Executive summary Global electricity demand is undergoing its most violent inflection in three decades, and the company best positioned to capture it is the one that owns the picks and shovels of AI's physical buildout. After 15 years of near-flat growth, global power consumption surged 4.4% in 2024 and is now compounding at ~3.6% annually through 2030 per the IEA, equivalent to adding a Japan to the world every year. Data centers alone will consume 945 TWh by 2030 in the IEA