Connecting the Dots: Data Center Value Chain and the Energy Challenge in Europe

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As data centers rapidly evolve into the backbone of the new digital economy—powering everything from finance and healthcare to manufacturing and logistics—their significance as a fast-changing, high-value asset class is unmistakable. The United States have led the way in the rapid build-out of data centers, offering valuable lessons in both the opportunities and the risks associated with this transformation. Massive investment flows have fueled innovation and capacity, but have also exposed vulnerabilities along the value chain: from supply chain constraints and construction bottlenecks to a heightened appetite for risk as the pace of expansion accelerates.

Europe now stands at a crossroads. While the continent recognizes the strategic importance of scaling digital infrastructure, it faces its own challenges. Chief among them is the issue of power: the availability, reliability, and sustainability of energy supply. Europe’s energy sector has been shaped by years of intense focus on the energy transition, prioritizing the decarbonization of generation assets and stretching the sector’s operational and financial capacity. This has created a landscape where energy supply is increasingly “green”, but also more constrained—posing a potential bottleneck for data center expansion.

Furthermore, as data centers represent a demand-driven shift in energy consumption, there is a pressing need for policy evolution. The traditional focus on greening supply must be complemented by strategies that address the surging and highly concentrated demand from digital infrastructure. How can Europe balance the imperative to deploy new data center capacity with the realities of its energy transition? What can it learn from the US experience, and where must it chart its own course?

Through two expert panel discussions, this conference will explore:

1. How Can Europe Progress Both Its Broad Energy Transition and Data Center Deployment?
   o Addressing the power bottleneck: from generation and grid capacity to policy and market design.
   o Exploring how Europe can align its energy transition goals with the growing demands of the digital economy, ensuring both sustainability and competitiveness.
2. Evolving Risks Across the Data Center Value Chain: What Europe Can Learn from the US
   o Examining how the US is navigating rapid data center build-out, the investment landscape, and the shifting risk profile.
   o Assessing supply chain constraints, construction challenges, and the implications for Europe’s own digital infrastructure ambitions.

Check the S&P Global dedicated Digital Infrastructure webpage: Digital Infrastructure | S&P Global