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From Enbridge to Cameco: Canadian CEOs eye AI-driven electricity boom

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Generative AI,Samsung Electronics,Enbridge

Data centres could draw as much electricity as Japan by 2026, according to the International Energy Agency.

Employees are pictured at Samsung Networks' Telco Data Center during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. REUTERS/Kim Hong-Ji) CEO Andy Jassy, and Sam Altman of ChatGPT-maker OpenAI appear to have reached the boardrooms of Canada’s energy sector. From nuclear, to hydrogen, to natural gas, executives are talking up opportunities to power the physical infrastructure behind artificial intelligence .

Amazon’s Jassy says using renewable energy sources to meet this new demand will be essential, given the environmental pressure on major corporations. “The build-out of data centres and generative AI is forecast to require a material increase in power generation,” he said on a post-earnings conference call with analysts.

“The number one challenge the data centre operators have, particularly the hyper-scalers, is the access to green energy,” MacEwen said on Ballard’s May 7 earnings call. “This is going to be a market where we see a lot of lumpiness.” The stock market is about to see a 10% correction, with further disinflation a 'pipe dream' and Fed rate cuts coming much later, Stifel says

 

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