The "endgame of AI is electricity" heats up valuations of green power assets. The world's largest sovereign fund seeks to increase its position but says outright that it is "too expensive."

Zhitong Finance APP has learned that the global expansion of AI computing power infrastructure construction is, so to speak, extending the AI computing power competition among tech giants to power supply: Google, Amazon, Microsoft, and Meta, through long-term power purchase agreements, project investments, and energy storage cooperation, are locking in large-scale, clean, and efficient power supply well in advance under the heavy pressure of social emission-reduction responsibilities; the purchase prices of high-quality energy assets have accordingly become an important constraint on the investment returns associated with AI computing power infrastructure. The Norwegian sovereign wealth fund, which manages about $2.3 trillion in assets, recently hoped to expand the scale of its renewable energy investments, only to find that the market has shifted to a seller-dominated one.