JPMorgan’s additional 89 TWh demand forecast is consistently reported, and the Google-Fortum nuclear deal is confirmed, but JPMorgan’s underlying European demand model is not publicly available and the forecast is substantially more aggressive than the EU/IEA central outlook.
JPMorgan sees AI data centres straining European power
A major bank says expanding server farms will need twice as much new electricity as European Union regulators expect.
In a nutshell
Artificial intelligence requires vast, non-stop power, prompting investment bank JPMorgan to forecast that European data centres will consume an extra 89 terawatt-hours of electricity a year by 2030. That is nearly twice the growth expected by European Union officials. Because building new atomic stations takes years, tech companies like Google are paying steep price premiums to lock up output from existing reactors, turning server growth into a lifeline for aging nuclear plants while raising questions about regional power supplies.
Highlights
- JPMorgan forecasts European data centres will need an extra 89 terawatt-hours of annual power by 2030.
- The European Commission projects a smaller rise of roughly 46 terawatt-hours over the same decade.
- Google agreed to a 22-year deal for up to half the output of Finland's Loviisa nuclear station.
- Google's agreed rate implied a price above 80 euros per megawatt-hour, well above 2028 market prices of about 52 euros.
- Europe had 66.1 gigawatts of data centre projects announced by late 2025, compared with 10.8 gigawatts operating.
Projected European Data Centre Power Demand Increase by 2030
TWhThe findingJPMorgan projects nearly double the electricity growth expected by European Union regulators.
- A comparison of the extra annual electricity European data centres are forecast to consume by 2030.
- TWh — Terawatt-hours, a standard unit measuring very large amounts of electrical energy
- The wide gap shows how much estimates differ on whether planned server projects will actually connect to the power grid.
European Data Centre Electrical Capacity Pipeline
GWThe findingPlanned computing capacity is more than six times larger than what is currently up and running.
- Current operating data centre capacity in Europe at the end of 2025 compared with announced projects.
- GW — Gigawatts, a measure of the instantaneous electrical power capacity of facilities
- This huge gap will determine whether future power demand surges as fast as the highest forecasts suggest.
From the Editor’s Diary
When digital growth collides with physical power limits, technology companies will pay heavily to secure existing, reliable energy before new power plants can ever be built.
Who's involved
JPMorgan
A major US investment bank studying electricity use
goal → identify how computing growth changes power prices and power plant revenues
Google
Alphabet's search and cloud computing company
goal → secure dependable low-carbon electricity for its growing computing hubs
Fortum
A Finnish state-controlled clean energy company
goal → earn long-term revenue to fund reactor life extensions and upgrades
European Commission
The executive body of the European Union
goal → expand computing capacity while keeping power grids stable and affordable
EDF
France's state-owned electric utility
goal → sell nuclear power over long terms to high-demand corporate customers
Data4
A European data centre developer and operator
goal → secure predictable carbon-free power as computing needs increase
In short
Tech companies racing to build artificial intelligence are preparing to buy unprecedented amounts of round-the-clock electricity in Europe. This shift matters because running large computer centres requires massive, uninterrupted power that could tighten regional supplies and raise costs for ordinary users. Investment bank JPMorgan predicts European data centres will need an extra 89 terawatt-hours of power each year by 2030, nearly double the growth projected by the European Commission, the executive arm of the European Union.
This appetite for steady power makes it likely that tech firms will pay premium prices to keep aging nuclear stations running longer rather than waiting for slow new plants to be built. Whether JPMorgan's full demand forecast actually happens remains uncertain. It is too early to tell because published bank notes do not show how many planned server projects will actually get built and connect to the power grid.
How it unfolded
Google turns European nuclear procurement into a hyperscaler-scale contract
Google agreed on September 9 to buy up to half the output of the Loviisa nuclear plant in Finland from Fortum under a 22-year deal, matching its 13 billion euro Finnish server expansion. JPMorgan calculated the agreement represented about 4 terawatt-hours a year at an implied price above 80 euros per megawatt-hour. That was far above prevailing market rates for 2028, showing how much tech giants will pay for non-stop clean power.
A nuclear contract puts a price on AI’s need for firm power
The Finnish deal gave energy markets a clear price signal: big tech firms will pay a premium of 50% to 60% over standard market rates to guarantee round-the-clock power. JPMorgan estimated the contract would add between 120 million and 130 million euros to Fortum's annual comparable operating profit. The huge scale also sparked political debate in Finland, where opposition lawmakers warned that massive power use by data centres could strain national supplies and lift bills for the public.
Brussels exposes the scale of the electricity constraint
European policymakers soon highlighted the wider strain facing the continent's power systems. The European Commission launched energy efficiency rules for server facilities while aiming to triple overall computing capacity over five to seven years. Official figures showed EU server hubs used about 68 terawatt-hours in 2024 and could reach 114 terawatt-hours by 2030, an increase of roughly 46 terawatt-hours. That projected rise is barely half the 89 terawatt-hour surge predicted by JPMorgan.
JPMorgan turns one Finnish deal into a European nuclear thesis
JPMorgan analysts argued that Google's Finnish contract signaled a continent-wide trend that will drive up electricity prices and lift the fortunes of nuclear power operators. Bank research reported by media outlets forecast that European server farms would add 89 terawatt-hours of yearly demand by 2030. The forecast pointed to 66.1 gigawatts of announced data centre projects against just 10.8 gigawatts currently operating, though it did not reveal how many announced facilities will actually open.
Where things stand
JPMorgan's forecast represents an aggressive growth projection rather than a certain outcome. Public summaries do not detail the bank's mathematical model, baseline numbers, or assumptions about project completion. What is clear is that brand-new atomic plants cannot fill this demand gap quickly: advanced small modular reactors are not expected before the early 2030s, and Britain's Hinkley Point C reactor is organized around a 2030 start.
The immediate test is whether tech companies sign more long-term supply contracts that pay to extend the operating lives of existing reactors. Current deals remain tiny beside the projected growth: Google's Finnish contract and Data4's deal with French utility EDF cover roughly 4.23 terawatt-hours combined, which is under 5% of the 89 terawatt-hours JPMorgan expects. The coming years will show whether planned server hubs actually connect to the grid and find the steady power they require.