Over the past fifteen years, Europe's power demand hasbeen hit by exogenous shocks (the GFC, Covid, the EnergyCrisis) and a slower-than-expected electrification process.As a result, since 2008 electricity consumption hascumulatively declined by c.10%. However, this trend mightbe about to reverse: the rapid expansion of datacentersand gradual pick up of the electrification process couldboost Europe's power demand by c.40%-50% over thecoming ten years, we estimate. In an industry w
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