as shown in Figure 7. UNATTRIBUTED QUOTE “BANKABLE DEMAND IS AN OPPORTUNITY FOR RESILIENCE” Transport markets are shifting amid fuel security and oil price volatility. These pressures have strengthened the economic case for electrification in transport, accelerating the adoption of battery electric vehicles. This trend is already visible in international trade, with Chinese battery electric vehicle exports increasing significantly since March 2026, as shown in Figure 6. Analysis by S&P Global Energy © 2026 S&P Global Rapid data center expansion is already placing significant pressure on power infrastructure and supply chains. High demand and longer lead times for generation equipment such as gas-fired capacity is leading to rising costs for new gas-fired capacity. FIGURE 7:Global data center capacity editions