亚洲能源安全与人工智能：能源与计算相遇：超级周期再充电

Asia Summer School: Energy Meets Compute investment needs should start a golden age in energy investment to secure Al, food and tech supplychains after a decade of underinvestment. An investment supercycle unlocking Uss9trn in valuebeckons. Research AssoHinal Choudhary Research Associate ASEAN UTILITIES AND INFRASTRUCTUREAsia PacificIndustry ViewIn-Line Morgan Stanley does and seeks to dobusiness withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan StanleyResearch as only a single factor in making their investmentdecision For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA,may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications withasubjectcompany,publicappearancesand trading securities held by a research analyst account. Asia SummerSch00l.2026 Structuralthemes and challenges will drive a paradigmshift and require aco-existency of oil,gas,renewablesand coalenergymarkets Asia's Energy Demand Keeps Growing 10xmorecompute (andhenceenergy)totrain Global Aldata centercapexissettosurpassinvestmentinbothpowerandoil&gas WeestimateAsia'sDCpowerdemandCAGRtobe~24%over2023-30,exceedingthatoftheUSandEurope,drivenbyfasterAiinferencedemandandmoreinvestmentscommittedtotheregion Weestimate~1GWofpotentialpowershortfall forUsDCsfactoringinsuitablenuclearandfuelcellpowerwithapossible6GwspillovertoAsia Asia's Energy Security: In Perspective Own dependable energy assets that are helping power Al: Assets that give nations the ability to further energy self-sufficiency,such as nuclear, renewables, energy storage, greater domestic oil, and natural gas production and fuel refining.Diversification of energy sourcing to the Us, LatAm, and within Asia: Own tankers, LNG export and import infrastructure, andmidstream pipeline assets.Accelerating nuclear power, fertilizer and power grid deployment, as combating power shortages becomes even more critical.Datacenterscross-subsidisehouseholds,withtieredpowerpricesreducingaffordabilityconcerns.Oil and gas exploration picking up steam; coal gasification capacity builds set to double with return of coal-based power: Own oilservices and coal equipment manufacturers.Demand for metals and uranium likely to surprise: Copper, aluminum, uranium, and nickel should see significant demand We see a nearly 1.6x torque to the value creation as Uss5trn+ in investments across the regionensure security of tech,Al,food, and energysupply chains, unlocking Uss9trn in value Us,Europe,and Japan power consumption is expected to grow2-3xfaster than in the previous decade The Return of Coal in Asia's Energy Mix Rising power demand, energy security concerns, and coal-to-gas substitution are driving anew coal investmentcycleacross Asia. WeexpectAsianmarketstospendUss318bnincoal investmentsdriven by higher power demand and coal-to-gas switching Us shale revolution will be exported to Asia for the first time at scale in 2027withrepercussionsacrossthepoweringAland energysecuritythematics Diversification of Asia's Energy Mix US shale revolution will be exported to Asia for the first time at scale in 2027with repercussions across thepoweringAland energy security thematics withmajorplayersbuildingintegratedfacilities Source: Statistical Review of World Energy, Morgan Stanley Research estimates. More Energy Storage & Grid Investments Needed Coupled withhigh renewable deployment,we expect EsSadditions of around 2700GWhby2030 Alackofgridcapacityisemergingasacriticalbottleneck,drivinghigherlevelsofcongestionanddemandgrowth.Accesstopowervia the grid is key in this'Age of Electricity'andisa Uss1trn investment requirement. Reducing Asia's Oil &Gas Import Reliance Asia'sreservelifebasedonenergyconsumptionaverages9-10years(vs~15yearsonproduction),implyingthatAsia'srelianceonexternal energywillremainelevated Therefinerycycleinperspective:Muchtighterascapacitygrowthremainsbelowconsumptiongrowthbynearly30-40% StorageInfrastructure How are New Investments Funded? Funding energy security: CCorporatebalancesheetsarestrong,withlimiteddebtascompanieshavebeenbehindthecurveongrowinginvestmentsVS.consumptiongrowth.Collectively,weseeaUss4trnpotentialforfundingbydebton2028multiples The information and opinions in Morgan Stanley Research were prepared orare disseminated by Morgan Stanley Asia Limited (which accepts the responsibilityforits contents)and/or Morgan Stanley Asia (Singapore)Pte. (Registration number199206298Z)and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 2OOOO8434H), regulated by the Monetary Authority of Singapore (which accepts legal responsibility for its contents and should be contacted with respect to