Why is electricity being called 'the new oil' at the BloombergNEF Summit?

According to Rebecca Kujawa of Zerra Partners, electricity is now seen as critical to energy security and geopolitical stability—just like oil and gas have been—because renewable and nuclear energy, along with battery storage, are essential to ensure sufficient grid power for sustained economic growth in the 21st century.

How much additional electricity demand is projected for AI-driven data centers over the next decade, and why is speed critical?

BloombergNEF forecasts 106 gigawatts of new electricity demand from data centers in the next decade, while EQT Corp.’s Toby Rice estimates up to 100 gigawatts may be needed; this scale equals the energy demand of over 20 New York Cities, and utilities must act quickly because traditional slow connection processes are shifting to prioritize flexible, grid-responsive data centers.

BloombergNEF Summit New York Highlights Energy Transition and AI Power Demands

Apr 21, 2026

Experts at the BloombergNEF Summit New York emphasized electricity's rising strategic importance over fossil fuels, citing massive power needs for AI data centers and advancements in AI-driven weather forecasting.

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