Hyperion

AI giants are funding multi-GW natural gas plants to power data centers, with several large projects (5 GW combined from Microsoft/Chevron/Engine No. 1; 933 MW Google; 7.46 GW Meta), while turbine shortages and gas-price linkages create significant supply and price risk for the lifecycle of these assets.

AI giants are racing to build multi-GW natural gas plants to power data centers, creating material regulatory, price, and resource-squeeze risks for energy markets and project viability.

Meta’s Hyperion data center could be powered by 10 natural gas plants delivering ~7.5 GW, with ~12.4 Mt CO2 per year and methane-leak risks, highlighting tensions between scale, cost, and climate commitments.