Sembcorp Ind    Last:6.13    -0.08

SembCorp Industries

Broker Name: OCBC Group Research
Date of Report: 26 February 2026

Excerpt
Sembcorp Industries (SCI) reported softer results for 2H25, mainly due to weaker Gas and Related Services (GRS) from lower contract renewal spreads in Singapore and reduced demand in the UK, though this was partially offset by higher contributions from Senoko Energy. Despite the headwinds, SCI declared a higher FY25 dividend per share of 25 Singapore cents (+8.7% YoY) and plans to increase its dividend payout ratio over time the company remains focused on renewables growth and is well positioned to benefit from rising data centre-driven power demand, with a BUY rating and a slightly lowered fair value of SGD 7.48.

 

No problem - we have Mr Checkerman, the Permabear, who will push down the share price for you to buy cheap.

Battle123      ( Date: 27-Feb-2026 18:23) Posted: Too busy, no see the price movement,didn't add onz more when price low

 

Too busy, no see the price movement,didn't add onz more when price low

 

U were proven right, dip below $6, but recoverd back to $6.08 as of now.
 

Checkerman      ( Date: 27-Feb-2026 06:14) Posted: Price will fall below $6 when market open . This time is real JurongW      ( Date: 27-Feb-2026 01:41) Posted: The Edge - Analysts &lsquo neutral&rsquo on Sembcorp after FY2025 result announcement Sembcorp Industries FY2025 results did not inspire, as several analysts either downgraded their calls or lowered their respective target prices. JP Morgan remains &ldquo neutral&rdquo but with a reduced target price of $5.80 Macquarie Equity Research initially maintained the counter as &ldquo outperform&rdquo with TP of $6.59 (down from $7.04) on the morning of Feb 25 in a flash note before Sembcorp&rsquo s results briefing. However, Macquarie later downgraded the counter to &ldquo neutral&rdquo in a report issued on Feb 26, reducing TP further from $6.59 to $6.43. JP Morgan analyst Sumedh Samant describes Sembcorp&rsquo s discussion on dividend outlook as &ldquo constructive&rdquo , noting that management is keen to close the dividend payout ratio and yield gap with respect to local and regional peers, while maintaining a sustainable absolute dividend per share level. With a payout of 25 cents per share, up from 23 cents in FY2024, the company&rsquo s payout ratio and yield is respectively around 40% and 4% currently while its peers are around 60-70% and 5% respectively. However, on the back of slower earnings trajectory and the company&rsquo s high leverage upon completion of the Alinta deal, Samant expects any gains in Sembcorp&rsquo s share price to be constrained. During the results briefing which was also attended by  The Edge Singapore, Sembcorp warned of margin pressures impacting the gas and related services (GRS) segment for Singapore. Group CEO Wong Kim Yin highlighted that around 5% the company&rsquo s Singapore portfolio is due for recontracting this year, while over at Senoko Energy, in which Sembcorp holds a 50% stake, has some 47% due as well. With energy supply expected to increase this year, Samant expects Sembcorp to enjoy lower margins for the new contracts. Samant also suggests three other factors that could have a &ldquo drag&rdquo on Sembcorp&rsquo s earnings. These include the loss of key customers for UK assets further decline in China renewable energy contributions attributed to continued curtailments and tariff pressure and declining deferred payment note income due to forex changes. He also believes that while the Alinta assets could mitigate earnings losses for existing business, overall earnings are still likely to be &ldquo lukewarm&rdquo for FY2026. Samant however, did sound the possibility of a rebound beyond that. Samant also took note of the following which presumably he will keep an eye on: Sembcorp supplying around 690 MW to high-tech manufacturing including a recent 150 MW contract with semiconductor giant Micron around $350 million in renewable energy subsidies from China the recontracts for Senoko Energy an exceptional item of A$208 ($187) million arising from the Alinta deal and potential IPO for the India renewable energy business. Cutting FY2026 and FY2027 core earnings by 10% and 12% respectively from earlier estimates, Samant projects 1% y-o-y core earnings growth for FY2026 and 16% y-o-y growth for FY2027 to account for lower GRS segment margins and renewable energy earnings. As such, Samant values Sembcorp at $5.80 and recommends investors to wait for a &ldquo better entry point to play such earnings uptrend&rdquo . Foo Zhiwei of Macquarie is less upbeat about Sembcorp following the results briefing. In his first note, presumably after reviewing the results announcement before market opening, he calculates clean patmi for 2HFY2025 &mdash excluding $59 million in deferred payment note FX losses and net loss of $5 million in one-offs &mdash to be $512 million, better than estimates. Foo notes that the renewables segment is facing sustained headwinds as the China market, with a 17% y-o-y decline in net profit to $74 million due to higher curtailment and depressed tariffs, continues to be a drag on performance. He also saw the impairment of the rooftop solar assets as Sembcorp exited the consumer and industrial rooftop solar business in Southeast Asia. Overall, despite also noting the weaker GRS outlook, Foo was still optimistic, rating Sembcorp at &ldquo outperform&rdquo with TP of $6.59 as well as thinking that Sembcorp&rsquo s shares will react &ldquo positively&rdquo to the better-than-expected results. Following Sembcorp&rsquo s briefing, Foo issued a research report on Feb 26, downgrading Sembcorp to &ldquo neutral&rdquo with a TP of $6.43. In his report, Foo notes clean patmi to be closer to $485 million, albeit still better than initial estimates. That said, Foo notes that while GRS&rsquo s Singapore net profit remains stable, it belies a steeper decline in the core business. He adds that besides facing re-contracting downside risk for the Singapore power business, the GRS segment is also seeing lower profitability as volatility abates, with FY2025 earnings declining by $25-30 million from FY2024 levels, with Sembcorp sharing that earnings have stabilised. With regards to the renewables segment, Foo expects no near-term improvement with Sembcorp highlighting the $30 million impact from curtailment in China, with about one-third attributed to higher hydro generation that is unlikely to be repeated. He also points out another $12 million downside in FY2026 due to China' s cancellation of the VAT-added tax refund. He writes that growth for renewables now lies with India and Australia. For integrated urban solutions, Foo expects start-up costs to impact the segment&rsquo s FY2026 earnings as Sembcorp scales up its portfolio of leaseable industrial land. Based on the above, he has a &ldquo muted&rdquo view of Sembcorp&rsquo s valuation, writing that 2026 is likely a transition year for the company to realign its portfolio for growth. He believes that Alinta&rsquo s performance in the second-half of 2026 will be key to share price re-rating. Foo lowers estimated patmi for FY2026 and FY2027 by 2% and 5% respectively, trimming his sum-of-the-parts valuation to $6.43 TP.

