US utilities signal booming demand from data centers as AI takes root

US utilities are finally inking concrete supply deals with data-center operators hungry for more power amid a boom in artificial intelligence, paving the way for higher sales and profit in the coming quarters.

Data centers are expected to account for 8% of the power generated in the U.S. by 2030, compared with 3% in 2022, according to a Goldman Sachs report in May.