National Grid Bets $1.75 Billion on U.S. AI Power Boom

Artificial intelligence and cloud computing are driving a sharp increase in electricity demand from data centres, turning access to reliable power into a critical constraint on expansion. Global data-centre electricity demand rose 17% in 2025, compared with 3% growth in overall power use. For National Grid, investing through its commercial arm, National Grid Ventures, offers exposure to long-duration, contracted infrastructure tied to the fast-growing U.S. large-load market.

National Grid said on July 1, 2026, it would invest $1.75 billion for a 35% stake in U.S. energy platform Joulent. The funding will support Kilby, a 2.67-gigawatt gas-fired power project in West Texas owned 50-50 with Chevron and contracted to supply a Microsoft-operated data-centre campus under a 20-year power purchase agreement. First power is targeted for 2028, while a final investment decision is expected by the end of 2026.