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Clean tech, AI boom straining U.S. energy supply
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The artificial intelligence (AI) boom, increased clean technology manufacturing and cryptocurrency mining are straining U.S. energy supplies as energy sources struggle to keep pace with rising demand.
Rising industrial demand from tech companies — which are operating data centers and training AI models — electric vehicles, manufacturers and emerging technologies like cryptocurrency has created a large uptick in demand for energy generation. The retirement of fossil fuel and nuclear power plants as the demand for electricity rises is placing increased strain on the nation’s energy supply.
The North American Electric Reliability Corporation (NERC), a not-for-profit regulator that looks to ensure reliable and efficient energy access in the U.S., Canada and part of the Baja region of Mexico, produces reports on the adequacy of the energy supply for the summer and winter seasons as well as long-term reliability assessments.
NERC’s most recent long-term reliability assessment conducted in 2023 found that there were large, upward-demand shifts for energy in the winters of 2020 to 2023. It also projected that demand in the summer of 2024 would reach its highest level since 2016 and that winter demand would hit its highest level since at least 2015.
RECORD-BREAKING TEMPERATURES IN US SKYROCKET MONTHLY SPENDING
The electric grid is facing growing demand from tech companies for training AI models and for cloud data centers, increased use of EVs, retirement of fossil fuel power plants and crypto mining. (Patrick T. Fallon / AFP / Getty Images)
The report also flagged several risks to reliable energy supplies in its various transmission regions, with much of the area stretching from Canada near the Great Lakes and Mississippi River south to the Gulf of Mexico marked as a high-risk area for capacity shortfalls in the next four years. Further, most of the states west of the Mississippi and the northeast area were flagged as elevated risk areas.
“The [Bulk Power System] is currently forecast to have its highest demand and energy growth rates since 2014, mainly driven by electrification and projections for growth in electric vehicles over this assessment period,” NERC wrote.
NERC added that resource growth is “becoming more challenging” as fossil fuel generation sources are retired and “[m]ore than 83GW of generator retirements are planned through 2033, and more are expected. Generation plans need to consider growing energy needs and grid stability.”
The proliferation of EVs has placed a new strain on the power grid. (Smith Collection / Gado / Getty Images)
Andy Cvengros, the managing director of data center markets at commercial real estate firm JLL, told The Washington Post, “Across the board, we are seeing power companies say, ‘We don’t know if we can handle this; we have to audit our system; we’ve never dealt with this kind of influx before.'”
OpenAI CEO Sam Altman said at the World Economic Forum in January that an energy breakthrough like broader adoption of nuclear fusion is needed for AI to achieve its full potential. Large language models that power AI tools like ChatGPT are trained on massive amounts of data in large data centers that consume substantial amounts of energy.
“There’s no way to get there without a breakthrough,” Altman said. “It motivates us to go invest more in fusion.”
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An employee works to fix a server at the Facebook data center in Prineville, Oregon. Data centers like those that service the cloud and AI consume large amounts of energy. (Meg Roussos / Bloomberg / Getty Images)
Altman personally invested $375 million in private nuclear fusion company Helion Energy in 2021, which has since signed a deal to provide energy to Microsoft — a key financial backer and partner of OpenAI.
Other emerging technologies like cryptocurrency are contributing to the strain on the electric grid. Crypto mining is an energy-intensive activity to the extent that the federal Energy Information Administration (EIA) is looking to collect data from crypto miners to better understand the extent of their power consumption.
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The EIA withdrew its initial data collection plan last week amid pushback from the crypto industry on the grounds that such data is proprietary. The agency said it plans to publish a new proposal and go through the federal rulemaking process with a public comment period before the plan moves ahead.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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