 

https://thesmartinvestor.com.sg/earnings-spotlight-seatrium-profits-double-as-sembcorp-bolsters-its-renewable-strategy/

Sembcorp Industries: Balancing Growth and Transitions
Sembcorp Industries delivered a resilient performance in 2025, navigating a complex environment of shifting energy prices.

The group reported a 10% year-on-year (YoY) decline in revenue to S$5.8 billion, a contraction primarily sparked by lower electricity offtake and softening pool and gas prices in the Singapore market.

Performance was further hampered by reduced plant availability in the United Kingdom and the absence of revenue from its recently divested waste management arm.

However, the Renewables division acted as a vital stabiliser, with new capacity in India, Singapore, and the Middle East offsetting some of the top-line pressure.

On the bottom line, net profit attributable to owners saw a marginal 3% dip to S$984 million.

When stripping away exceptional items and currency fluctuations related to deferred payment notes, the core profit stood firm at S$1.0 billion, remaining essentially flat compared to the previous year.

A highlight for the year was the dramatic improvement in liquidity free cash flow (FCF) swung into positive territory at S$208 million, a significant recovery from the negative S$196 million recorded in 2024.

This was largely due to a more moderate pace of capital expenditure.

Despite the mixed revenue figures, the board signaled confidence by raising the total ordinary dividend by 9% to S$0.25 per share.

With the Alinta Energy acquisition on the horizon for 2026, the group is positioned to broaden its earnings base even as it faces margin pressures in its Singapore gas business.

