Datacentered - 07

TEAM DATACENTERED

PUBLISHER

Dutch Data Center Association (DDA)

EDITOR IN CHIEF

Mels Dees

ART DIRECTOR

Asha Garib

MARKETING & PR

Zoë Derksen

Claire van der Bij Tijn Gerhards

CONTRIBUTORS

Stijn Grove, Kees Verhoeven, Natascha Geraedts, Alberto Ravagni, Klaas Knot, Lex Coors, Peter Vermeulen, Kevin Restivo, Pablo Ruiz-Escribano, Carlo Brouwer, Jasper Mattijssen (Stroomkr8), Nasim Mohamedajoeb (Stroomkr8), Xiaojie Liu, Luc Spin, Wim Timmermans, Jakob Jul Jensen, Svetlana Theunissen, Jon Pettitt, Paul Morrison, Freek van Alphen, Charlotte Berry-Selwood, Driss Joaquim Costa, Son Lam, Keith Sullivan, Nico Verdonck, Tom aan de Stegge, Paul Carthy, Walter Lang, Mathias Franke, Peter Mcgoey, Laura Beukers, Kristel Nijssen (Bureau Landskroon)

ABOUT

Datacentered is a publication of Dutch Data Center Association. No part of this publication may be reproduced and/or disclosed by print, photocopy, film or any other means without written permission from the publisher.

LOCATION

Dutch Data Center Association

Herengracht 342 H 1016 CG Amsterdam

The Netherlands

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26 THE CYBORG ON THE CATWALK

6 0 BUI LDING THE NEXT DIGITAL HUB : W HY THE FUTURE OF DATA CENTER GROWTH LIES IN INTEGRATED ECOSYSTEMS 84 PAINTING THE CLOUD

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CAPITAL CROSSES CAPACITY : W HY THE NEW REALITY OF DIGITAL INFRASTRUCTURE

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U NLOCKING GROWTH IN EUROPE’S DATA CENTER SECTO R SCHNEIDER ELECTRIC 98

T HE RAPID REVOLUTION IN DATA CENTER COOLING STULZ

100 DECARBONIZING THE DATA CENTER INDUSTRY IN EUROPE DELTA, UNICA DATA CENTERS, VERTIV

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LIQ UID COOLING IN THE AI ERA DANFOSS, RITTAL, MUNTERS, LEGRAND

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ENSU RING CONTINUOUS POWER IN AN UNCERTAIN GRID ABB, AVK, ZWART TECHNIEK

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AI-READY INFRASTRUCTURE: FINANCING, RISK AND REGULATION IN EU ROPE GLOBAL SWITCH, EVERSHEDS SUTHERLAND, NIBC BANK

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HIGH-DENSITY CONNECTIVITY FOR THE AI DATA CENTER ERA AFL & COMMSCOPE

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SMART DATA CENTERS FOR RAPID AI EXPANSION GRUNDFOS, EATON, MERCURY, ROVISYS

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POW ERING DATA CENTERS IN CONGESTED TIER 1 MARKETS HUAWEI, C SB, DREES & SOMMER, ENTERPRISE IRELAND

UNLOCKING GROWTH

2026. In Metropolis, 2026 is the year in which the city has become fully dependent on integrated systems. In the data center industry, that year now feels concrete.

Metropolis is a 1927 film by the German director Fritz Lang. It was made at a time when electrification, industrialization, and scale were reshaping cities. The film portrays a city that can function only through continuously operating, technically organized and integrated systems.

At the beginning of Lang’s 2026, the film reads less as a projection and more as a description. The workers in Metropolis do not operate in services or trade, but in energy infrastructure. They keep the machines running that enable everything else. When that system comes under pressure, the city as a whole is disrupted.

For the data center industry, this is a familiar starting point. This edition of Datacenterd appears at a time when growth is increasingly shaped not by demand alone, but by how systems come together. Unlocking Growth is therefore not about acceleration, but about coherence. This is why it is the theme of this edition and of Kickstart Europe 2026.

“Growth cannot be forced. It calls for unlocking.”

- MELS DEES

INFRASTRUCTURE AS A DETERMINING CONDITION

In Metropolis, infrastructure is not a neutral backdrop, but a determining condition for the city’s ability to function. The city exists by virtue of systems that must operate continuously, and by the relationship between infrastructure, its environment, and the systems that enable it. When growth becomes detached from that relationship, the system moves out of balance.

Something similar applies to data centers today. Digital growth is increasingly driven by AI. Compute capacity, data flows, and energy use are converging. What could once be organized separately must now be designed and managed simultaneously. Coherence becomes operational.

Energy is the most visible focal point in this shift. Availability, grid capacity, and flexibility determine where growth can land. This changes the logic of site selection and planning. Growth no longer follows digital demand alone, but also the structure of the energy system.

This shift directly affects the surrounding environment. Data centers are part of urban and regional systems in which space is scarce, and interests intersect. Residents, authorities, and grid operators are not only concerned with what is being built, but with how it fits. Acceptance emerges where integration is visible.

Geographically, the picture is broadening as well. Growth has long concentrated around a limited number of European hubs. These remain important, but they are no longer the only contexts in which integrated systems can emerge. New regions come into view, often where space, energy, and infrastructure are organized differently. That opens up other forms of growth. Not by copying existing models, but by adapting them to local and regional systems. Unlocking Growth is not about scale here, but about design.

Metropolis shows what happens when a city becomes fully dependent on integrated systems. Not as a warning, but as an observation. Growth remains possible as long as the systems on which it depends continue to function in concert.

That observation is relevant for Europe. Autonomy does not arise from isolation, but from control over infrastructure, energy, and their interdependencies. Data centers are not endpoints in this context; rather, they are connecting elements.

MELS DEES Editor-In-Chief

DIGITAL WAKE-UP CALL STAGNATION LOOMS

WITHOUT STRATEGIC LEADERSHIP

We stand at a tipping point in digital development. The urgency is greater than ever, economically, technologically, and geopolitically. Digitalization is no longer an option but an unavoidable reality that determines whether the Netherlands and Europe will participate or fall behind.

Our perspective on digital transformation is therefore one of undeniable necessity: the question is no longer if we will digitalize, but how quickly and with what conviction we will leap into the future. The challenge of our time is to ensure that in this new era we are not merely followers, but architects of meaning. Players who help shape the digital world of tomorrow.

DIGITAL PARADOX

The core of the current impasse lies in what I have long called the “Digital Paradox.” It is the striking discrepancy between the all-encompassing influence of digitalization and the insufficient strategic recognition it receives at the highest levels of policymaking. Digitalization affects every aspect of our society, from the efficiency and quality of healthcare and education to national and personal security, and the fundamental transition of our energy system.

Yet in Brussels, this essential foundation is still too often treated as a marginal, sectoral footnote. It is viewed as a “sector,” rather than as the foundation upon which all sectors rest.

This stands in sharp contrast to the strategic approach of global powers. Both Washington and Beijing have reached the inevitable conclusion that data infrastructure is a matter of national strategic competence and economic leadership. They regard investment in digital infrastructure as the highest form of statesmanship.

The hard truth for Europe is that without strong, robust, and future-proof digital capability, no election promise or policy goal of any upcoming coalition government can truly be realized. Ambitions such as housing development, accelerating the energy transition, and improving education all falter without a solid digital foundation.

CRUCIAL ROLE OF DATA CENTERS AND THE AI RACE

Within this power dynamic, data centers serve as the digital backbone. They are no longer stand-alone facilities; they form the heart of our economy and the engine of societal progress. The sector has long understood the urgency and is moving forward rapidly. It is no longer just about building a data center, but about fully integrating this infrastructure into the energy system.

This means actively contributing to solving grid congestion, utilizing residual heat, and ensuring sustainability, not as optional extras, but as core components of the business model. That is the true scope of the digital backbone, and this understanding must penetrate political decision-making.

