JPMorgan has highlighted the urgent need for the U.S. to expand wind and solar energy capacity to address the increasing electricity demand driven by artificial intelligence. The financial firm stressed that alongside renewables, grid upgrades and energy storage are crucial to support data centers, electric vehicle charging, and industrial electrification. Chuka Umunna of JPMorgan pointed out that nuclear energy is not a viable short-term solution due to its slow deployment, making wind and solar the priority. According to 2024 data from the Energy Information Administration (EIA), renewables currently account for about 23% of U.S. electricity generation, while fossil fuels still dominate with over 60%. This underscores the need for a significant shift in energy policy and infrastructure to accommodate the growing power demands of AI technologies.
JPMorgan Calls for Rapid Expansion of Renewables to Meet AI Power Needs
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