After months of uncertainty, a trade deal was finally reached between the US and the European Union in late July. What are your reflections on the significance for energy markets?

"The good news is that a deal has been reached and the level of uncertainty has been reduced, but it’s hard to see any winners in this pact. For energy companies, slower economic growth has taken a toll on energy demand, while supply chains will be subjected to even higher inflation. Thus, margins in energy production will be under pressure. Some regions, however, could benefit from access to cheaper energy infrastructure, as goods that were intended for America will find alternative markets. Pakistan, for instance, has already experienced a strong uptick in solar PV. "

Aker, Nscale and Open AI have formed a new joint venture company called Stargate Norway, with plans to open major data centers that could introduce 3.6 terawatt hours of power demand in the far north of the country. Is this the shape of things to come?

"Yes, I see this as a good example of a new trend, with data centers increasingly being placed in geographies with an abundance of renewable energy – ideally in combination with stable political regimes. Those features exist in Norway, which also offers an attractive bonus given its cool climate. Data center construction is also a booming activity in neighboring countries Denmark, Finland and Sweden, with electricity consumption by data centers in the Nordic countries collectively poised to soar from 11 TWh in 2024 to 27 TWh in 2030. Another prolific location for data centers, despite its hot climate, is Texas, aided by its abundance of energy and its efficient regulator. We expect to see power demand from data centers in Texas grow by 80 TWh over the next three years. Data centers are often equipped with battery capacity, thus generating excess heat. A new trend is that data centers are also getting a role in the broader energy system through added flexibility to that system. The four hyper-scalers Google, Meta, Amazon and Microsoft have doubled their quarterly data center investments, from $40 billion per quarter in 2022 and 2023 to $80 billion more recently. These investments will typically be made in places that can rapidly offer these conditions. "

You have a rather unique personal collection on permanent display in your office and in the Rystad Energy board room: A vast number of globes. Can you explain what lies behind this planetary assemblage?

"Well, Rystad Energy’s company logo has been a globe since our launch more than 20 years ago. Also, my thesis for my Master’s degree was in astrophysics, and my favorite sport is orienteering – it should thus come as no great surprise that I like globes! The globe is the natural representation of the world and offers analytical benefits versus alternative “flat map” representations. It is also a reflection of how we in Rystad Energy project data and insights into natural formats that enable correct and holistic reasoning. Lastly, historical globes tend to trigger a lot of good discussions on history and politics, which I always appreciate."

Jarand Rystad, Founder and CEO.

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