Data centers are the critical infrastructure that makes a sustainable economy possible. Without the computing power they provide, every step forward in energy efficiency, smart grids, and green technologies will stall. All this culminates in an urgent call for an “AIReady Europe.” The race for leadership in artificial intelligence is not a hypothetical future scenario—it is a reality unfolding right now. Those who control the AI infrastructure, the data centers, and the networks that deliver computing power gain a decisive economic and geopolitical advantage. By investing early and decisively in dominant digital infrastructure, the

Netherlands and Europe can ensure a competitive role rather than becoming dependent on foreign tech giants.

Europe’s position in the global AI race is often sobering. During a discussion with executives from companies such as Nvidia and LexCore at the Capacity conference, the question was raised: how realistic is it for Europe to become number one in AI? While some optimistically rated the chances as a seven or eight, one expert’s blunt response was a three.

That low number is not pessimism but a reflection of reality: Europe is too fragmented, lacks coherent and accelerating policy, and execution is faltering. If Europe wants to seize the opportunity to compete in this technological race, it must overcome this fragmentation and speak a unified, powerful language.

This requires solid management as well as the courage to confront uncomfortable truths. The reality lies somewhere between the optimism of Northern Europe, which scores an eight in certain areas, and the more reserved Southern Europe. The challenge is to consolidate these regional strengths into continental momentum.

THE NECESSITY OF PROFESSIONAL COLLABORATION

The challenges we face are threefold and converge within our sector. We are confronted with a massive geopolitical drive demanding digital sovereignty, an unrelenting technological drive requiring constant innovation, and an imperative drive for energy transition and sustainability demanding a radically different approach. Data centers sit at the heart of this perfect storm and must connect all these forces.

To withstand this pressure, an unprecedented level of professional collaboration is required. The evolution of our industry association is a clear example. When we started with Kickstart Europe, there were only three comparable data center associations in Europe; today there are twenty-five. This explosive growth highlights the universality of the challenges we face: grid congestion, bureaucratic permit processes, and chronic talent shortages are felt everywhere.

By coordinating our efforts, we build a professional and unified counterpart for national governments and for

the European Commission in Brussels. We give individual data center companies a collective voice in discussions that are vital for their future growth and their role in the economy. This professional collaboration is essential, as the industry must act as one to safeguard Europe’s sovereignty and economic vitality over the next twenty years.

A CALL FOR STRONG LEADERSHIP

This brings us to the crucial message of strategic leadership. Good intentions and analyses are no longer enough. To truly make progress, we need an authority with the power to break through barriers. I continue to advocate for a minister who sees this as a top priority, a Minister of Economy and Digital Affairs who takes the lead. This minister must be able to decisively address urgent bottlenecks such as grid congestion delaying projects, stalled permit procedures, and political divisions that hinder strategic decisions.

Only with such centralized focus can we keep pace with the rest of the world and maintain our position as a digital hub. A strong authority must ensure implementation and enforcement of a long-term strategy, beyond the daily political cycle.

Another urgent and solvable issue is the shortage of skilled talent. Our message is clear: “Choose Tech.” Our digital position is fragile if we fail to address the shortage of specialized and trained professionals: engineers, security experts, data analysts. The threat is real. In a healthy ecosystem, every element must function properly.

This is not only about the tech sector itself; it is about safeguarding our digital sovereignty. We advocate for strategic openness: we welcome international players because their investments and expertise benefit us, but we must also enforce clear and firm rules that protect our national and European interests.

The people who uphold these rules and maintain the networks are indispensable. Without enough skilled talent, every strategic openness will ultimately lead to dependency.

FROM ANALYSIS TO NECESSARY EXECUTION

In this rapidly changing world, it is essential that we continue to connect—not only to network, but to set the course. That is why Kickstart Europe has become a vital moment for sharing knowledge and meeting colleagues. The event is growing because it brings together all facets of the industry: investors who believe in the sustainability of our model, technological pioneers, and policymakers who set the framework.

Kickstart is therefore much more than a trade fair; it is a place for strategic focus. What is the plan? Where should we direct our efforts? What decisions must we make? This year, we are taking an important step in that professionalization with the introduction of our new Invest Forum. In a smaller, specialized setting, we will dive deeper into the financial aspects of our growth: how can we ensure that our sustainable ambitions are also financially robust and attractive to capital markets? This kind of depth is crucial, because the future demands models that are both technologically and financially sustainable.

YOUR WEEKLY PULSE ON DIGITAL INFRASTRUCTURE

We live in a time when continuous analysis, observation, and strategic planning are of the utmost importance. But now the focus must shift toward execution. Good plans are worthless without the courage and determination to realize them.

The sessions and meetings during Kickstart must lead to concrete, bold decisions and swift action. We gather not just to debate but to decide on the future.

Data centers stand at the heart of the innovation that must secure Europe’s future economy and sovereignty. Let us therefore come together, identify the obstacles, make decisions, and above all: act. The digital future of the Netherlands and Europe is now.

P.S.

The pace of our sector is relentless. To help data center professionals stay up to date efficiently and filter the strategic developments from the flood of information, our weekly PULS newsletter is an essential tool. It brings together key technical and market trends in a concise and effective overview. Subscribe via the link on the Datacentered website. Or scan the QR code

EUROPE’S AI AMBITION AND THE PHYSICAL REALITY

TEXT: MELS DEES

KEES VERHOEVEN Advisor Digital Transformation - Dutch Data Center Association

Europe speaks with great ambition about artificial intelligence (AI), yet shows a striking reluctance when it comes to the physical reality that makes this technology possible. As Kees Verhoeven summarizes it: “Without its own computing power, AI sovereignty is an empty concept.” That tension runs like a common thread through current European digital policy.

In the European debate on artificial intelligence, concepts such as values, ethics, and regulation dominate. Europe presents itself emphatically as a standard-setter in a digital world that is changing ever more rapidly. That role is neither accidental nor without significance. Legislation on data and AI reflects political choices about privacy, power, and public interests. But according to Kees Verhoeven, this debate remains structurally incomplete, and EU policy is an empty shell as long as it barely touches on the material conditions of AI.

Verhoeven is a former Dutch politician and strategic thinker in the field of digitalization. He focuses on European digital sovereignty, AI policy, and the geopolitical significance of digital infrastructure. In contributions, interviews, and opinion pieces, he consistently emphasizes that artificial intelligence cannot be separated from physical infrastructure. AI runs on data centers, requires large amounts of energy, high-quality networks, and specialized hardware. Those who fail to organize this foundation cannot pursue an independent AI strategy.

AI IS NOT A NEUTRAL FORCE

Verhoeven acknowledges the importance of regulation but adds a clear caveat. “Europe is strong at formulating rules, but weak at organizing scale,” he states. That imbalance has direct consequences. While other power blocs treat AI as a strategic industry and invest heavily in it, Europe often gets stuck on perceived obstacles, policy frameworks, and moral principles.

According to Verhoeven, Europe therefore risks becoming little more than a supervisor of technology developed elsewhere. His warning is sharp: “In that situation, we become an inspection authority for other people’s technology.”

DATA CENTERS AS STRATEGIC INFRASTRUCTURE

In that light, Verhoeven views data centers as essential and strategic infrastructure. Not merely as commercial facilities, but as power factors in the digital economy. They determine where data is processed, where models are trained, and who has access to high-quality computing power. Yet in political debate, data centers are often reduced to a spatial planning or environmental issue. That perspective is understandable, but according to Verhoeven insufficient. “Those who see infrastructure only as a burden,” he says, “fail to see what is at stake.”

AI FACTORIES AS A LITMUS TEST

Against this background, the European initiative around AI factories and AI megafactories takes on special significance. For the first time, Europe explicitly acknowledges that artificial intelligence is not only a matter of norms and policy, but of physical capacity. The plan to develop large-scale computing facilities, linked to energy supply, research, and industry, directly aligns with Verhoeven’s analysis.

At the same time, this initiative makes visible where the tension lies between ambition and execution. “It’s not just about how much money you announce,” says Verhoeven, “but where the machines actually end up.” The question is not only how many AI factories Europe wants to build,

That observation touches on a fundamental question of power. AI is not a neutral technology that spreads automatically. It concentrates where computing power, data, and capital come together. These are not abstract factors, but concrete resources in specific locations. Computing power always exists somewhere and always falls under a legal and political regime. When European governments, companies, and institutions depend on foreign infrastructure for their AI applications, it goes beyond mere practical dependence. “Then you give up control,” he says, “not only over data, but also over the conditions under which AI develops.”