 

Analysts &lsquo neutral&rsquo on Sembcorp after FY2025 result announcement

 

Few analysts downgraded the ratings after the SCi result without factoring in Alinta Energy and India assets IPO listing which are potential catalysts for upside re-rating. Alinta Energy acquisition takes 4 months or less to complete while the latter 5-6 months to accomplish. Another thing to note is that the trailing 12 month net income of S$984 million on S$5.8b in revenue works out to a 17% net margin, compared with 15.9% reported a year earlier in the analysis data. Analysts' consensus view links this higher margin to more recurring, higher margin income from renewables and long term power purchase agreements. Last month LNG import prices across Asia crashed 30%, this month it stabilises, thus making much higher profit margin for SCI. These few analysts failed to notice. SCI will announce 1H 2026 result in 6 months time including significant profits of Alinta Energy which is to be completed by 30 June 2026. ***(Shortists on shorting spree to above 10M shares as of now, only if retail investors give up big, the shortlists are enough clever to win! Pls accumulate more as the dividend yield is 4%++ comparable to REIT)****"

Louistan      ( Date: 26-Feb-2026 13:59) Posted: DBS also seems positive with the results. But i believe it will continue to move sideways for 3-4 months and will start moving in the middle of the year as DBS said positive catalyst emerges towards 2H26 with Alinta contributions, value-unlocking IPO of India renewable assets and commencement of new power plant in Singapore.  JurongW      ( Date: 26-Feb-2026 13:48) Posted: CGSI - Can S$1bn profit be the new normal? With close to S$1bn of recurring earnings base, SCI plans to lift its absolute dividend as well as payout, benchmarking to STI and global peers. All segments other than RE are likely to see yoy profit declines for FY26F hence, the completion of Alinta is key to sustaining its S$1bn profit levels. Maintain Add with a lower TP of S$7.68, now based on 12x FY27F P/E (previously 13x) given the flattish near-term outlook.

 

Now u believe

papercut111      ( Date: 25-Feb-2026 09:45) Posted: since when has it been a good sign for you? Checkerman      ( Date: 25-Feb-2026 09:05) Posted: not a good sig

 

