德意志银行：2026年中国公用事业行业-上调AI用电需求预测报告（英文版）

China's Al-related power demand saw strong growth in April 2026, driven by ontinued expansion in data centres and digital infrastructure. Overall electricity consumption rose 6.0% YoY, but the tertiary sector - where IT services sit - outpaced this at +8.9% YoY. Within this, internet and data services recorded a sharp 42.8% YoY increase in power consumption, extending an acceleration trend from >30% in 2025. This sustained step-up closely tracks a sharp acceleration in data centre deploy