His analysis explicitly focuses on Europe as a whole. National strategies fall short in a world where AI development operates on a continental scale. The United States and China invest not only in algorithms, but in complete ecosystems of energy, hardware, data centers, and talent. Europe, by contrast, is fragmented and hesitant. That leads to dependence, even when European values are well anchored in law. “Rules without capacity do not deliver autonomy,” Verhoeven warns.

but where they will be located, who gets access to the computing power, and under what legal and political regime they operate. Without clear choices on location, energy supply, and governance, this initiative too risks dissolving into programs without material impact. In that case, European funds ultimately strengthen foreign infrastructure.

AI factories therefore form a litmus test for European consistency. If Europe truly regards AI as a strategic technology, these facilities must be treated as critical infrastructure, not as isolated innovation projects or national prestige objects.

AI CANNOT EXIST WITHOUT ENERGY

AI policy inevitably intersects with energy policy. Artificial intelligence requires enormous amounts of electricity and stable grid capacity. This is no longer a technical detail, but a political consideration. When AI is presented as a key technology for economic growth, public innovation, and security, the underlying conditions must be explicitly addressed. “You cannot say that AI is crucial,” Verhoeven argues, “and then pretend that the conditions will arise on their own.”

Verhoeven understands public resistance to data centers and large-scale infrastructure. Concerns about sustainability, land use, and energy consumption are

legitimate. But he warns against a politics of denial. When infrastructure is structurally blocked without alternatives, the consequences do not disappear. They shift elsewhere. “Then that computing power takes place somewhere else,” he says, “outside your sphere of influence.” In that scenario, Europe loses not only economic opportunities, but also control over sustainability, security, and governance. Politicians must make a realistic weighing of interests and speak openly and honestly about it.

THE NETHERLANDS AS AN ILLUSTRATION OF A EUROPEAN PATTERN

In discussions about the Netherlands, Verhoeven uses a similar framework. He points out that the Netherlands has strong digital connections, knowledge institutions, and a central position in European networks. At the same time, the national debate shows how quickly strategic infrastructure can be reduced to a local conflict. According to Verhoeven, this is not a typically Dutch problem, but a European pattern. “We discuss nationally something that is in reality European,” he notes. That mismatch hampers consistent decision-making.

EUROPEAN COHESION AS A PREREQUISITE

Verhoeven’s argument is not about competition between member states, but about European cohesion. AI development requires cooperation between research, industry, government, and infrastructure stakeholders. Without such ecosystems, Europe remains dependent on external platforms. “Fragmentation is our weakness,” Verhoeven states. “Structural cohesion and cooperation are our only chance.”

Notably, he does not frame his plea as an unrestrained technological arms race. Human-centered AI, public values, and democratic oversight remain essential. But even those ambitions require a material foundation. “Values without power are vulnerable,” he says. “Ethics without geopolitics are powerless.” Without its own infrastructure and therefore real influence, European norms depend on the willingness of others to respect them.

THIS IS ABOUT POLITICS, NOT TECHNOLOGY

In doing so, Verhoeven explicitly places AI within a geopolitical framework. Technology is power, and power is exercised not only through regulation, but through ownership and control of resources. “This is not a future scenario,” he emphasizes. “This is happening now.” Those who fail to make choices about infrastructure today accept dependence tomorrow.

The core of his analysis revolves around political consistency. Europe cannot be ambitious about AI while being hesitant about its physical conditions. Data centers, energy, networks, and AI factories are not side issues, but part of the same dossier. “AI strategy and infrastructure policy are two sides of the same coin.”

Europe faces a choice that can no longer be postponed. Either it invests deliberately in the physical foundation of digital autonomy, or it accepts dependence and names it honestly. “Dependence is also a choice,” Verhoeven says, “but then you must stop pretending to be autonomous.” Without its own computing power, AI policy ultimately remains mostly paper.

Sources: Opinion articles, interviews, and essays by Kees Verhoeven on digital sovereignty, AI policy, and digital infrastructure, published in outlets including Computable, FD, NRC, DDA, and on European policy platforms (2023–2025).

EVERSHEDS SUTHERLAND

GERAEDTS NATASCHA

UNLOCKING DATA CENTER GROWTH IN THE NETHERLANDS

OVERCOMING GRID, ENERGY AND PERMITTING CONSTRAINTS

Due to its geographical position the Netherlands remains one of Europe’s most strategic digital gateways. In recent years the growth of data centers has been increasingly constrained by structural bottlenecks. Main bottlenecks are grid congestion, land scarcity, complex permitting regimes and long timelines. Despite these challenges, a path forward does exist.

GRID CONGESTION:

A CORE STRUCTURAL CHALLENGE

Severe grid congestion remains the single largest impediment to new data center development. With the exception of a few smaller regions, grid congestion exists in the most part of the Netherlands. In some regions, the grid is effectively full until at least 2035, preventing connections for both new facilities and expansions of existing ones. Under the NOVI 2030 framework, hyperscale data centers are limited to designated zones such as Eemshaven and Agriport A7, one reason being that grid capacity and spatial impact can here be better controlled. To unlock general growth of data centers the Netherlands needs coordinated investments in expansion of electricity infrastructure. As of 1 January 2026, new measures have come into force to accelerate physical expansion of the power grid. These include a standard tolerance obligation for preparatory work requiring landowners to grant access. All measures focus on shorter (permitting) procedures and allowing construction to begin earlier.

ENERGY AND SUSTAINABILITY REQUIREMENTS

Beyond connection limitations, the data center sector faces high energy costs and increasingly stricter environmental rules. Dutch data centers are among the most energy-efficient in Europe, supported by technical innovations in cooling, use of waste heat and renewable sourcing. There is public scrutiny around water usage, carbon intensity and spatial impact and this remains strong. All these reinforce a need for clean-energy procurement and integration with district heating systems. If we want to enable growth, regulatory flexibility for energy-efficient operators and long-term certainty on sustainable power availability is needed.

PERMITTING COMPLEXITY AND SPATIAL PLANNING

Permitting remains difficult, not only in Amsterdam, which has imposed for now a moratorium on new data center construction,allowing only pre-approved projects to proceed. At the provincial level, authorities such as the Province of Noord-Holland and the ODNZKG (Omgevingsdienst Noordzeekanaalgebied) emphasize strict spatial, environmental and energy requirements to ensure data center developments align with regional sustainability goals. Authorities demand that data centers are nicely integrated in the surrounding landscape. As a result, their owners and developers are asked to submit detailed landscape integration plans. In order to achieve clear permitting processes while maintaining environmental safeguards, early alignment between developers, municipalities and provincial authorities remains key and is especially today the best option to successfully achieve development.

A PATH FORWARD

Unlocking data center growth in the Netherlands hinges on a combination of aspects. By accelerating national grid upgrades, optimizing permitting frameworks and collaboration of all parties involved, the Netherlands can preserve its position as a resilient, sustainable digital hub. It can then accommodate the rising demands of AI, cloud computing, and the broader digital economy

DATA CENTRES AS A STRATEGIC HUB BETWEEN ENERGY AND AUTONOMY

TEXT: MELS DEES

Data centres are increasingly being seen as part of the energy system. “The question is no longer just how much power they require,” says Alberto Ravagni, CEO of the Net Zero Innovation Hub for Data Centers, “but what role they can play in a system that is under pressure.”

Strategic autonomy, security of supply and grid congestion are giving this repositioning urgency and casting new light on thinking about grid integration, back-up and alternative fuels. This shift is therefore not an abstract policy idea, but the result of a series

Alberto Ravagni CEO Net Zero Innovation Hub for Data Centers

of intensive European working sessions in which policymakers, grid operators and representatives of the data centre sector sat down together. Those discussions made it clear that the growth of data centres is increasingly colliding with the limits of the existing energy system, and that traditional solutions no longer offer sufficient guidance.

