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A chimney from the Linden Cogeneration Plant is seen in Linden New Jersey April 22, 2022. 

Kena Betancur | View Press | Corbis News | Getty Images

Natural gas producers are planning for a significant spike in demand over the next decade, as artificial intelligence drives a surge in electricity consumption that renewables may struggle to meet alone.

After a decade of flat power growth in the U.S., electricity demand is forecast to grow as much as 20% by 2030, according to a Wells Fargo analysis published in April. Power companies are moving to quickly secure energy as the rise of AI coincides with the expansion of domestic semiconductor and battery manufacturing as well as the electrification of the nation’s vehicle fleet.

AI data centers alone are expected to add about 323 terawatt hours of electricity demand in the U.S. by 2030, according to Wells Fargo. The forecast power demand from AI alone is seven times greater than New York City’s current annual electricity consumption of 48 terawatt hours. Goldman Sachs projects that data centers will represent 8% of total U.S. electricity consumption by the end of the decade.

The surge in power demand poses a challenge for Amazon, Google, Microsoft and Meta. The tech companies have committed to powering their data centers with renewables to slash carbon emissions. But solar and wind alone may be inadequate to meet the electricity load because they are dependent on variable weather, according to an April note from consulting firm Rystad Energy.

“Economic growth, electrification, accelerating data center expansion are driving the most significant demand growth in our company’s history and they show no signs of abating,”

Robert Blue

Dominion Energy, Chief Executive Officer

Surging electricity loads will require an energy source that can jump into the breach and meet spiking demand during conditions when renewables are not generating enough power, according to Rystad. The natural gas industry is betting gas will serve as the preferred choice.

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Natural gas prices year to date

“This type of need demonstrates that the emphasis on renewables as the only source of power is fatally flawed in terms of meeting the real demands of the market,” Richard Kinder, executive chairman of pipeline operator Kinder Morgan, told analysts during the company’s first-quarter earnings in April.

“The primary use of these data centers is big tech and I believe they’re beginning to recognize the role that natural gas and nuclear must play,” Kinder said during the call. Kinder Morgan is the largest natural gas pipeline operator in the U.S. with 40% market share.

Natural gas is expected to supply 60% of the power demand growth from AI and data centers, while renewables will provide the remaining 40%, according to Goldman Sachs’ report published in April.

Gas demand could increase by 10 billion cubic feet per day by 2030, according to Wells Fargo. This would represent a 28% increase over the 35 bcf/d that is currently consumed for electricity generation in the U.S, and a 10% increase over the nation’s total gas consumption of 100 bcf/d.

“That’s why people are getting more bullish on gas,” said Roger Read, an equity analyst and one of the authors of the Wells Fargo analysis, in an interview. “Those are some pretty high growth rates for a commodity.”

The demand forecasts, however, vary as analysts are just starting to piece together what data centers might mean for natural gas. Goldman expects a 3.3 bcf/d increase in gas demand, while Houston-based investment bank Tudor, Pickering, Holt & Co. sees a base case of 2.7 bcf/d and a high case of 8.5 bcf/d.

Powering the Southeast boom

Power companies will need energy that is reliable, affordable and can be deployed quickly to meet rising electricity demand, said Toby Rice, CEO of EQT Corp., the largest natural gas producer in the U.S.

“Speed to market matters,” Rice told CNBC’s “Money Movers” in late April. “This is going to be another differentiator for EQT and natural gas to take a very large amount of this market share.”

Natural gas market looks oversupplied right now, says EQT CEO Toby Rice

EQT is positioned to become a “key facilitator of the data center build-out” in the Southeast, Rice told analysts on the company’s earnings call in April.

The Southeast is the hottest data center market in the world with Northern Virginia in the thick of the boom, hosting more data centers than the next five largest markets in the U.S. combined. Some 70% of the world’s internet traffic passes through the region daily.

