Nordic Data Center Boom Fueled by Low Prices, Empty Land and Cool Weather

Nordic power companies stand to win big from Europe’s data-center boom, as cool weather and lower power prices entice more mega-projects northward.

Data-center power demand in the Nordics could rise fourfold by 2032, Bloomberg Intelligence data shows, boosting the earnings potential for Vattenfall AB, Statkraft AS, Fortum Oyj and Orsted A/S. Regional consumption could grow by 14% to 19% annually until then, faster than the European Union average — including larger markets like Germany, Bloomberg Intelligence analysts Joao Martins and Patricio Alvarez said.