At the same time, this European system-level thinking remains far removed from day-to-day practice. At local level, data centres are mainly assessed as major consumers of energy and space, with a direct impact on grid capacity, water use and the living environment. Municipalities and regional grid operators ultimately decide whether projects go ahead, often largely detached from the broader European context in which the focus is precisely on system integration and resilience.

This tension means that growth in the sector is becoming less and less a technical or economic issue and increasingly a governance one. While Europe explores in working sessions how large digital power demands can be integrated and dependencies reduced, permitting procedures stall and grid connections fail to materialise. “As long as data centres are assessed locally solely on what they draw from the system,” Ravagni argues, “and not on their role in the wider system, policy and practice will continue to move past each other.”

NO SHARED PERSPECTIVE

According to him, the core of the problem is not a lack of ambition, but the absence of a shared perspective between policymakers, grid operators and the sector. It is precisely the translation of European system thinking into workable practice that now forms the focal point of the discussions being held in Brussels and beyond.

That translation has become the central theme of talks between policymakers, grid operators and the data centre industry. In several sessions, representatives of the European Commission, transmission system operators and market players came together to examine how data centres can be structurally integrated into an energy

system that is increasingly reaching its limits. It quickly became clear that the problem lies not solely in capacity, but in design and governance.

The European energy system is designed for predictable, incremental growth, while data centres scale up in leaps. These two logics are colliding ever more frequently. As a result, grid congestion is no longer a temporary bottleneck but a structural constraint on growth. For many decisionmakers, access to timely, clean energy has become more decisive than market demand or the availability of capital. The traditional model of develop first and connect later is proving increasingly inadequate.

REVIEW OF REGULATION

This approach calls for a fundamental review of regulation, grid codes and responsibilities. It also highlights how energy supply has shifted from an operational issue to a strategic topic at board level.

Within this system thinking, the position of alternative fuels is also changing. Hydrogen and other green molecules were long seen mainly as experimental or future solutions within the sustainability agenda. Now the discussion is shifting towards concrete deployability. “Until recently, hydrogen was viewed almost exclusively through the sustainability lens,” says Ravagni. “A second perspective has now been added: strategic autonomy.”

Clean fuels are increasingly seen as locally producible energy sources and therefore as alternatives to imported fossil fuels. This makes them relevant in the broader

European debate on energy security and geopolitical dependency. In discussions with policymakers and grid operators, greater attention is therefore being paid to the role that alternative fuels can play alongside the electricity grid. “The grid cannot be the only solution everywhere and at all times,” Ravagni argues. “Certainly not in the short term.”

This has direct implications for how back-up is approached. Diesel generators are technically reliable, but increasingly difficult to defend socially and from a regulatory perspective. At the same time, they represent an enormous amount of idle capacity. “Worldwide, we have thousands of megawatts of back-up capacity that is only used in emergencies,” he says. “From a system perspective, that is inefficient.”

STRIVING FOR A COMMON LANGUAGE

The European working sessions made it clear that the parties involved have long operated in parallel worlds. Policymakers, grid operators and data centre operators each reasoned from their own logic, with different time horizons and definitions of risk. “Everyone is hitting the same wall,” says Ravagni, “but for a long time we were not speaking the same language.”

According to him, this mutual misunderstanding is not a reproach but an observation. The European Commission often has an insufficient understanding of how data centres function technically and operationally. Grid operators face the same gap. At the same time, the reverse also applies: the sector has limited insight into the planning

cycles, investment decisions and legal frameworks within which transmission system operators operate. This lack of shared understanding translates directly into delays, uncertainty and suboptimal choices on both sides.

That is precisely why the conversation is shifting from individual connections to system integration. Data centres possess assets that, if properly regulated, can add value to the energy system. Think of back-up capacity, storage, predictable load and, in some cases, heat off-take. “As long as you continue to see data centres purely as end consumers, you limit the conversation,” Ravagni states. “If you view them as system components, space opens up for different solutions.”

A NEW ROLE FOR BACK-UP SYSTEMS

Alternatives such as hydrogen, green methanol and other clean fuels offer, according to Ravagni, the opportunity to transform back-up from a necessary evil into an active part of the energy system. Not only as an emergency provision, but potentially also as a flexibility or balancing instrument, provided regulation and grid codes allow it. Collaboration with organisations such as Hydrogen Europe focuses on defining realistic boundary conditions. “The question is not whether hydrogen is the solution,” he emphasises. “The question is under what conditions it can be a meaningful solution.”

What is becoming increasingly clear in the European discussions is that the future energy system for data centres is likely to consist of multiple energy carriers. Electricity will remain dominant, but will be complemented by molecular energy forms where grid capacity, timing or location are

constraining factors. This requires a different mindset from both data centre operators and policymakers. “We are used to reducing everything to megawatts on the grid,” says Ravagni. “But the system is becoming more hybrid, while regulation is not yet keeping pace.”

Notably, neither the major US players nor the European companies in this debate have abandoned their sustainability ambitions. Despite geopolitical tensions, scepticism about sustainability and increasing pressure on energy supply, none of the leading hyperscalers has rolled back its climate targets. “It is sometimes suggested that sustainability is under pressure,” says Ravagni. “We do not recognise that picture at Net Zero. American companies too, which participate in our platform, remain fully committed to their net zero goals.”

RESILIENCE AND SUSTAINABILITY REINFORCE EACH OTHER

The difference is not that sustainability is disappearing, but that additional requirements have been added. This shift is mainly about resilience. Security of supply, continuity and energy independence have explicitly become part of strategic decision-making. “Resilience is sometimes presented as the new sustainability,” says Ravagni. “That is not how I see it. It is not a replacement, but an addition. We have to deliver both at the same time.” For internationally operating companies, this means that energy supply is no longer optimised along a single axis. Costs, CO₂ reduction, security of supply and geopolitical dependency are increasingly assessed in combination.

Regulation plays a dual role in this context. Where rules were long seen mainly as a brake, there is now exploration of how simplification and better alignment can actually accelerate progress. Two issues recur repeatedly: planning

STRIVING FOR CONSISTENT POLICY

Although European system thinking is gaining momentum, local reality remains decisive. Data centres have become visible and therefore political. The benefits of digital infrastructure are felt nationally or at European level, while the burdens are borne locally. This asymmetry fuels resistance. Heat reuse, grid investments and cooperation with municipalities can help, but they require time and consistent policy. Water use is emerging as the next issue in this regard.

and grid access. In many countries, a strict first come, first served principle still applies. This places serious, wellcapitalised data centre projects in the same queues as speculative applications. “On paper, those applications are equal,” says Ravagni, “but in practice the difference is enormous.”

According to him, this is not a marginal issue but a structural system flaw that undermines investment certainty and complicates grid planning. At the same time, planning remains commercially sensitive. Full transparency is not realistic, but without some degree of predictability, system planning remains impossible. The challenge lies in finding an intermediate form that enables joint planning without disclosing commercially sensitive information.

The repositioning of data centres as system components does not mark an end point, but a beginning. Not all the answers are there yet, but the conversation has fundamentally changed. “As long as we continue to see data centres as end consumers,” Ravagni concludes, “we will keep fighting symptoms. Only when we recognise them as part of the system can we build structural solutions.”

DRIVING INNOVATION, GROWTH, AND SUSTAINABILITY REQUIRES CLOSE COORDINATION ACROSS MULTIPLE ECOSYSTEMS.

The Net Zero Innovation Hub focuses on pilot projects and the validation of innovative solutions through a collaborative approach involving data center industry leaders, the innovation ecosystem of small and large enterprises, and academia. It also works closely with European and global industry associations, including EUDCA (European Data Centre Association) on policy-related topics, Euroheat & Power on heat reuse, Hydrogen Europe, and ENTSO-E (European Network of Transmission System Operators for Electricity).

To make innovation around sustainability and energy integration more tangible, the hub recently launched the Net Zero Start-up Hub - a flagship initiative of the Net Zero Innovation Hub for Data Centers and the Danish Data Center Industry (DDI), organized with Business Fredericia, DTU and Google, headquartered in Fredericia, Denmark. The program brings six carefully selected international and Danish start-ups together for a 6-month incubation period designed to connect early-stage innovators with industry partners, energy systems, and real-world test environments, helping promising technologies move from concept to implementation.