The power company Dominion Energy forecasts that demand from data centers in Northern Virginia will more than double from 3.3 gigawatts in 2023 to 7 gigawatts in 2030.

Further south, Georgia Power sees retail electricity sales growing 9% through 2028 with 80% of the demand coming from data centers, said Christopher Womack, CEO of Georgia Power’s parent Southern Company, during the utility’s fourt-quarter earnings call in February.

“Economic growth, electrification, accelerating data center expansion are driving the most significant demand growth in our company’s history and they show no signs of abating,” Dominion CEO Robert Blue said during the company’s March investor meeting.

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EQT shares over the past year.

The surging power demand in the Southeast lies at the doorstep of EQT’s asset base in the Appalachian Basin, Rice said during the earnings call. Coal plant retirements and data centers could result in 6 bcf/d of new natural gas demand in EQT’s backyard by 2030, the CEO said.

EQT recently purchased the owner of the Mountain Valley Pipeline, which connects prolific natural gas reserves that EQT is operating and developing in the Appalachian Basin to southern Virginia. EQT is the only producer that can access the growing data center market through the pipeline, said Jeremy Knop, the company’s chief financial officer.

“I think we are very uniquely positioned in that sense,” Knop said during the call. Rice said the Southeast will become an even more attractive gas market than the Gulf Coast later in the decade. EQT is planning to expand capacity on the Mountain Valley Pipeline from 2 bcf/d to 2.5 bcf/d. The pipeline is expected to become operational in June.

The level of electricity demand could help lift natural gas prices out of the doldrums.

Prices plunged as much more than 30% in the first quarter of 2024 on strong production, lower demand due to a mild winter and historic inventory levels in the U.S. By 2030, prices could average $3.50 per thousand cubic feet, a 46% increase over the 2024 average price of $2.39, according to Wells Fargo.

Grid reliability worries

Dominion laid out scenarios in its 2023 resource plan that would add anywhere from 0.9 to 9.3 gigawatts of new natural gas capacity over the next 25 years. The power company said gas turbines will be critical to fill gaps when production drops from renewable resources such as solar. The turbines would be dual use and able to take clean hydrogen at some point.

“We’re building a lot of renewables, which all of our customers are looking for, but we need to make sure that we can operate the system reliably,” Blue told analysts during Dominion’s earnings call Thursday.

Renewables will play a major role in meeting the demand but they face challenges that make gas look attractive through at least 2030, Read, the Wells Fargo analyst, told CNBC.

An all of the above strategy is the only thing that we see as the way to maintain the reliability and the affordability that our customers count on.”

Lynn Good

Duke Energy, Chief Executive Officer

Many of the renewables will be installed in areas that are not immediately adjacent to data centers, he said. It will take time to build power lines to transport resources to areas of high demand, the analyst said.

Another constraint on renewables right now is the currently available battery technology is not efficient enough to power data centers 24 hours a day, said Zack Van Everen, director of research at investment Tudor, Pickering, Holt & Co.

Nuclear is a potential alternative to gas and has the advantage of providing carbon free energy, but new advanced technology that shortens typically long project timelines is likely a decade away from having a meaningful impact, according to Wells Fargo.

Robert Kinder, chief executive of pipeline operator Kinder Morgan, said significant amounts new nuclear capacity will not come online for the foreseeable future, and building power lines to connect distant renewables to the grid will take years. This means natural gas has to play an important role for years to come, Kinder said during the company’s earnings call in April.

“I think acceptance of this hypothesis will become even clearer as power demand increases over the coming months and years and it will be one more significant driver of growth in the demand for natural gas that will benefit all of us in the midstream sector,” Kinder said.

Environmental impact

Any expansion of natural gas in meeting U.S energy demand is likely to be met with opposition from environmental groups who want fossil fuels to be phased out as soon as possible.

Goldman Sachs forecast carbon emissions from data centers could more than double by 2030 to about 220 million tons, or 0.6% of global energy emissions, assuming natural gas provides the bulk of the power.

