Businesses Face Grid Waits

This is a news story, published by CNBC, that relates primarily to McKinsey news.

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electricity demand

CNBC

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Technology

Europe's battle for power spurs evolution of a new ecosystem for energy-hungry firms

Summary

Nutrition label

88% Informative

Businesses are facing five to eight-year waiting times to connect to Europe 's strained grids.

Bottlenecks in power grids are driving shifts in the market as firms look for alternative sources of accessing power.

At least 1,500 gigawatts of global clean energy projects have been stopped or delayed because of a lack of grid connections.

Data centers are the "primary director" of that growing competition, says McKinsey 's Diego Hernandez Diaz .

Europe lagging behind the rest of the world when it comes to growth in power demand.

High electricity prices and operational costs are hampering overall demand in the region.

Countries that move forward with improving legislation on enabling firms to have a fully decarbonized energy stack will be the "winner of the race," AVK 's Pritchard said.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

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not offensive

Hate speech

not hateful