According to Ravagni, initiatives like these primarily help to reduce implementation risks. By linking start-ups to industrial reference frameworks and practice-oriented feedback, promising technologies can move more quickly into design and decisionmaking processes at data centre operators.

FROM THE REPUBLIC OF LETTERS TO THE DIGITAL SOCIETY

TEXT: MELS DEES

At the DLA Piper Technology Summit in Amsterdam in early November, Klaas Knot, former President of De Nederlandsche Bank, emphasized that the same principles of open knowledge-sharing that fueled the Industrial Revolution are just as crucial today for building a resilient digital society.

“When the Nobel Prize in Economics was awarded this October, one of the laureates was the AmericanIsraeli economist Joel Mokyr,” Knot began his address. “In Culture of Growth, Mokyr describes how the Industrial Revolution was not so much the result of individual inventors, but of a network of scientists, engineers and philosophers who freely shared their knowledge.” Mokyr calls this network the Republic of Letters: an international community of thinkers who exchanged letters, shared ideas and sharpened each other’s intellect.

This culture of knowledge-sharing, collaboration and open debate formed the foundation of the Industrial Revolution, Knot said. “Without that network, Mokyr argues, technological progress would have unfolded much more slowly. It was the free exchange of ideas— enabled by the invention of the printing press—that truly set innovation in motion.”

Today, once again, we stand at the beginning of an era in which technological change is fundamentally reshaping our economy and society. No longer driven by steam or steel, but by data, connectivity and computing power. The data centers, networks and digital infrastructures of today form the backbone of our digital society. And just as before, real progress does not arise in isolation, but through cooperation.

THE IMPORTANCE OF STABILITY

Knot noted: “In the financial world, we often talk about stability: the capacity of systems to absorb shocks.” In the digital world, stability means something similar: continuity, security and resilience within an ecosystem that never sleeps. Data centers play a central role in this. They are the heart of our digital infrastructure, keeping communication, payments, logistics, healthcare and public services running. Yet this deep interdependence also means that risks can spread quickly. A disruption, cyberattack or power issue rarely affects just one party: entire chains can be impacted.

The lesson of the Republic of Letters therefore remains relevant, Knot’s remarks suggest: knowledge-sharing is the foundation of resilience. By communicating openly about vulnerabilities, incidents and innovations, we collectively build a stronger digital foundation.

THE

DATA-CENTER VERSION OF THE REPUBLIC OF LETTERS

The community of data center professionals, IT specialists and policymakers forms, in a sense, a modern version of that republic: a network of experts exchanging knowledge across borders on security, sustainability and innovation. That collaboration is not optional. In an era in which data forms the backbone of our economy, cooperation is also a form of responsibility.

Every improvement in security, energy efficiency or interoperability strengthens the whole. The strength of this modern community lies in its openness. By sharing insights—whether about incident response, sustainable cooling or the application of artificial intelligence—we prevent innovation from becoming fragmented and ensure that progress is collectively driven.

New European regulations, such as NIS2 and DORA, require organizations to strengthen their digital resilience. This demands effort, but above all, it creates opportunities. These frameworks provide a shared language of reliability and make cooperation easier. Like the scientific standards of the eighteenth century, they establish clarity about what we may expect from one another. Rather than hindering innovation, they form a necessary precondition for sustainable growth.

However, Knot warned: “We are seeing another trend globally. Geopolitical tensions, protectionism, climate change, state-sponsored cyberattacks and technological dependencies are driving fragmentation. These tensions push countries apart and elevate national interests above cooperation. This threatens financial stability.”

The same holds true for digital ecosystems. When data flows are restricted, standards diverge, and collaboration falters, we lose not only efficiency, but also trust. And without trust, innovation stalls.

Digital infrastructure is, by definition, cross-border. It can only truly flourish when knowledge, standards and innovations can circulate freely—just as ideas once did in the Republic of Letters.

In the years ahead, technologies such as artificial intelligence, quantum computing and edge infrastructure will again change the way we work. This demands not only technological agility, but also shared values: transparency, cooperation and responsibility.

We cannot predict how quickly these developments will unfold, but we do know they will not exist in isolation. Every data center, every provider, every engineer is part of a larger whole: the digital nervous system of our society. Knot recognized a clear parallel: “As the Nobel Prize for Joel Mokyr reminds us, curiosity, pluralism and intellectual cooperation are essential for a healthy society. Turning away from these values puts the benefits of sustainable growth at risk. Open collaboration and knowledge-sharing are the foundation of a stable, sustainable and innovative digital future.”

Klaas Knot served as President of De Nederlandsche Bank (DNB). During his presidency, he also chaired the Financial Stability Board and played an active role in the Governing Council of the ECB, the IMF Board of Governors, the European Systemic Risk Board and the Board of Directors of the Bank for International Settlements. This text is a rendering of a speech delivered by Knot at the DLA Piper Technology Summit in Amsterdam.

THE CYBORG ON THE CATWALK

TEXT: MELS DEES

What happens when couture and technology meet? In Chanel’s data center show, human and machine, craft and algorithm, reality and image merged into one. The cyborg was no longer fiction, but a form of elegance.

When Karl Lagerfeld presented his new Chanel collection on October 4, 2016, at the Grand Palais in Paris, the audience saw no marble staircases, no mirrors, and no sea of flowers. Instead, they looked out at rows of servers and bundles of brightly colored cables. “Models dressed in haute couture and sometimes wearing a robot helmet walked down a stark white runway, set against a backdrop of colorful ethernet cords and server racks,” wrote Wired. The Guardian noted that “the scale of the set gave the sense that the computer world was something alien rather than everyday.”

It was as if the backstage of the internet, normally a sterile and invisible world, had suddenly become the heart of fashion. Lagerfeld, the German designer (1933–2019) who led Chanel from 1983 onward, described the set as “something of our time... the idea of the modern woman, whatever the time, the century or the circumstances.” And he continued: “It is not technology in a cold way, it is ‘intimate technology’... armor for the outside world... something much more refined for the private world.”

WHERE HUMAN AND MACHINE MEET

The space breathed the language of infrastructure: order, rhythm, and symmetry. Yet a certain sheen remained, a sense of precision and control that had as much to do with couture as with data technology. The show revealed no opposition between human and machine, but rather an unexpected sense of connection.

Afterward, Lagerfeld told Reuters: “Imagine your life without the telephone, and the next step will be artificial intelligence and robots.” The sentence sounds more like poetry than logic, because the emergence of AI does not automatically follow from the impossibility of living without a phone. In logical terms, this is a non sequitur: the conclusion does not necessarily follow from the premise. Yet that error contains something essential. Lagerfeld did not reason like a philosopher but like a designer of emotions. For him, technology was not a break with the human, but its extension, an ornament of modern life.

ELEGANCE AS A FORM OF INTELLIGENCE

His data center set made that idea visible. The cables, servers, and lights became new forms of couture in which Chanel’s “intimate technology” did not fear the future but seduced it. The catwalk seemed to whisper: even in a world of algorithms and data, elegance remains a form of intelligence.

The German philosopher Walter Benjamin (1892–1940), who studied the relationship between art and technology, wrote in his essay The Work of Art in the Age of Mechanical Reproduction that modern technology diminishes the aura of the artwork—that unique glow of authenticity once bound to time and place. On Lagerfeld’s catwalk, that loss seemed to be restaged as a ritual. The metal cabinets and screens were arranged as altars to a new faith: that of the reproducible image. Everything was carefully choreographed, endlessly photographed, and shared. The aura returned, but as projection, a constructed illusion of authenticity within a fully artificial space.

THE CYBORG AND HER FREEDOM

The American thinker Donna Haraway (1944–), known for her feminist ideas, would read that same moment differently. In her influential A Cyborg Manifesto, she describes the cyborg as a being that breaks down boundaries between human and machine, nature and culture, reality and representation. The cyborg is not afraid of the lie of the artificial; she is that lie and thus becomes more truthful than any ideal of purity.