Virginia has mandated that all carbon-emitting plants be phased out by 2045. Dominion warned in its resource plan that the phase out date potentially raises system reliability and energy independence issues, with the company relying on purchasing capacity across state lines to meet demand.

Duke Energy CEO Lynn Good said natural gas “can be a difficult topic,” but the fossil fuel is responsible for 45% of the power company’s emissions reductions since 2005 as dirtier coal plants have been replaced. Good said electricity demand in North Carolina is growing at a pace not seen since the 1980s or 1990s.

“As we look at the next many years trying to find a way to expand a system to approach this growth, I think natural gas has a role to play,” Good said at the Columbia Global Energy Summit in New York City in April. The CEO said natural gas is needed as a “bridge fuel” until more advanced technology comes online.

“An all of the above strategy is the only thing that we see as the way to maintain the reliability and the affordability that our customers count on,” Good said.

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Iran launches 100 drones at Israel in response to missile attack as markets reel

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Iran launches 100 drones at Israel in response to missile attack as markets reel

Traffic flows on a highway in the Iranian capital Tehran on June 13, 2025 following reported Israeli strikes targeting Iran early in the morning.

AFP | Getty Images

DUBAI, United Arab Emirates — Iran launched more than 100 drones toward Israeli territory Friday morning after Israel’s overnight missile strike on the country killed at least three of its senior military leaders.

“We can now confirm that the Chief of staff of the Iranian Armed Forces, Commander of the IRGC and the Commander of Iran’s Emergency Command were all eliminated in the Israeli strikes across Iran,” Israel Defense Forces spokesperson Effie Defrin said.

“Iran launched approximately 100 UAVs towards Israeli territory, which we are working to intercept.”

Rocket sirens sounded in northern Jordan as Jordan’s state media reported the country intercepted several Iranian drones in its airspace.

Israel’s attack on Iran, which it said was targeted at nuclear enrichment facilities, came just days before U.S. and Iranian officials were set to attend a sixth round of nuclear deal talks. It was the largest attack on the Islamic Republic since the Iran-Iraq war of the 1980s.

News of the strikes sent oil prices surging as much as 13% before paring gains, with global benchmark Brent crude surpassing $78 a barrel at one point.

Asian and European stocks fell, as investors rushed into safe havens amid fear of a wider war in a region that accounts for one-third of the world’s oil supply. Dow futures were down over 500 points by 8:21 a.m. London time.

Brent crude is currently trading at $72.76 per barrel at 8:23 a.m. in London, up 5%, with U.S. WTI trading at $71.27 per barrel, up 4.6%.

All eyes are now on the next moves by Iran and the United States, particularly whether the U.S. will get involved in this conflict. The U.S. State Department has stated it was not involved in Israel’s overnight strikes on Iran, with Secretary of State Marco Rubio calling the actions unilateral and urging Iran not to target U.S. interests or personnel in the region.

Tehran does not see it that way. Iran’s foreign ministry warned it would hold Washington responsible for the consequences of Israel’s actions.

President Donald Trump is expected to attend a meeting of the National Security Council scheduled for 11 a.m. Eastern Time.

This is a developing story and will be updated shortly.

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Safe haven rush begins after Israel strikes Iran

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Safe haven rush begins after Israel strikes Iran

Investors fled to safe-haven assets Friday after a series of Israeli airstrikes on Iran marked a major escalation of conflict in the region.

The scale of the attack, which Israel said was targeting Iran’s nuclear program, took markets by surprise, pushing up prices of assets thought to offer protection in times of heightened volatility.

“The news has led to significant fears about an escalation and a wider regional conflict,” Deutsche Bank strategists said in a note early Friday. “The effects of the attack have cascaded across global markets, with a strong risk-off move for several asset classes.”

Gold hit an almost two-month high on the news, although pared some gains as the morning progressed. Spot prices of the metal were up 1.1% at $3,420.24 at 7:42 a.m. London time. Gold futures for August delivery were 1.3% higher at $3.446.

