It looks like ExxonMobil is joining the power generation business.
The oil and gas giant announced plans to construct a gas-fired power plant in Texas, designed specifically to meet the energy demands of data centers. Some reports claim the facility may generate up to 1,500 MW.
Why does this matter?
– Data centers—critical to cloud computing, AI, and digital services—are projected to consume an increasing share of global electricity.
– Many believe natural gas to be the best option for reliable, 24/7 electricity that data centers demand, partially due to its lower cost.
– While no natural gas plant currently uses carbon capture, ExxonMobil announced that this new plant will capture over 90% of the facility’s CO2 emissions.
Innovation is increasingly important in traditional energy sectors to support the needs of a digital-first world.
