Recently researching which new energy stocks present worthwhile opportunities, I found that the logic for 2026 is completely different from the past few years.

In the past, investing in new energy was mainly relying on government subsidies and capacity competition, such as electric vehicle subsidies and solar cell capacity. Now, that approach is long outdated. The real change is the electricity demand driven by AI—training AI models in data centers consumes huge amounts of power, which has become a core driver of global electricity demand. According to forecasts from IEA and Goldman Sachs, global data center electricity consumption will surge from 460 TWh in 2022 to 1,050 TWh in 2026, with AI contributing to over half of the growth. The power consumption of training a large AI model is equivalent to the annual electricity use of tens of thousands of households, which is not a small number.

This raises a key issue: traditional solar and wind energy are intermittent and cannot meet the 24/7 stable power supply needs of AI data centers. Therefore, Microsoft, Amazon, and Google are now heavily investing in nuclear energy. Microsoft has signed a fusion agreement with Helion Energy, Amazon plans to deploy 12 small modular reactors, and Google has committed to tripling nuclear capacity by 2030. This is a long-term structural opportunity; Goldman Sachs predicts that by 2030, data centers’ demand for nuclear power will reach several tens of gigawatts.

Another easily overlooked bottleneck is the power grid. Power generation is easy, but transmission is the real challenge. The global power grid is severely aging, with delivery times for high-voltage transformers and switchgear still taking 2-3 years. Major companies like Hitachi Energy have already invested billions of dollars to expand capacity, but supply will remain tight until at least 2027. The proportion of data center electricity consumption in the US is expected to rise from 4% in 2023 to over 8%, directly boosting utility revenue growth rates from 1% to 4-6%.

Regarding specific targets in new energy stocks, I am quite optimistic about several in Taiwan. Delta Electronics (2308) is a leader in power electronics, with high-power-density AI servers driving a surge in orders, expected to continue growing through 2026, and automotive electronics also accelerating. Hua Cheng Electric (1519) is a long-term partner of Taiwan Power Company; the TWD 564.5 billion grid resilience project will directly benefit Hua Cheng, plus they hold nearly 20% market share in EV charging stations.

In the green energy sector, United Renewable Energy (3576) is a solar module leader, expected to benefit from anti-dumping tariffs and technological upgrades in Europe and the US in 2026, with overseas module shipments projected to grow over 15%. Shing Yin (4733) is a leading wind turbine blade material supplier; Taiwan’s offshore wind power phase three and Asia-Pacific market development are accelerating, with order backlog exceeding TWD 10 billion, and revenue growth forecast at 18%. Yuan Jing (6443) focuses on high-efficiency solar modules, with good cost control and stable dividend policy.

In the US stock market, Constellation Energy (CEG) is the largest nuclear power operator in the US, holding about 20% of the country’s nuclear capacity. In 2025, it signed a 20-year contract with Microsoft to restart Three Mile Island, and in 2026, data center projects are expected to expand significantly, with EPS growing 15-20% annually. Oklo (OKLO) is a pioneer in micro nuclear reactors, supported by Sam Altman; Amazon and Equinix are in negotiations, and it has made rapid progress toward NRC approval in 2026, with high valuation re-rating potential.

Eaton (ETN) is a leader in smart grid technology, with transformer demand soaring due to high-power-density AI data centers. Delivery times have extended to 24 months, with orders surging in 2025, and grid business growth expected to exceed 25% in 2026. GE Vernova (GEV), a spin-off from GE, covers high-voltage transformers, HVDC transmission, and wind power equipment, benefiting from global grid upgrade investments. Its order backlog is at a record high, with revenue growth forecast at 15-18% in 2026. NextEra Energy (NEE) is the largest renewable energy company in the US, leading in offshore wind and solar capacity, with stable dividends and an EPS annual growth of 8-10% amid the net-zero transition.

The key to investing in new energy stocks is patience and discipline. It is recommended that AI power stocks constitute 50-60% of the portfolio—these are high-growth, high-volatility assets. Traditional energy stocks should make up 30-40% as a defensive measure, with the remaining 10% in cash or bonds as buffers. Due to their volatility, avoid chasing highs; instead, view short-term dips within the long-term upward trend as opportunities to add. Focus on monitoring AI capital expenditure, grid investment scale, order backlog, and technological iteration—these are the real indicators of core demand.

The new energy cycle is long, and bear markets are often accompanied by policy winters, but every downturn is a starting point for a long-term bull run. Against the backdrop of AI era and global net-zero emissions transition, 2026 to 2030 will be the most promising structural opportunity window for deepening investments in new energy stocks.