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Gold

U.S. Treasury prices also rose, pushing yields lower. Yields on the 30-year, 10-year and 2-year Treasury notes were all down around 3 basis points.

European stocks are poised to open sharply lower, meanwhile, with U.S. stock futures also falling.

Investors flee to safe-haven assets during times of uncertainty to protect their money from volatility and find stability when risk assets tumble.

Israel Prime Minister Benjamin Netanyahu said his country had launched a “targeted military operation” against Iran’s nuclear and ballistic missile program. Iran said it launched around 100 drones targeting Israel in retaliation.

“This operation will continue for as many days as it takes to remove this threat,” Netanyahu added.

U.S. Secretary of State Marco Rubio said the attack on Israel was “unilateral” and made without U.S. support. “We are not involved in strikes against Iran and our top priority is protecting American forces in the region,” Rubio said in a statement.

In currencies, the U.S. dollar, Swiss franc and Japanese yen — all considered safe havens — rose.

After a tricky few months following policy uncertainty sparked by the Trump administration, the U.S. dollar index, which measures the greenback against a basket of major peers, was 0.36% higher.

The Swiss franc and Japanese yen both climbed against the dollar earlier Friday, but were broadly unchanged by 6:50 a.m. London time.

Oil prices soar

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Brent crude

U.S. West Texas Intermediate was trading 7% higher at 7:48 a.m. London time at $72.76 per barrel, while global benchmark Brent surged 6.8% to $74.04 per barrel, both off earlier highs.

“Looking forward, the focus is now shifting to what form Iran’s retaliation might take. It’s also unclear whether talks between the US and Iran over their nuclear programme will continue,” the Deutsche Bank strategists added.

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This new electric moped is coming for your streets and bike lanes, and that’s a good thing

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This new electric moped is coming for your streets and bike lanes, and that's a good thing

Olto, the second electric two-wheeler model from the mobility startup Infinite Machine, was just unveiled as a bike lane-ready moped ready to conquer US cities. Combining slick design with high-tech features, it brings many automotive-level hallmarks to the e-bike market.

After the Cybertruck-looking Infinite Machine P1 was revealed nearly two years ago, offering a nearly highway-capable electric two-wheeler, the company is now back with a much tamer model designed to be easier to produce… and to purchase.

The result is still just as futuristic as we’d expect, given Infinite Machine’s penchant for those metallic body panels and slick design scheme. But the performance is more muted, allowing it to fit into Class 2 e-bike regulations for full compliance with bicycle lanes in most cities and eschewing any pesky licensing or insurance requirements.

That means it has a top speed of 20 mph (32 km/h) and functional pedals, even if they aren’t likely to get used very much. Infinite Machine seems to understand that point, designing a magnetic leveling feature that holds them flat to better serve as footrests when they’re being used as, well, footrests. The top speed matches Class 2 e-bike regulations, though it can be unlocked in “Off-road mode” to reach 33 mph (53 km/h).

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The UL-certified battery is a 48V 25Ah pack with 1.2 kWh of capacity – or enough for a claimed 40 miles (64 km) of real world range.

The battery is easily removable, with the clever design allowing it to be dropped into the battery compartment in any orientation. Unlike a typical electric bicycle battery that needs to be carefully aligned on small guide rails, the Olto’s battery can simply be plopped into place in whatever orientation is most convenient based on where the rider is standing.

A home charging dock allows the battery to be similarly plopped onto the charger, with fast charging bringing the battery back up to 50% charge in just an hour or fully charged in three hours.

If that’s still not fast enough, a second battery could presumably be kept on the charger to be swapped in while the first is charging, though 40 miles (64 miles) is likely plenty of range for most urban commuters. The 20 lb (9 kg) battery is light enough to be carried indoors to charge at work or another destination if a planned route is expected to exceed 40 miles round trip.