Lagerfeld’s models, part woman and part robot, embodied that idea literally. They moved through a world of fiber optics and steel, as icons of a hybrid humanity: elegant, composite, and digitally entwined. His “intimate technology” became a cyborg aesthetic, a fashion that functions as an interface between body and machine, between the tangible and the functional.

THE VISIBILITY OF THE INVISIBLE

In Lagerfeld’s set, two worlds met that rarely see each other: the world of visibility and that of infrastructure. Fashion lives from what is seen, from the surface that speaks. Data centers, on the other hand, belong to the realm of the unseen, built to function without revealing themselves. By placing the machine room of the cloud inside the Grand Palais, Lagerfeld made the invisible visible and the visible strange.

At the same time, he played with a second paradox. Couture is still handwork, the result of human precision and touch, while its setting was the ultimate visualization of automation. Thus a mirror image of our time emerged: the digital world, which depends on human labor, and the fashion world, which draws from the aesthetics of the mechanical.

In that light, Lagerfeld’s show was more than a stylistic experiment. It formed a visual dialogue between two eras: Benjamin’s world of lost aura and Haraway’s world of fusion. Where one still mourned the distance between real and fake, the other found freedom in its disappearance.

That freedom is a form of growth. It is the moment when something closed opens and a new space of meaning emerges. Lagerfeld’s data center did exactly that. It unlocked the hermetic world of technology for imagination and showed that infrastructure itself can grow when seen as art.

There was more to see in Lagerfeld’s set than irony or a conceptual wink. The metal cabinets and cable bundles possessed their own unexpected beauty, a sheen that did not come from luxury but from order, rhythm, and light. Chanel’s data center did not reject the fear of technology but opened a new aesthetic: that of the functional sublime. The machine room of the internet, usually closed and cold, became a place of color, form, and almost ritual elegance.

LAGERFELD AS AVATAR

Perhaps that was Lagerfeld’s most far-sighted gesture. Not that he predicted the future, but that he recognized the poetry within the technical itself. Where Benjamin lamented the loss of aura and Haraway exposed the lie of the pure, Lagerfeld showed that beauty has shifted. It no longer resides solely in the human face, but also in the gleaming surface of the machine.

Reactions were divided, but rarely indifferent. Many spectators spoke of the sensation of a future that had already arrived. According to The New York Times, “the future of luxury shimmered in the glow of LED light,” while Vogue called it “a catwalk full of paradoxes.” Others saw in it a quiet meditation on our dependence on the digital. The Guardian wrote that Lagerfeld “had given the computer world a soul” and praised his ability to show technology not as a threat but as a context for beauty.

For some, the space itself felt like a philosophical statement. The catwalk, usually a stage for fleeting images, became an infrastructure of connections. The models did not walk through a fictional future but through the physical interior of our digital culture. In that experience, between glamour and cabling, the distinction between interface and identity seemed to dissolve. What remained was the echo of a thought: that the cyborg has long been among us—not as metaphor, but as daily reality, elegantly dressed in tweed.

And perhaps her creator stood among them. Lagerfeld, with his white hair, dark glasses, and immaculate silhouette, seemed less a man of flesh and blood than an avatar of his own imagination. In the light of the data center, surrounded by the rhythm of cables and screens, he became one with the universe he had designed: a designer who had translated himself into code, a human icon who understood the digital age long before it recognized itself. And who showed us that even in the most technical of environments, something human continues to shine.

COORS

THE AI INFRASTRUCTURE CHALLENGE

The rise of Artificial Intelligence is often discussed in terms of software and algorithms. According to Lex Coors, Chief Datacenter Technology & Engineering Officer at Digital Realty, this represents a fundamental error in thinking. AI is not an IT project; it is a geopolitical infrastructure challenge that touches the very core of our society. In a world balancing a technological arms race with climate ambitions, Coors calls for a radical overhaul of how we design, regulate, and value data centers.

AI IS NOT AN IT PROJECT, BUT AN INFRASTRUCTURE CHALLENGE

Discussions regarding data centers are often clouded by a lack of realism concerning our digital dependency. “AI is not an application, not a hype, and not an IT project. AI is an infrastructure challenge,” Coors states. He emphasizes that the demand for data centers will continue to grow unabated due to cloud computing, cybersecurity, AI, and eventually quantum computing. This is not a matter of opinion, but a direct consequence of how modern society functions.

Nearly every daily activity, from online banking and booking travel to energy management and security systems, runs through a data center. Coors considers the idea that we can function without these facilities unrealistic: “Anyone claiming we don’t need data centers is effectively saying we should return to 1940. Ironically, that would probably lead to higher total energy consumption, not lower.” According to Coors, the real question for Europe is whether we are prepared to make the necessary choices to maintain our autonomy over data, AI, and security.

DESIGNING FOR CHANGE

The next generation of data centers must be designed fundamentally differently to accommodate the growth of AI. Coors identifies a shift toward three core principles:

MODULAR

Since building 200 MW or 1 GW all at once is unrealistic in Europe, growth occurs in phases, typically in steps of 20 to 50 MW.

SCALABLE

Designs must accommodate change, transitioning from today’s GPU-driven AI workloads to future neuromorphic or hybrid computing.

ADAPTIVE

Infrastructure must remain efficient at both low and extremely high loads, as energy consumption is non-linear.

THE EUROPEAN PARADOX: AUTONOMY VERSUS SCALE

Europe positions itself as a champion of human-centric and ethical AI, but lacks the global-scale hyperscale infrastructure required to operate fully autonomously. Coors is pragmatic about the path forward: “Wanting to do everything ‘European’ sounds attractive, but it is economically and technologically unrealistic”.

Instead of isolation, he advocates for a model where global hyperscalers are truly regionally anchored. This means establishing them as full-fledged entities with local responsibility and headquarters in Europe, rather than mere satellite locations. Furthermore, he warns that Europe’s tendency to rely solely on regulation will stifle innovation. A global dialogue at the G7 level is required, including players from Asia, to prevent geopolitical blocking from slowing down progress. According to Coors, the alternative is Europe vs the rest: “Until global agreements are in place, Europe will have to operate pragmatically on a bilateral basis, without abandoning its core values.”

THE SEVENTH WAVE: FROM DATA STORAGE TO BIOLOGY

Looking ten to twenty years ahead, we enter what Coors calls the ‘Seventh Wave’. In this scenario, the foundation of data centers shifts entirely. While current global digital storage is estimated at 120 to 150 zettabytes, this pales in comparison to the potential of biological storage.

Coors explains this: “The potential of biological storage is immense: the DNA of the world’s population can theoretically contain 52,000 zettabytes of data, which is nearly 400 times more than all current digital storage on Earth combined. In this Seventh Wave, biological storage introduces a theoretical capacity that exceeds today’s global digital storage, forcing a fundamental rethink of what data centers are for. Data centers will not disappear, but their function will change radically: from bulk storage to ‘meaning-infrastructure’. Strategic value will no longer lie in petabytes or square meters, but in cognitive orchestration, synchronization, and collective truth systems.”

THE HARD LIMITS OF GROWTH

Despite this visionary outlook, the sector currently faces an acute planning problem. Electricity demand is exploding due to AI, while European grid expansion is insufficient to fully accommodate this growth. Coors believes that while Small Modular Reactors (SMRs) are theoretically interesting, they will not be available at scale until the 2030s. And according to Coors Hydrogen is currently not a realistic solution for baseload power.

This forces the industry and policymakers to make difficult choices. Natural gas could serve as a bridge solution, but this requires a mature societal discussion regarding energy autonomy and environmental impact: “These are not easy choices, but the alternative is to look away — and that is also a choice”, states Coors.

CONCLUSION: UNLOCKING GROWTH THROUGH QUALITY

According to Coors, the term ‘Unlocking Growth’ should no longer be interpreted as simply building more, but as choosing smarter. In recent decades, growth was primarily quantitative (megawatts and square meters). The next phase demands qualitative growth: infrastructure that is flexible, energy-conscious, and governable within a complex geopolitical world. “For the sector, this means working more closely with governments, being more transparent about impact, and recognizing that data centers are now critical social infrastructure. Growth without this recognition will not lead to acceleration, but to resistance.”

