Britain's National Grid said on July 1 it will invest $1.75 billion for a 35% stake in Joulent, a U.S. energy platform developing power infrastructure for data centres, as it seeks to tap into surging AI-driven demand for electricity.
The deal will help fund Joulent's first project, a 2.67-gigawatt gas-fired facility in West Texas developed in a 50/50 partnership with Chevron, which will supply a Microsoft-operated data centre campus under a 20-year power purchase agreement.
AI-related electricity demand is reshaping energy markets globally. Demand from data centres that power generative artificial intelligence services rose by 17% in 2025, far outpacing the 3% growth in overall global electricity demand.
Joulent is expected to be free cash flow positive from the early 2030s, National Grid said. A final investment decision on the Joulent stake is expected by the end of 2026.
