Goldman Sachs: data centers will drive ~40% of US power-demand growth and push up electricity prices

Goldman's US Economics Analyst on the macro spillovers of AI electricity demand. Electricity prices rose 6.9% year over year through December 2025 against 2.9% headline inflation; data centers are expected to account for about 40% of total power-demand growth over five years while supply stays constrained by permitting, staffing and materials, tightening the Midwest, California and Mid-Atlantic markets. The report quantifies what that means for consumers, non-AI businesses and utility capex — the cost side of the infrastructure buildout.