{"id":2548,"date":"2025-01-28T15:22:10","date_gmt":"2025-01-28T15:22:10","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/chevron-wants-to-tap-into-a-i-boom-by-selling-electricity-to-data-centers\/"},"modified":"2025-01-28T15:22:10","modified_gmt":"2025-01-28T15:22:10","slug":"chevron-wants-to-tap-into-a-i-boom-by-selling-electricity-to-data-centers","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/chevron-wants-to-tap-into-a-i-boom-by-selling-electricity-to-data-centers\/","title":{"rendered":"Chevron Wants to Tap Into A.I. Boom by Selling Electricity to Data Centers"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The artificial intelligence boom has turbocharged demand for electricity, and everyone who is anyone in the U.S. energy industry wants a piece of the action.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The latest entrant is Chevron, the country\u2019s second-largest oil and gas company, which sees opportunity in building natural gas-fueled power plants that will feed energy directly to data centers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Chevron is working with Engine No. 1, a San Francisco-based investment firm best known for waging <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2021\/06\/09\/business\/exxon-mobil-engine-no1-activist.html\" title=\"\">a successful proxy battle against Exxon Mobil<\/a> in 2021. The companies say they have ordered critical equipment, scouted potential sites and can have their first plant online within three years.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt\u2019s a chance for us to help meet the moment and address this growing need for reliable and affordable power,\u201d Mike Wirth, Chevron\u2019s chief executive, said in an interview.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Chevron\u2019s announcement is the latest example of just how much the promise of A.I. \u2014 a voracious electricity consumer \u2014 is <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/10\/business\/energy-environment\/constellation-energy-calpine.html\" title=\"\">reshaping the economy<\/a>. Oil producers are recalibrating their strategies and leaning into power generation, a business that many of them had previously sworn off because it was much less profitable than drilling and processing oil and gas. Just last month, Exxon said that it, too, <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/12\/11\/business\/energy-environment\/exxon-mobil-data-centers-power-plant.html\" title=\"\">wanted to get into the business of selling electricity<\/a> to data centers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But in a reminder that the prospects for A.I. data centers and growing electricity demand are highly uncertain, technology and energy stocks <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/27\/business\/us-stock-market-deepseek-ai-sp500-nvidia.html\" title=\"\">tumbled on Monday<\/a>. Investors were unnerved by the stunning advances in A.I. made by an unfamiliar Chinese start-up, DeepSeek, that said it had made its gains using a modest number of computer chips that consumed relatively little energy. Shares of chip-maker Nvidia tumbled 17 percent and the stock of Constellation Energy, a large power producer, closed down more than 20 percent.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThere\u2019s always the potential for markets to surprise you,\u201d Mr. Wirth said. But he added that being early to market and keeping its costs low would protect Chevron against the possibility that power demand growth falls short of current expectations.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">His company is hardly alone.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Many power producers are bulking up, and many are investing in natural gas generating capacity specifically. Constellation, which has a large fleet of nuclear power plants, agreed this month to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/10\/business\/energy-environment\/constellation-energy-calpine.html\" title=\"\">buy rival Calpine, which owns many natural gas plants,<\/a> for $16.4 billion. And last week, NextEra Energy said it was planning to build more gas-fueled power plants.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Expectations for how much and how quickly U.S. electricity demand will rise vary widely. What\u2019s clear is that data centers are likely to consume a lot more of the country\u2019s power than they do today. A recent study by the <a class=\"css-yywogo\" href=\"https:\/\/eta-publications.lbl.gov\/sites\/default\/files\/2024-12\/lbnl-2024-united-states-data-center-energy-usage-report.pdf\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Lawrence Berkeley National Laboratory<\/a> estimated that the facilities are poised to use up to 12 percent of U.S. electricity in 2028, up from 4.4 percent in 2023.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Chevron and Engine No. 1 said they have reserved seven gas turbines from GE Vernova, one of the companies created by the breakup of General Electric. The equipment is set to be delivered beginning in 2026. Chevron and Engine No. 1, which did not say how much they plan to spend, have been in talks with prospective customers and expect to build up to four gigawatts of gas-generating capacity. <\/p>\n<p class=\"css-at9mc1 evys1bk0\">Natural gas-fired power plants cost around $2 billion per gigawatt, Morgan Stanley recently estimated.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In this case, the plants would be located alongside the data centers they power. Like Exxon, the partners expect their facilities would not be connected to the electric grid to start, so the plants can get up and running more quickly. <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2023\/07\/27\/climate\/electric-grid-ferc-bottleneck.html\" title=\"\">It can take years<\/a> for grid managers to approve connection requests.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Eventually though, they aim to secure grid hookups, said Chris James, Engine No. 1\u2019s chief investment officer. \u201cA grid interconnect allows us to be able to supply power back to the grid when it needs it,\u201d he said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Technology giants like Microsoft and Google have set targets to get all of their energy from sources that do not contribute to climate change after taking into account carbon capture and other technologies. But some tech companies now say that they will be hard-pressed to get all the power they need in the next few years without relying on natural gas, which produces carbon dioxide when it is burned. The greenhouse gas is the leading cause of climate change.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cIt\u2019s this valley between now and then that leaves a lot of people scratching their heads and realizing that if you don\u2019t lean on gas, the answer might be worse,\u201d said Jesse Noffsinger, a partner at the consulting firm McKinsey &amp; Company.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Chevron and Engine No. 1 said their plants could be built in several regions. They have ruled out the East Coast because of infrastructure constraints and feedback from potential customers.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The companies also looked for sites<span class=\"css-8l6xbc evw5hdy0\">  <\/span>able to accommodate the capturing and sequestering carbon dioxide emissions, said Mr. James.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The companies don\u2019t plan to incorporate that technology or renewable energy at the outset, however.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWe\u2019re very confident that over time as the policy environment clarifies itself, as we make good progress on technology development, that some of these other alternatives will be part of it,\u201d Mr. Wirth said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/01\/28\/business\/energy-environment\/chevron-power-plant-ai.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The artificial intelligence boom has turbocharged demand for electricity, and everyone who is anyone in the U.S. energy industry wants<\/p>\n","protected":false},"author":1,"featured_media":2549,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[213,890,891,898,218,733,750,892,893,135,894,181,182,897,896,747,134,748,305,895],"class_list":["post-2548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-artificial-intelligence","tag-carbon-capture-and-sequestration","tag-chevron-corporation","tag-chris-hedge-fund-manager","tag-data-centers","tag-electric-light-and-power","tag-energy-and-power","tag-engine-no-1-gp-llc","tag-exxon-mobil-corp","tag-fees-and-rates","tag-ge-vernova-group","tag-global-warming","tag-greenhouse-gas-emissions","tag-james","tag-michael-k","tag-natural-gas","tag-prices-fares","tag-production","tag-stocks-and-bonds","tag-wirth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chevron Wants to Tap Into A.I. 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