Recently reviewing the energy stock recommendation list for 2026, I found that the market narrative has completely changed.

Last year, discussions were still about electric vehicle subsidies and solar overcapacity, but now all focus is on a core issue: How much power does AI actually consume?

According to the latest data, global data center electricity consumption has skyrocketed from 460 TWh in 2022 to around 1,050 TWh now, with AI-related parts contributing over half. The power consumption of training a large AI model reaches thousands of MWh, equivalent to the annual electricity use of tens of thousands of households. This is no longer an environmental issue but a real, rigid electricity demand.

That’s why tech giants like Microsoft, Amazon, and Google have been investing heavily in nuclear power starting in 2025. Traditional wind and solar power simply cannot meet the AI data centers’ demand for stable 24/7 power supply. Nuclear energy and grid upgrades have become new investment focuses.

Honestly, power generation itself isn’t the bottleneck; the real issue lies in transmission. The global power grid is aging, and the lead time for high-voltage transformers is still 2-3 years. The supply-demand imbalance will persist until 2027. This means that manufacturers of grid equipment and power companies with sufficient grid connection capacity are the true “shovel sellers” opportunities.

From the perspective of energy stock recommendations, there are several noteworthy targets in Taiwan. Delta Electronics is a leader in power electronics, with high-power-density AI servers driving a surge in orders, continuing growth into 2026 is no problem. Huacheng Electric benefits from Taipower’s grid upgrade plans and is also a leader in electric vehicle charging stations, driven by dual engines. United Renewable Energy has completed capacity optimization, with gross profit margins rebounding, and overseas module shipments expected to grow over 15%. Swancor Wind has a high market share in blade materials, with a backlog exceeding NT$10 billion, and revenue growth is projected at 18%. Yuanjing focuses on high-efficiency products, with good cost control and a stable dividend policy.

On the US stock side, Constellation Energy is the largest nuclear operator in the US, having signed a 20-year contract with Microsoft to restart Three Mile Island, with a major expansion of data center projects expected in 2026. Oklo is a pioneer in micro nuclear reactors, supported by Sam Altman, and is leading in NRC approval progress in 2026. Eaton is a leader in grid intelligence, with AI data centers boosting transformer demand, and grid business is expected to grow over 25% in 2026. GE Vernova covers high-voltage transformers and HVDC transmission, benefiting from global grid upgrade investments, with order backlog reaching new highs. NextEra Energy is the largest renewable energy company in the US, leading in wind and solar capacity, with stable dividends, and is a core defensive play amid the net-zero transition.

Investing in new energy stocks requires patience. It is recommended that AI power stocks make up 50-60% of the portfolio, aiming for high growth but accepting high volatility; traditional energy stocks account for 30-40% as a stable defense; the remaining 10% in cash or bonds as a buffer. In a long-term upward trend, short-term pullbacks are opportunities to add positions, but avoid chasing highs.

The new energy cycle is long, and bear markets are often accompanied by policy changes, but every dip is a starting point for a long-term bull. Against the backdrop of AI era and net-zero transition, 2026 to 2030 will be the most valuable structural opportunity window for new energy stocks. The key is to monitor leading indicators such as AI capital expenditure, grid investment scale, and order visibility, rather than chasing hype.