ExxonMobil (XOM, Financial) is planning to build a large natural gas power plant to directly supply power to data centers while capturing over 90% of the plant's carbon emissions using advanced technology. This marks ExxonMobil's first non-self-use power plant, highlighting the growing demand for electricity in the AI era.
The company has secured land and engaged with potential clients, aiming to begin construction within five years. Compared to nuclear energy, natural gas plants can be built more quickly. ExxonMobil plans to invest $30 billion over six years to reduce emissions and expand oil and gas production.
Analysts suggest that Chevron may follow suit, as off-grid power projects become more common.
