Big Tech is going nuclear. In the past week, Amazon agreed with utilities in Washington state to support development of four next-generation “small modular reactors”, with a similar deal in Virginia, and took a stake in X-energy, an SMR developer. Google agreed to buy power from SMRs to be built by a start-up, Kairos Power. And last month Microsoft agreed a 20-year power purchasing deal that will entail Constellation Energy reopening a unit at the Three Mile Island plant in Pennsylvania that was shuttered in 2019 (not the one closed in 1979 after a partial meltdown).

The tech industry’s dash for nuclear reflects in part the take-off of power-guzzling artificial intelligence; an AI query consumes up to 10 times the energy of a standard Google search. Goldman Sachs reckons power demand from data centres will grow 160 per cent by 2030. In the US, data needs on top of electrification of transport and a manufacturing revival sparked by “reshoring” efforts are forecast to at least double electricity demand growth in the next decade compared with the prior one.

In Europe, Goldman estimates power demand could grow by 40 per cent from 2023 to 2033. The International Energy Agency declared last week that, after the age of coal and age of oil, the world was entering the age of electricity.