Price will fall below $6 when market open . This time is real

JurongW      ( Date: 27-Feb-2026 01:41) Posted: The Edge - Analysts &lsquo neutral&rsquo on Sembcorp after FY2025 result announcement Sembcorp Industries FY2025 results did not inspire, as several analysts either downgraded their calls or lowered their respective target prices. JP Morgan remains &ldquo neutral&rdquo but with a reduced target price of $5.80 Macquarie Equity Research initially maintained the counter as &ldquo outperform&rdquo with TP of $6.59 (down from $7.04) on the morning of Feb 25 in a flash note before Sembcorp&rsquo s results briefing. However, Macquarie later downgraded the counter to &ldquo neutral&rdquo in a report issued on Feb 26, reducing TP further from $6.59 to $6.43. JP Morgan analyst Sumedh Samant describes Sembcorp&rsquo s discussion on dividend outlook as &ldquo constructive&rdquo , noting that management is keen to close the dividend payout ratio and yield gap with respect to local and regional peers, while maintaining a sustainable absolute dividend per share level. With a payout of 25 cents per share, up from 23 cents in FY2024, the company&rsquo s payout ratio and yield is respectively around 40% and 4% currently while its peers are around 60-70% and 5% respectively. However, on the back of slower earnings trajectory and the company&rsquo s high leverage upon completion of the Alinta deal, Samant expects any gains in Sembcorp&rsquo s share price to be constrained. During the results briefing which was also attended by  The Edge Singapore, Sembcorp warned of margin pressures impacting the gas and related services (GRS) segment for Singapore. Group CEO Wong Kim Yin highlighted that around 5% the company&rsquo s Singapore portfolio is due for recontracting this year, while over at Senoko Energy, in which Sembcorp holds a 50% stake, has some 47% due as well. With energy supply expected to increase this year, Samant expects Sembcorp to enjoy lower margins for the new contracts. Samant also suggests three other factors that could have a &ldquo drag&rdquo on Sembcorp&rsquo s earnings. These include the loss of key customers for UK assets further decline in China renewable energy contributions attributed to continued curtailments and tariff pressure and declining deferred payment note income due to forex changes. He also believes that while the Alinta assets could mitigate earnings losses for existing business, overall earnings are still likely to be &ldquo lukewarm&rdquo for FY2026. Samant however, did sound the possibility of a rebound beyond that. Samant also took note of the following which presumably he will keep an eye on: Sembcorp supplying around 690 MW to high-tech manufacturing including a recent 150 MW contract with semiconductor giant Micron around $350 million in renewable energy subsidies from China the recontracts for Senoko Energy an exceptional item of A$208 ($187) million arising from the Alinta deal and potential IPO for the India renewable energy business. Cutting FY2026 and FY2027 core earnings by 10% and 12% respectively from earlier estimates, Samant projects 1% y-o-y core earnings growth for FY2026 and 16% y-o-y growth for FY2027 to account for lower GRS segment margins and renewable energy earnings. As such, Samant values Sembcorp at $5.80 and recommends investors to wait for a &ldquo better entry point to play such earnings uptrend&rdquo . Foo Zhiwei of Macquarie is less upbeat about Sembcorp following the results briefing. In his first note, presumably after reviewing the results announcement before market opening, he calculates clean patmi for 2HFY2025 &mdash excluding $59 million in deferred payment note FX losses and net loss of $5 million in one-offs &mdash to be $512 million, better than estimates. Foo notes that the renewables segment is facing sustained headwinds as the China market, with a 17% y-o-y decline in net profit to $74 million due to higher curtailment and depressed tariffs, continues to be a drag on performance. He also saw the impairment of the rooftop solar assets as Sembcorp exited the consumer and industrial rooftop solar business in Southeast Asia. Overall, despite also noting the weaker GRS outlook, Foo was still optimistic, rating Sembcorp at &ldquo outperform&rdquo with TP of $6.59 as well as thinking that Sembcorp&rsquo s shares will react &ldquo positively&rdquo to the better-than-expected results. Following Sembcorp&rsquo s briefing, Foo issued a research report on Feb 26, downgrading Sembcorp to &ldquo neutral&rdquo with a TP of $6.43. In his report, Foo notes clean patmi to be closer to $485 million, albeit still better than initial estimates. That said, Foo notes that while GRS&rsquo s Singapore net profit remains stable, it belies a steeper decline in the core business. He adds that besides facing re-contracting downside risk for the Singapore power business, the GRS segment is also seeing lower profitability as volatility abates, with FY2025 earnings declining by $25-30 million from FY2024 levels, with Sembcorp sharing that earnings have stabilised. With regards to the renewables segment, Foo expects no near-term improvement with Sembcorp highlighting the $30 million impact from curtailment in China, with about one-third attributed to higher hydro generation that is unlikely to be repeated. He also points out another $12 million downside in FY2026 due to China' s cancellation of the VAT-added tax refund. He writes that growth for renewables now lies with India and Australia. For integrated urban solutions, Foo expects start-up costs to impact the segment&rsquo s FY2026 earnings as Sembcorp scales up its portfolio of leaseable industrial land. Based on the above, he has a &ldquo muted&rdquo view of Sembcorp&rsquo s valuation, writing that 2026 is likely a transition year for the company to realign its portfolio for growth. He believes that Alinta&rsquo s performance in the second-half of 2026 will be key to share price re-rating. Foo lowers estimated patmi for FY2026 and FY2027 by 2% and 5% respectively, trimming his sum-of-the-parts valuation to $6.43 TP.

 

The Edge - Analysts &lsquo neutral&rsquo on Sembcorp after FY2025 result announcement

Sembcorp Industries FY2025 results did not inspire, as several analysts either downgraded their calls or lowered their respective target prices. JP Morgan remains &ldquo neutral&rdquo but with a reduced target price of $5.80 Macquarie Equity Research initially maintained the counter as &ldquo outperform&rdquo with TP of $6.59 (down from $7.04) on the morning of Feb 25 in a flash note before Sembcorp&rsquo s results briefing. However, Macquarie later downgraded the counter to &ldquo neutral&rdquo in a report issued on Feb 26, reducing TP further from $6.59 to $6.43.

JP Morgan analyst Sumedh Samant describes Sembcorp&rsquo s discussion on dividend outlook as &ldquo constructive&rdquo , noting that management is keen to close the dividend payout ratio and yield gap with respect to local and regional peers, while maintaining a sustainable absolute dividend per share level. With a payout of 25 cents per share, up from 23 cents in FY2024, the company&rsquo s payout ratio and yield is respectively around 40% and 4% currently while its peers are around 60-70% and 5% respectively.

However, on the back of slower earnings trajectory and the company&rsquo s high leverage upon completion of the Alinta deal, Samant expects any gains in Sembcorp&rsquo s share price to be constrained.