Those who continue to invest in storage as the core function are investing in infrastructure that is already conceptually obsolete. The future of the sector lies in recognizing that data centers are critical societal infrastructure. Coors finishes with “Unlocking Growth is not about running faster, but about making smarter choices — and accepting that not every form of growth is automatically the right one.”

FOR A MORE IN-DEPTH READ, SCAN THE QR CODE

In this insightful book, Lex Coors advocates for skipping traditional AI development stages to directly engage with the 7th wave of AI, focusing on human-AI synergy. By integrating Hod Lipson’s AI evolution framework and Jeff Lichtman’s neuroscientific findings, the book outlines a future where AI enhances human abilities and ethical considerations guide AI Integration. “We Are AI” argues for a transformative approach that aligns AI with human values and societal needs, emphasizing responsible innovation and the potential of emerging technologies to augment human cognition and collective well-being.

ENERGY MARKET UPDATE

Stroomkr8 is an independent energy consultancy company. They support their clients on all kinds of energy sourcing activities, from strategic/conceptual matters to daily and operational practice. They buy and sell energy for their clients in 17 different countries with a team of highly experienced colleagues within both supply companies and consultancy. More information: www.stroomkr8.nl

With 2026 underway and the new energy landscape developing, utilities have an even greater strategic focus on data centers. Therefore, we will share our view on the energy markets to help you understand the energy triggers and provide support to your procurement decisions and asset management. In a world of volatile prices, fragile supply chains, and shifting climate policy, the ability to understand and act on market signals can make or break your energy strategy. This update report covers the most critical developments from January through December 2025 and looks ahead to 2026. The central question:

At this time, more suppliers are securing positions in large-scale storage facilities to mitigate risk over the coming years, as 2025 has seen imbalanced prices in the Netherlands peak again. Primarily due to the introduction in October 2024 of Picasso in Europe to settle grid frequency imbalances across several countries. In addition to rising imbalanced prices, trading in this market has become riskier as Regulation State 2 becomes increasingly common. Suppliers (BRPs) usually only know after the fact whether Regulation State 2 was present, rather than 0, -1, or 1. This means BRP’s (suppliers) costs are much higher under Regulation State 2. Therefore, the more often Regulation State 2 occurs, the higher the total costs will be for suppliers in the passive imbalance market.

IMBALANCE - CONDITION RULE 2

The crucial role of renewable electricity in the overall equation has secured its place in the European electricity mix. In 2025, solar panels and wind turbines accounted for at least 39% of annual electricity production in the Benelux area. The Netherlands Environmental Assessment Agency (PBL) expects this to rise to 65% by 2030. To achieve this target, approximately 11.5 GW of wind turbines and 4 GW of solar panels must be added. For comparison, peak electricity demand in the Netherlands is approximately 19 GW an hour on a day, and approximately 15 GW at any hour on weekends.

The current outlook from Dutch banks for economic growth in the Netherlands is cautious, expecting moderate growth of 1.0-1.5% in 2026, driven by consumption but held back by global uncertainty, trade tensions, and lingering inflation. Institutions like Rabobank and DNB project modest expansion tempered by ongoing economic headwinds.

The December 2025 price drop in energy could have played a major role in the higher projection; unfortunately, not many companies could profit from these lower energy prices, as they had already locked in for 2026.

POWER MARKET

2025 began with elevated electricity prices, driven by high gas prices, low wind turbine production, and uncertainty about winter 2025 storage levels. This drove the spot market to an average level of €111/MWH in the first quarter of 2025. An average in 2025 of approximately €88/MWh for spot against the €77/MWh in 2024, an increase of €11/ MWh, showing that spot is not always the best decision.

Global electricity use continues to grow at a structural rate in 2026, with projections of ~4% annual growth through 2050, driven by electrification, AI, and digital infrastructure. Data centers operate on a steady 24/7 baseload profile, which gives them a strong market position and beholds the risk of the ever-shrinking capacity availability. As we mentioned during the Green Datacenter Conference, supply is not capacity, and no capacity is no supply. And today’s market behaves like anything but steady, with a range of €22,58/MWh (for a data center with 50GWh annual usage, about €1,13 mil. risk) between high and low prices in 2025 for 2026, holding massive competitive advantages in decision making and keeping a good insight into market developments.

With the start of 2025, we encountered high gas prices as a barrier to electricity prices. At that time, gas was trading at €44.60/MWh, with a carbon-emission price of €86/Tonne, resulting in a 2026 electricity price of €96.70/MWh. As we are all aware, trade tariffs, escalating war zones, and overall uncertainties have resulted in no clear direction across any market. After the winter, we saw one great opportunity to lock competitive prices when gas dropped in April towards €32/MWh, carbon on €69/Tonne, resulting in a power price of €74.12/MWh, the lowest possible price this year for Y+1.

With new European Union legislation to introduce ETS2 for smaller gas users, carbon prices have been most affected this year. Carbon prices are a major driver of costs for gas-powered electricity production. The uncertainty surrounding the introduction of ETS2 has kept the market in a strong lock, with carbon prices in a bullish trend since the summer. Driven by production companies trying to claim EUAs for their own use and speculative players to gain financial results. Investors in these markets are common, but they do carry risk, as long-term and short-term developments can be volatile. As of the end of 2025, the market indicated that investors held long positions, expecting prices to rise in Q1 2026.

At year-end, that was the main bullish factor for electricity, as gas dropped towards €26,07/MWh and carbon stayed steady in the mid-80s. Electricity held at €78/MWh, indicating that carbon plays a major role in the electricity market and warrants close monitoring in 2026.

With the market still in backwardation, power prices offer opportunities for long-term hedging. Are you ready to react swiftly to market opportunities? Once again, market development underscores the importance of having supplier contracts in place to respond to positive price movements. Across Europe, many companies still focus on a one- to two-year horizon, while markets offer price data for up to five years. It could be smart to connect your supply contract to the maximum market horizon to capture any opportunities.

GAS & LNG

Although gas demand in Europe rose by +6.5% in H1 2025, the market is convinced that Europe has found a way without Russian gas to secure enough volume to cover winter demand for heat. Strong LNG flows towards Europe from the U.S. and other countries have provided traders with the room to build buffers that should cover peak demand and secure long-term supply, with the expectation that from 2027 the LNG supply will increase, resulting in the current backwardation in the market.

As we see in many situations where the market is comfortable, disruptions will happen, and the current price levels could be considered as bottom prices with this much positivity in the market on long-term supply. With this, we touch on the risk topic, adjustment in LNG supply planning, like the U.S., that is experiencing a high domestic gas price and could review to keep the LNG for its own use to cut recession prognoses or trade wars emerging once again, and impact financial results. All in all, you need to be aware that currently we are experiencing many positives.

On that note, many suppliers have built up storage reserves at a price close to the spot average of €35/MWh, and current prices are well below this level. This results in losses when using the gas storage to supply end users. This is not sustainable for supply companies to maintain, and could lead to an unwillingness to meet winter 26/27 demand. With weather being the main concern for gas and winters becoming more unpredictable, the past benefit of having storage is becoming a risk.

For the long term, the opportunity to secure relatively low gas prices exists, with the market in backwardation and the trend bearish. Many large industrial manufacturing companies are active in long-term contracts. Securing a price that was considered good even before COVID.

As always, the gas market has been turbulent, driven by a relatively long and cold winter at the beginning of 2025 and ending in a significant price drop by the end of 2025 due to warmer weather and a favorable supply outlook from Norway and LNG.

For the long term, the opportunity to secure relatively low gas prices exists, with the market in backwardation and the trend bearish. Many large industrial manufacturing companies are active in long-term contracts. Securing a price that was considered good even before COVID.

As always, the gas market has been turbulent, driven by a relatively long and cold winter at the beginning of 2025 and ending in a significant price drop by the end of 2025 due to warmer weather and a favorable supply outlook from Norway and LNG.

