Shaping the Future of Clean, Secure, and Affordable Energy

At Reuters Energy Live 2024, we explored the transformative shifts reshaping the power industry. The event’s theme, “A New Era for Clean, Secure, and Affordable Energy,” couldn’t be more relevant to our work at Mitsubishi Power. Over the last 12 months, we’ve witnessed unprecedented changes, driven by rapid advancements in artificial intelligence (AI) and the surging electricity demand from hyperscalers like Microsoft, Google, Meta, and Amazon. These shifts bring both challenges and opportunities, and we’re at the forefront of navigating them. 

Here are the key takeaways from Bill Newsom’s presentation at Reuters Energy Live that highlight how we are driving progress in this dynamic landscape: 

Unprecedented Demand Growth from Hyperscalers 

The demand from hyperscalers is not only real—it’s transformative. These companies, with market caps between $1 and $3 trillion, are reshaping the power generation market as we know it. Their growing reliance on data centers fueled by AI has led to an exponential surge in electricity demand. 

For instance, Georgia Power’s Integrated Resource Plan (IRP) projected a need for an additional 400 megawatts of capacity in 2031. Just one year later, that figure skyrocketed to 6.6 gigawatts—a staggering 1,550% increase, with 80% of the growth attributed to data centers. This new reality compresses development timelines, requiring utilities and energy providers to rethink how they deliver reliable power quickly and sustainably. 

The Balancing Act: Clean, Secure, and Affordable Energy 

Meeting this demand isn’t just about capacity—it’s about accountability. Hyperscalers demand clean electrons, holding energy providers to a clear path toward decarbonization. 

As a company, we recognize that achieving a balance between clean, secure, and affordable energy requires pragmatism and innovation. Over the past 20 years, the industry has reduced CO2 emissions by nearly 50% by replacing coal with natural gas and renewables. But the cost of clean energy still needs to come down to make it more accessible at scale. This is where policy drivers like the Inflation Reduction Act (IRA) play a pivotal role, alongside our continued investment in clean technologies to bring costs down and accelerate adoption. 

Delivering Solutions at Scale 

We are turning vision into action with transformative projects that demonstrate our commitment to clean energy innovation: 

•   Takasago Hydrogen Park, Japan: A groundbreaking facility where we are testing hydrogen production technologies and demonstrating their integration into combined cycle power plants. In the coming months, we’ll showcase a 50% hydrogen blend in a fully operational plant. 

•   ACES Delta, Utah: The first utility-scale green hydrogen project in the U.S., leveraging curtailed renewable energy to produce and store hydrogen in salt caverns, each the height of the Empire State Building. This project will decarbonize western U.S. power grids and go live in 2025. 

•   Decatur, Illinois: Partnering with ADM, we’re transitioning a 30-year-old coal facility to natural gas with carbon capture technology. The CO2 will be safely sequestered 8,000 feet below ground in Class VI wells, offering a scalable model for emissions reduction. 

Commitment to Execution and Excellence 

At Mitsubishi Power, we’re investing hundreds of millions of dollars into developing and de-risking technologies that will enable a net-zero future by 2040. Our focus remains on listening to our customers, aligning with their decarbonization timelines, and delivering reliable solutions. 

Execution is key. As the pace of demand accelerates, we’re committed to scaling clean energy technologies and meeting the needs of this new era with excellence. 

Looking Ahead 

Reflecting on the past year, it’s incredible how much has changed. AI and hyper-scaler demands have shifted the energy landscape, creating an urgent need for innovation and collaboration. Looking ahead, the progress we can achieve in the next 12 months is equally inspiring. 

Together, we are shaping a cleaner, more secure, and more affordable energy future—one project, one breakthrough at a time.