Key Points
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Data center power demand is projected to grow by 160% by 2030, creating unprecedented opportunities for energy infrastructure companies.
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Nuclear power is experiencing a renaissance as hyperscalers seek 24/7 carbon-free electricity for AI workloads.
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Natural gas pipelines and turbine manufacturers are critical bottlenecks in the race to power the AI era.
For decades, U.S. electricity demand was relatively flat. That era is over. The rise of artificial intelligence (AI) has triggered a paradigm shift in global energy demand comparable to the industrial revolution.
According to Goldman Sachs, data center power demand is projected to grow 160% by 2030. The International Energy Agency estimates that by 2030, data centers could consume as much electricity as Japan does today. The critical factor is baseload reliability. AI models require 24/7 uptime, meaning intermittent renewables alone will not suffice. That reality has sparked a nuclear renaissance and a massive resurgence in natural gas infrastructure.
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Here are 10 energy stocks building the backbone of this AI-powered future.
1. Nuclear’s undisputed king
Constellation Energy (NASDAQ: CEG) owns the largest nuclear fleet in the U.S., producing 24/7 carbon-free energy — the holy grail for hyperscalers with net-zero targets. The company signed a landmark power deal with Microsoft (NASDAQ: MSFT) that underpins the effort to restart the Three Mile Island Unit 1 reactor. A pending acquisition of Calpine (including debt) for roughly $26.6 billion would add a massive fleet of natural gas plants.
2. Renewables meet nuclear
NextEra Energy (NYSE: NEE) is the world’s largest producer of wind and solar energy — and now the company is making aggressive moves into nuclear. NextEra partnered with Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) to restart the Duane Arnold nuclear plant in Iowa, with the 615-megawatt reactor targeted to come online by 2029 and the bulk of its output contracted to power Google’s data centers.
3. The Southeast’s data center landlord
Southern Company (NYSE: SO) is a regulated utility giant whose primary market, Georgia, has become the epicenter of data center growth in the American South. Southern has over 50 gigawatts (GW) of potential large-load growth in the pipeline, with roughly 40 GW concentrated in Georgia and a large portion tied to data centers.
4. Data Center Alley’s incumbent
Dominion Energy (NYSE: D) serves Northern Virginia, where roughly 70% of the world’s internet traffic flows. Dominion is in contract talks for roughly 40 GW to 47 GW of new data center capacity and expects peak electricity load in its territory to rise sharply over the next decade.
5. The hybrid power play
Vistra (NYSE: VST) combines a large nuclear fleet with efficient gas generation, making it one of the best-performing stocks in the sector. Vistra owns the Comanche Peak nuclear plant and has been in active discussions with hyperscalers about co-locating data centers with its nuclear and gas plants, including potential long-term supply deals.
6. Gulf Coast power broker
Entergy (NYSE: ETR) is the dominant utility in the Gulf Coast region, an area known for its affordable land and extensive energy infrastructure. Entergy has a pipeline of 7 GW to 12 GW of data center projects and has secured deals with Amazon, Alphabet, and Meta Platforms.
7. The natural gas gatekeeper
Williams Companies (NYSE: WMB) controls 30% of U.S. natural gas volume. In a strategic pivot, Williams is developing behind-the-meter and co-located gas-fired generation for data centers, aiming to relieve local grid bottlenecks and guarantee power availability.
8. Pipeline infrastructure giant
Kinder Morgan (NYSE: KMI) is one of the largest energy infrastructure companies in the S&P 500, with pipelines that move about 40% of U.S. natural gas. As AI demand outstrips renewable capacity, Kinder Morgan’s network is crucial for supplying the gas-fired power plants that utilities are rapidly building.
9. The turbine maker
GE Vernova (NYSE: GEV) is the arms dealer of the energy transition — whether the world chooses wind, gas, or nuclear, GE Vernova manufactures the turbines and generators needed to produce the electrons. The company is experiencing a surge in gas turbine orders, with multi-gigawatt deals explicitly tied to powering AI and data centers.
10. The uranium supplier
Cameco (NYSE: CCJ) is the Western world’s premier uranium supplier. With Microsoft, Alphabet, and Amazon all signing deals to restart or build nuclear reactors, these commitments significantly tilt the odds in favor of higher long-term uranium demand. Cameco also owns a 49% stake in Westinghouse, the company that actually builds nuclear reactors.
Powering the revolution
These 10 companies span nuclear operators, regulated utilities, natural gas infrastructure, and equipment manufacturers. The AI energy supercycle is just beginning, and the companies controlling electrons are positioned to benefit for decades. For investors seeking AI exposure beyond the obvious tech names, the energy sector offers a compelling — and often overlooked — opportunity.
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George Budwell, PhD has positions in Microsoft and NextEra Energy. The Motley Fool has positions in and recommends Alphabet, Amazon, Cameco, Constellation Energy, Goldman Sachs Group, Kinder Morgan, Meta Platforms, Microsoft, and NextEra Energy. The Motley Fool recommends Dominion Energy and Ge Vernova and recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.