Recently, when looking into investment opportunities in 2026, I found that the directions worth paying attention to in energy concept stocks have completely changed in logic.

In the past, investing in new energy relied on policy subsidies and capacity expansion to make money, but now it’s completely different. The electricity demand from AI training and data centers has become a truly rigid requirement. According to the latest forecasts from the IEA and Goldman Sachs, global data center electricity consumption will surge from 460 TWh in 2022 to about 1,050 TWh this year, with AI-related portions contributing more than half. Training a large AI model can consume thousands of MWh of electricity—equivalent to the annual electricity use of tens of thousands of households.

So what does this shift bring? Traditional wind and solar have intermittency issues and cannot meet data centers’ requirement for 24/7 stable power supply. That’s why Microsoft, Amazon, and Google are making major investments in nuclear power from 2025 to 2026. Microsoft and Helion have signed nuclear fusion agreements; Amazon plans to deploy 12 small modular nuclear reactors; and Google has committed to tripling nuclear power capacity by 2030. The advantages of small modular nuclear reactors include factory prefabrication, fast deployment, and high safety—making them very suitable for building near data centers.

But I found that most people overlook an even bigger bottleneck: “Power generation is easy, but transmission is hard.” The global power grid is severely aging, and delivery lead times for high-voltage transformers and switchgear are still as long as 2-3 years. The proportion of electricity consumption from data centers in the United States is set to rise from 4% in 2023 to above 8%, directly lifting electric utility companies’ revenue growth rate from 1% to 4-6%.

In Taiwan, which energy concept stocks can you look at? Delta Electronics is a leader in power electronics. High-power-density AI servers are driving an explosion in orders, and growth is expected to continue into 2026. Among the top 20 global automakers, 75% are their customers, and rising EV penetration also supports growth. Huacheng Electric is a grid cooperation partner of Taipower, benefiting from Taipower’s NT$564.5 billion “Grid Resilience Enhancement Construction Plan.” It is also a leader in Taiwan’s EV charging station market. United Renewable Energy, as a solar cell leader, will see its gross margin rebound after capacity optimization is completed in 2025; in 2026, it will benefit from anti-dumping tariffs in Europe and the U.S. as well as technological upgrades, and overseas shipments are expected to grow by more than 15%. WUS is a leading manufacturer of wind turbine blade materials; in 2026, Taiwan offshore wind project Phase 3 and Asia-Pacific market development are expected to accelerate, with an order backlog exceeding “hundreds of billions.” Jing Yuan focuses on high-efficiency solar products. After the anti-subsidy investigations in Europe and the U.S., the market share of Taiwanese manufacturers has increased; revenue is expected to grow by 12-15% annually.

For the U.S. stock market, what opportunities are there in energy concept stocks? Constellation Energy is the largest nuclear power operator in the U.S., holding about 20% of the nation’s nuclear capacity. In 2025, it signed a 20-year restart contract for Three Mile Island with Microsoft. In 2026, data center projects are expected to expand significantly, with EPS growing 15-20% year over year. Oklo is a pioneer in micro nuclear reactors, supported by the OpenAI CEO; in 2026 it is expected to be ahead in the progress toward NRC approval. It is in talks with potential customers such as Amazon and Equinix, and under AI power shortages it has explosive potential. Eaton is a leader in grid intelligence; AI data centers’ high-power-density demand is boosting transformer requirements, and its grid business is expected to grow by more than 25% in 2026. GE Vernova covers high-voltage transformers, HVDC transmission, and wind power equipment; benefiting from global grid upgrade investment, it is expected to grow revenue by 15-18% in 2026. NextEra Energy is the largest renewable energy company in the U.S.; in 2026 it will benefit from the expansion of offshore wind and solar projects, with stable dividends and annual dividend growth of more than 10%.

Investing in new energy requires patience and discipline. It’s recommended that AI power stocks make up 50-60% of your portfolio—high growth and high volatility. Traditional energy stocks should account for 30-40% as a stable defensive allocation. The remaining 10% should be cash or bonds as a buffer. New energy stocks are volatile, so avoid chasing highs; look for short-term pullbacks within a long-term uptrend as opportunities to add. Focus on leading indicators such as AI capital expenditures, the scale of grid investment, order backlog, and technological iteration—not just trading themes, but following order certainty and rigid demand.

In the AI era and against the backdrop of the global net-zero emissions transition, 2026 to 2030 will be the most valuable window of structural opportunities for new energy stocks. If you’re also paying attention to this area, you can come to Gate to check the market trends of the relevant assets.