High-tech features throughout

Despite the electric bicycle-level performance, the Olto carries technology and features that seem more at home in the automotive world.

For example, the anti-theft features are numerous. On the electronic side, they include GPS and LTE tracking with movement notifications to the owner’s phone, as well as a dedicated AirTag slot for added peace of mind, plus an electric lock that prevents the motor or rear wheel from turning. A second auxiliary battery in the vehicle ensures these features still work even when the main battery has been removed for charging, and the major components like the motor and battery are electronically locked to the Olto. On the physical side, turning off the moped engages a steering column lock that prevents the handlebars from being turned, and a special U-lock mount has been built into the scooter for even more secure parking.

The Olto includes several physical designs that go above and beyond what we generally see in bike lane-ready vehicles, such as totally hidden wires and suspension (oh right, it’s got full suspension for both the front and rear), insertable sidewalls for the step-through portion to enable more cargo carrying capacity, and a long enough bench seat with hidden pop-out rear passenger footpegs and grab handles for carrying a second rider (though the bench doesn’t look like the most comfortable seat I’ve ever seen). Two helmet hooks built into the under-seat storage area allow riders to leave their helmets hanging yet securely locked to the moped, similar to a motorcycle. Bag hooks, like on a seated scooter, make it easier for riders to carry light cargo between their legs.

Unlocking the Olto can be performed with the owner’s phone using Bluetooth proximity unlocking (or an NFC card, if your phone is out of battery or not with you). That digital unlocking feature also allows riders to share temporary or permanent access with friends or family so they can also unlock and use the moped from their phone. Speaking of phones, there’s a secure compartment with USB charging so riders can charge their phone while it’s safely locked on the moped. The high-visibility LED lighting system includes high and low-beam headlights, daytime running lights, and a full turn signal package. There’s also a genuine motorcycle horn – not one of those weak e-bike “meep meep” horns.

While the high-tech features feel more automotive-level, the Olto still draws inspiration from the e-bike industry, especially with its line of bolt-on accessories. From utility racks and baskets to child carriers, the add-on accessories feel very much like the type of gear you’d add to a traditional electric bicycle to gain even more functionality from it – though Infinite Machine’s versions certainly do look a bit sleeker.

Is the Olto an electric bicycle or an electric motorcycle?

It’s fairly obvious that the Olto is walking a fine line when it comes to legality. The whole point of this vehicle is that it is intended to fit into electric bicycle regulations, allowing its use in bicycle lanes instead of being limited purely to surface street use, as well as free riders from the licensing, registration, and insurance requirements of motorcycles. And to achieve those goals with a vehicle that is as “grey area” as they come, the spec sheet walks a fine line as well.

For example, the rear hub motor is listed as 750W nominal, though is capable of 2 kW in “off-road” mode. The Olto’s top speed is 33 mph (53 km/h), though again, only in off-road mode. In the on-road mode, which riders presumably are expected to pinky promise that they’ll stick to when riding in bike lanes and city streets, the speed is limited to 20 mph (32 km/h), or the same as a Class 2 electric bicycle.

Then there are the pedals. They are fully functional, though they aren’t exactly necessary. That’s not different than a typical Class 2 e-bike, at least on the surface. It’s common for electric bicycle riders in the US to treat pedals as stationary footrests, relying instead on the throttle for power. But the difference with the Olto is that the pedals have a feature to magnetically level them for more comfortable footrest-like use by riders who don’t care about the charade of “well, I could pedal it if I wanted to…”.

So again, everything here checks the box to make it a street-legal electric bicycle in nearly every jurisdiction in America. But the Olto is also obviously designed to make it as convenient as possible to ride as a scooter instead of a bicycle.

