The AI revolution is reshaping US capital markets, with utilities now leading the charge in subordinated securities sales, surpassing banks. In 2024, companies like Dominion Energy Inc. and CenterPoint Energy Inc. have raised nearly $18 billion, a ninefold increase from the previous year, to meet the soaring electricity demand from AI data centers.
The surge in power demand from data centers and artificial intelligence poses challenges for achieving low-carbon energy goals, according to Dominion Energy CEO Bob Blue. He noted that the current lack of adjustable zero-emissions generation options complicates efforts to retire fossil fuel units, highlighting a fundamental conflict between demand growth and carbon reduction.
Dominion Energy is collaborating with tech companies, including Amazon, to develop small modular nuclear reactors, following a recent agreement to explore this next-generation technology. The proposed reactor near North Anna nuclear station in Virginia aims to deliver 300 megawatts of carbon-free power, catering to the energy demands of data centers. Despite the promise of reduced costs and simpler deployment, small modular reactors have yet to achieve commercial operation in the U.S.
Dominion Energy Inc. is in talks with various technology firms to develop small modular nuclear reactors, following a recent agreement with Amazon.com Inc. CEO Bob Blue expressed optimism about the collaboration, highlighting the interest from major power users in advancing this carbon-free technology.
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