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Giấy phép số 4978/GP-TTĐT do Sở Thông tin và Truyền thông Hà Nội cấp ngày 14 tháng 10 năm 2019 / Giấy phép SĐ, BS GP ICP số 2107/GP-TTĐT do Sở TTTT Hà Nội cấp ngày 13/7/2022.
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Electricity demand in the United States was largely on a steady upward path for decades, but growth stagnated between 2005 and 2020. More recently, demand has resumed an upward trajectory, with estimates calling for 4% annual electricity demand growth through 2030.
Much of the renewed demand growth is being attributed to the rapid rise of artificial intelligence. In 2024, data centers accounted for 4.3% of U.S. electricity demand. By 2030, their share is expected to rise to 11.7%, representing a more than threefold increase.
As AI data centers expand, they will require substantial new power capacity. New energy sources may be needed quickly, particularly amid growing local opposition to data center development that some analysts link to grid strain and rising electricity prices for consumers.
Plug Power argues that the AI industry could look to its hydrogen fuel cell technology to help power new data centers, including facilities in remote locations. The company’s concept centers on using hydrogen as an independent fuel source to provide a reliable base load and, where desirable, reduce dependence on the local grid.
Some experts estimate that up to $7 trillion may be spent between now and 2030 to build new data centers. The article notes that even a small share of that spending could translate into meaningful upside relative to Plug Power’s current $3.8 billion valuation.
However, hydrogen is not the only alternative being considered for data center power. Other emerging options include small modular reactor (SMR) nuclear technology. The article states that many of these alternatives already have a long list of data center contracts, while Plug Power’s real-world traction in this specific market remains limited.
Even if AI data centers are willing to pay a premium for reliable energy, the article highlights that most forms of hydrogen fuel remain too expensive for mass deployment. It says cost competitiveness may not be reached for decades.
One key point emphasized is that hydrogen fuel is unlikely to become cost competitive at scale within five years. It also notes that even if hydrogen eventually becomes competitive, there is no guarantee that Plug Power’s particular technological approach will be the winner.

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