The company put it well, describing the Olto as a mobility tool that gets more people out of cars and onto more efficient, city-friendlier vehicles. “We believe the best way to get around cities is with smaller, smarter vehicles. We started Infinite Machine to build the best of them. Olto is our second product—and for many, their first step beyond cars. A Class 2 e-bike built for the bike lane. No insurance, no registration—just freedom. A product and a tool. Infinite Machine isn’t about autonomous vehicles. It’s about autonomous humans—tools that let people carve their own path.”

But if it has e-bike performance, then what’s the point?

Priced at US $3,495 (and now taking $100 reservations for delivery later this year), the Olto is either a cheap moped or an expensive e-bike, depending on how you look at it. And since it has e-bike performance, I can see many people asking why they would expect to pay so much more for a 20 mph ride.

And that’s the exact question I posed to Joe Cohen, the CEO and co-founder of Infinite Machine. As he explained, it’s all about what the Olto provides that conventional electric bikes have missed out on, and how all of those feature combine in a single vehicle.

“What makes Olto special isn’t any single feature—it’s how everything comes together,” Joe told me. “Rather than retrofitting a bicycle with a battery and motor, we started from first principles to build the perfect bike-lane vehicle: it is snappy and quick, sturdy, nearly impossible to steal, and beautiful. It has automotive-grade components (hydraulic brakes, horn, turn signals, lighting) and technology throughout (LTE/GPS always-on tracking). It prioritizes real-world use cases with a hot-swappable, high-capacity battery, seating for two, and a modular accessory system. But in the end, when you’re riding Olto, you forget about all of these details—it all just works.”

Electrek’s Take

Here’s the thing. This isn’t the first time we’ve seen this concept of two-wheeled vehicles designed to act like bicycles, but I think it’s the most elegant example yet. And I also think it’s the most ethical example yet. Most of the time, we’re talking more about Sur Ron-style bikes that are effectively 50 mph e-dirt bikes with bolt-on pedals used as a cheap attempt to skirt the law. But this isn’t that. In this case, Infinite Machine has built something that is halfway between an e-motorcycle and an e-bicycle, but instead of giving it motorcycle performance with e-bike parts, they’ve given it e-bike performance with motorcycle parts. And that’s the key to making this type of vehicle actually work in our cities, both on the street and in the bike lane.

If we look at the legal side, this is absolutely, 100% a street-legal Class 2 electric bicycle (in most places in the US). But they’ve managed to bring so much of the design, manufacturing, and technology used in electric motorcycles to the e-bike world that riders are now getting an e-bike that offers 10x what it used to. Hidden locks, GPS tracking, full-suspension, steering lock, tamper notifications on your phone, secondary battery to power anti-theft measures when the first battery is removed, fast charging dock, designed to be left outside in the elements, locking storage, motorcycle horn, real mirrors, motorcycle grade hydraulic disc brakes, upright scooter-like riding position, and so much more. Your e-bike might have a couple of these features, but I can guarantee it doesn’t have all of them.

And at the same time, let’s be honest: most people are going to put it in off-road mode on their first day and never see the 20 mph speed limit again. That will allow riders to better pace car traffic in big cities, something that we at Electrek have long felt is a safety feature for two-wheelers. Being able to keep up with traffic on an e-bike or scooter, even if that means going a few miles-per-hour over the legal limit, means fewer interactions with cars and a safer environment for everyone. However, with appropriate emphasis added, 33 mph on a 176 lb vehicle is much too fast for a bicycle lane, and it would be egregiously irresponsible for riders of a vehicle like this to endanger other cyclists in the bike lane like that. So I hope that riders can be responsible enough to realize that, and only use off-road mode where it is safe to do so. But considering we let anyone over 16 years old choose how fast they want to drive a 6,000 lb vehicle, I’m not exactly going to overexert myself suggesting that it’s the sub-200 lb, sub-35 mph two-wheeler category where we should be focusing our regulatory or enforcement efforts just yet.

Long story short, bravo, Infinite Machine. You knocked it out of the park on this design. Now, you just have to deliver on your promises. Good luck, we’re all watching.

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