During the results briefing which was also attended by  The Edge Singapore, Sembcorp warned of margin pressures impacting the gas and related services (GRS) segment for Singapore. Group CEO Wong Kim Yin highlighted that around 5% the company&rsquo s Singapore portfolio is due for recontracting this year, while over at Senoko Energy, in which Sembcorp holds a 50% stake, has some 47% due as well. With energy supply expected to increase this year, Samant expects Sembcorp to enjoy lower margins for the new contracts.

Samant also suggests three other factors that could have a &ldquo drag&rdquo on Sembcorp&rsquo s earnings. These include the loss of key customers for UK assets further decline in China renewable energy contributions attributed to continued curtailments and tariff pressure and declining deferred payment note income due to forex changes.

He also believes that while the Alinta assets could mitigate earnings losses for existing business, overall earnings are still likely to be &ldquo lukewarm&rdquo for FY2026. Samant however, did sound the possibility of a rebound beyond that.

Samant also took note of the following which presumably he will keep an eye on: Sembcorp supplying around 690 MW to high-tech manufacturing including a recent 150 MW contract with semiconductor giant Micron around $350 million in renewable energy subsidies from China the recontracts for Senoko Energy an exceptional item of A$208 ($187) million arising from the Alinta deal and potential IPO for the India renewable energy business.

Cutting FY2026 and FY2027 core earnings by 10% and 12% respectively from earlier estimates, Samant projects 1% y-o-y core earnings growth for FY2026 and 16% y-o-y growth for FY2027 to account for lower GRS segment margins and renewable energy earnings. As such, Samant values Sembcorp at $5.80 and recommends investors to wait for a &ldquo better entry point to play such earnings uptrend&rdquo .

Foo Zhiwei of Macquarie is less upbeat about Sembcorp following the results briefing. In his first note, presumably after reviewing the results announcement before market opening, he calculates clean patmi for 2HFY2025 &mdash excluding $59 million in deferred payment note FX losses and net loss of $5 million in one-offs &mdash to be $512 million, better than estimates.

Foo notes that the renewables segment is facing sustained headwinds as the China market, with a 17% y-o-y decline in net profit to $74 million due to higher curtailment and depressed tariffs, continues to be a drag on performance. He also saw the impairment of the rooftop solar assets as Sembcorp exited the consumer and industrial rooftop solar business in Southeast Asia.

Overall, despite also noting the weaker GRS outlook, Foo was still optimistic, rating Sembcorp at &ldquo outperform&rdquo with TP of $6.59 as well as thinking that Sembcorp&rsquo s shares will react &ldquo positively&rdquo to the better-than-expected results.

Following Sembcorp&rsquo s briefing, Foo issued a research report on Feb 26, downgrading Sembcorp to &ldquo neutral&rdquo with a TP of $6.43. In his report, Foo notes clean patmi to be closer to $485 million, albeit still better than initial estimates.

That said, Foo notes that while GRS&rsquo s Singapore net profit remains stable, it belies a steeper decline in the core business. He adds that besides facing re-contracting downside risk for the Singapore power business, the GRS segment is also seeing lower profitability as volatility abates, with FY2025 earnings declining by $25-30 million from FY2024 levels, with Sembcorp sharing that earnings have stabilised.

With regards to the renewables segment, Foo expects no near-term improvement with Sembcorp highlighting the $30 million impact from curtailment in China, with about one-third attributed to higher hydro generation that is unlikely to be repeated. He also points out another $12 million downside in FY2026 due to China' s cancellation of the VAT-added tax refund. He writes that growth for renewables now lies with India and Australia.

For integrated urban solutions, Foo expects start-up costs to impact the segment&rsquo s FY2026 earnings as Sembcorp scales up its portfolio of leaseable industrial land.

Based on the above, he has a &ldquo muted&rdquo view of Sembcorp&rsquo s valuation, writing that 2026 is likely a transition year for the company to realign its portfolio for growth. He believes that Alinta&rsquo s performance in the second-half of 2026 will be key to share price re-rating.

Foo lowers estimated patmi for FY2026 and FY2027 by 2% and 5% respectively, trimming his sum-of-the-parts valuation to $6.43 TP.

 

DBS also seems positive with the results. But i believe it will continue to move sideways for 3-4 months and will start moving in the middle of the year as DBS said positive catalyst emerges towards 2H26 with Alinta contributions, value-unlocking IPO of India renewable assets and commencement of new power plant in Singapore. 

