The energy transition isn't slowing down. It's splintering

Countries are making energy decisions based on what will keep economies growing, businesses competitive and societies secure.

"The race for electricity is becoming the race for competitiveness."

One trend cuts across every region: electrification.

Global electricity demand is growing almost twice as fast as overall energy demand, driven by AI, data centres, advanced manufacturing, electric vehicles and cooling.

China added the equivalent of Germany's entire electricity system in just one year, all from low-carbon sources.

Meanwhile, the energy demands of AI are reshaping infrastructure investment. In some parts of the United States, data centres already account for up to 20-30% of electricity demand.

"Access to reliable and affordable electricity is becoming a defining competitive advantage."

For businesses, energy is no longer simply an operating cost. It is increasingly a strategic input that influences investment decisions, supply chains, growth plans and resilience.

Recent geopolitical disruptions have demonstrated how quickly shocks can ripple through supply chains.

Rising energy costs impact everything from food prices and industrial production to data centre operations and consumer spending.

The winners in the next phase of the transition may not simply be those producing the cleanest energy. They may be the countries and companies investing in the infrastructure that sits behind it:

• Grid capacity
• Storage
• Refining
• Transmission
• Critical minerals
• Distributed and behind-the-meter generation

In many markets, businesses are already taking energy security into their own hands through on-site generation, long-term power agreements and investments in resilient supply chains.