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AGL Energy to See Long-Term Demand Growth from 'Significant Forecasted Uplift' in New Data Centers, CEO Says; Shares Up 5%

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AGL Energy (ASX:AGL) expects to see durable sources of long-term demand growth from a "significant forecasted uplift" in new data centers coming online, as well as the shift to electrification and higher electric vehicle penetration, its Chief Executive Damien Nicks said, according to a Wednesday Australian bourse filing.

The firm services 4.6 million customers across Australia. It continues to see increasing uptake in electrification products across its consumer and large business customers.

Its energy hubs have the potential to support over seven gigawatts of data center capacity over the longer-term, largely based on grid connection potential, Nicks added.

Its shares rose 5% in recent trading on Wednesday.

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