JurongW      ( Date: 26-Feb-2026 13:48) Posted: CGSI - Can S$1bn profit be the new normal? With close to S$1bn of recurring earnings base, SCI plans to lift its absolute dividend as well as payout, benchmarking to STI and global peers. All segments other than RE are likely to see yoy profit declines for FY26F hence, the completion of Alinta is key to sustaining its S$1bn profit levels. Maintain Add with a lower TP of S$7.68, now based on 12x FY27F P/E (previously 13x) given the flattish near-term outlook.

 

CGSI - Can S$1bn profit be the new normal?

With close to S$1bn of recurring earnings base, SCI plans to lift its absolute dividend as well as payout, benchmarking to STI and global peers.

All segments other than RE are likely to see yoy profit declines for FY26F hence, the completion of Alinta is key to sustaining its S$1bn profit levels.

Maintain Add with a lower TP of S$7.68, now based on 12x FY27F P/E (previously 13x) given the flattish near-term outlook.

 

Short all they want. I' ll just sit tight. :)

Wisedom      ( Date: 26-Feb-2026 11:39) Posted: Shortists back in action since yesterday, shorting 6M shares ++. Not investors selling down. 112233      ( Date: 26-Feb-2026 11:16) Posted: Patience. hehe. :

 

Sembcorp reports $984 mil FY2025 net profit attributable to shareholders proposes final dividend of 16 cents

 

Shortists back in action since yesterday, shorting 6M shares ++. Not investors selling down.

112233      ( Date: 26-Feb-2026 11:16) Posted: Patience. hehe. :) Fiat500      ( Date: 25-Feb-2026 16:44) Posted: No doubt it's a value buy but it seems like the stock is stuck here forever.

 

SCI's clean PATMI for 2H25 was S$512 million, surpassing both Macquarie's and consensus estimates of approximately S$454?S$456 million. This clean PATMI exclude $59M loss on foreign exchange on Deferred Receivables note. Refer to Macquarie's report issued after the yesterday's SCI result, saying the overall, the result was better than expected.

PiRPiR      ( Date: 26-Feb-2026 11:04) Posted: $EQ Sembcorp Ind [SGX: U96] is eyeing fresh growth from powering data centres, amid headwinds in the gas business that dampened its latest earnings. The company on Wednesday (Feb 25) reported a 5 per cent decrease in net profit to S$448 million for the half-year ended Dec 31, 2025 (H2). The gas business was hit by lower spark spreads, the difference between electricity prices and the cost of production with natural gas. It also faced higher blended costs in Singapore and weaker customer demand in the UK

 

Patience. hehe. :)

Fiat500      ( Date: 25-Feb-2026 16:44) Posted: No doubt it's a value buy but it seems like the stock is stuck here forever.. Louistan      ( Date: 25-Feb-2026 16:01) Posted: SCI is a much better value buy than the relatively overpriced Keppel and STE

 

$EQ Sembcorp Ind [SGX: U96] is eyeing fresh growth from powering data centres, amid headwinds in the gas business that dampened its latest earnings. The company on Wednesday (Feb 25) reported a 5 per cent decrease in net profit to S$448 million for the half-year ended Dec 31, 2025 (H2). The gas business was hit by lower spark spreads, the difference between electricity prices and the cost of production with natural gas. It also faced higher blended costs in Singapore and weaker customer demand in the UK

 

agreed
keppel is double the price of SCI

Fiat500      ( Date: 25-Feb-2026 16:44) Posted: No doubt it's a value buy but it seems like the stock is stuck here forever.. Louistan      ( Date: 25-Feb-2026 16:01) Posted: SCI is a much better value buy than the relatively overpriced Keppel and STE

 

https://www.straitstimes.com/business/companies-markets/sembcorp-second-half-profit-dips-5-on-weaker-gas-earnings

Wisedom      ( Date: 25-Feb-2026 22:27) Posted: SINGAPORE - Sembcorp Industries posted marginal drops in second-half and full-year profit as strong performance from its renewables and urban solutions divisions was offset by lower earnings from its gas and related services segment. But its group chief executive Wong Kim Yin said Sembcorp sees opportunities ahead with artificial intelligence-driven energy demand, especially in supporting the growth of data centres and technology hyperscalers.