Still, LNG flows from the US keep the traders at ease, and they expect that with the European deal with the US about energy imports, there should be no problem covering

demand. Although the energy deal does not mention LNG specifically. Together with sustainability programs in Europe, the general focus would foresee a drop in gas demand in Europe in the coming years.

But once again, we could expect gas prices to jump at any time if supply chain problems (US or Norway) occur, temperatures drop, or cross-border issues disrupt supply chains.

Because data centers do not directly consume much natural gas, the focus on this product remains low; however, the impact of its development is significant and warrants close attention.

GAS FUTURE

CARBON MARKET (EUAS)

A market that will be more important in the coming years. Just a quick reminder, EU Allowances (EUAs) are EU emission rights within the European Union Emissions Trading System (EU ETS), the world’s largest carbon marketplace, which makes sure companies are limited on their carbon emissions and obliges them to buy or sell allowances for each tonne they emit, incentivising investment in carbon reduction. For 2026, the combination of the UK marketplaces UKA and EUA is still planned to proceed. The first major companies in ETS1 were industrials with high annual gas usage (above 100 GWh) at a single connection point. The European Union has expanded coverage to include aviation, maritime shipping, and, soon, buildings/transport through the new EU ETS-2.

In Q1, EUAs reached their highest level, only to drop before summer’s end, then rose again to their highest level by the end of 2025. EUA prices in December were at €82/Tonne, with the market remaining tight between the key strike prices for the December options. The unchanged settlement was interpreted by traders as a signal that the market is waiting until option expiration, resulting in limited movement. Despite the flat trading, participants noted that EUAs remain relatively firm compared to gas and power.

Energy markets received early support from colder and calmer mid-December weather forecasts, but the continued ample gas supply quickly reversed these gains. Coal prices closed slightly higher. Technical signals remain mixed, with bearish momentum in the short term.

With the UKA-EUA spread widening further. Traders said the UK-ETS market remained primarily driven by low liquidity and general weakness in energy and EUAs, with limited domestic news from the UK.

UKA’s also followed the rally, with the December contract rising by more than 2% to £54.25, an elevenweek high. Trading was marked by sharp buying, with prices continuing to rise to peaks. Despite some resistance, the UK market showed clear resilience after a slow summer and maintained its close correlation with the EU ETS.

ETS OUTLOOK

Analysts have raised their price forecasts for EUAs through 2030, citing tighter supply and structural market tightness. A range of €90–100 in 2026 and €130–145 by 2030. The short term remains volatile due to high auction volumes and low demand, but the structural trend is bullish. Strategic purchasing and monitoring policy developments are therefore recommended.

EUA

GENERAL

As U.S. tariffs have not shown a downward trend in growth projections, it seems that markets are finding ways to adjust to higher prices. The U.S. plan for Europe remains less involved, forcing European decisionmakers to be self-supporting in many areas where we would normally rely on the U.S., creating room for a new plan on the world stage. How politics will address the contradictions between growth and greater renewable awareness will be an important topic in 2026.

For 2026, we really hope the war in Ukraine will end and a period of rebuilding can start. In all, this will be a positive flow for tensions on the world market, with oil prices dropping, coal becoming less popular, and renewable energy gaining position in the world. Let’s make a meaningful impact by proceeding with

ENERGY OUTLOOK

For 2026, the problems with grid congestion will remain just as valid as they are now and might become even more problematic. The Dutch new energy law will provide more room to see if partnering with other companies or grid operators results in solutions for short-term or long-term growth of your business.

New investments will be influenced by these solutions, and grid stability will keep the market in a strong gridlock. If AI is to grow in the Netherlands, all companies

reduction plans and growth in new areas such as AI, and ensure it works for us rather than against us.

How strong this feeling is, we fear that, due to political choices and financial pressures, much of it will not come to pass. One of the major concerns is the constraints on grid connections, access to capacity, and the willingness to invest to support growth. With the new energy law commencing in 2026, the playing field will shift, and new market players will test the opportunities it creates. Hopefully, this will help resolve some of the congestion issues, but it does not provide a solution. Everyone will need to review whether they are able to provide something to the system to make it future-proof.

will need significantly more capacity. The grid capacity options can and should be investigated further in 2026, and cooperation with others may be essential to develop solutions that have not been available to date.

Energy markets provide room to secure beneficial electricity and gas prices where needed. Waiting for the lowest price will most likely result in disappointment as markets are unpredictable.

GREEN DATA CENTER CONFERENCE

HIGHLIGHTS GROWTH, COLLABORATION AND URGENCY

TEXT: MELS DEES

During the opening of the Green Data Center Conference / Fiber Vakdag, DDA director Stijn Grove and Andrew van der Haar, Managing Director at the Fiber Carrier Association, emphasized the growth of the ecosystem and the urgency of joint action.

Grove opened by noting that the event had once again broken a record. He said that “750 people are coming together to talk about the future of digital infrastructure,” which shows how rapidly the sector is growing despite the societal debates surrounding it.

According to Grove, digital infrastructure is now “central to virtually all political and economic issues,” from energy and spatial planning to innovation and security. This, he explained, is exactly why this conference matters: “We must ensure that our energy supply keeps pace and that we accelerate the rollout of sustainable solutions.”

Van der Haar added that collaboration between the sector, government and policymakers has intensified significantly over the past year. In his view, the digital economy does not stand still, regardless of political uncertainty: “It simply moves forward.” Both speakers stressed that this year’s conference is broader than ever.

SHARED RESPONSIBILITY

Grove pointed out that provinces, ministries and even European representatives are in attendance. He said that “the shared task is enormous” and that it is therefore essential to discuss “how we can combine the growth of digital infrastructure with sustainability and the scarcity of space and energy.” Van der Haar described innovation as “the core of the sector,” something that must take shape both technologically and in collaboration.

The speakers concluded their introduction with the message that the day is about finding common solutions. Grove put it as “looking at how we can take steps together so that growth, sustainability and public acceptance do not have to be at odds with one another.”

EUROPE SEEKS STRATEGIC DIRECTION IN DIGITAL INFRASTRUCTURE

In a discussion moderated by Kees Verhoeven, Michiel Boots, Director General for Economy and Digitization at the Dutch Ministry of Economic Affairs, and Peter Stuckmann, Head of Electronic Communications Policy at the European Commission, explored how the Netherlands and Europe aim to strengthen their digital position in an increasingly polarized world.

Verhoeven opened by noting that Europe is “under pressure from tech powers like China and the US” and that digital dependencies are stacking up from raw materials to AI services. He asked Boots why the Netherlands is pushing for digital open strategic autonomy.

LET RULES TAKE EFFECT IMMEDIATELY IN AL MEMBER STATES

Stuckmann picked up on this from a European perspective. He said that “technology is evolving extremely fast and we are increasingly running into our own dependencies.” According to him, the EU wants the Digital Networks Act to establish a single, directly applicable regulatory framework. “We need to move away from transpositions that take years,” he said, “and toward rules that apply immediately in all member states. That makes us more agile.”

Verhoeven asked how Europe can remain open while also reducing dependencies. Boots acknowledged that tension and said: “Openness is our strength, but it also makes us

LESS DEPENDENCE ON AMERICA

When Verhoeven shifted the discussion to digital infrastructure, Boots became more pointed. He called digital infrastructure “the nervous system of our economy” and said that the Netherlands needs to communicate that more clearly. “People want less dependence on the US,” he said, “but they do not want a data center in their own region. That is hard to reconcile.” He emphasized that limited space, energy, and grid capacity are putting pressure on the digital agenda.

Boots replied that the ministry has been working on this agenda for years and said that “the digital economy is so central to our prosperity and security that you can no longer speak of a separate digital sector.” He explained that the Netherlands has broken down the entire digital value chain into layers and emphasized that Europe is dependent on external suppliers in nearly all of them. Referring to recent events, he said: “If the US government can intervene in the services of a major tech company overnight, we have to ask ourselves how resilient Europe truly is.”

vulnerable. We do not want to be naïve.” He stressed that Europe must build its own positions to avoid becoming a pawn between the US and China.

Stuckmann added that strategic autonomy is about holding critical segments in your own hands: “You do not need to be the global leader in everything, but you must have enough capacity to walk away from the negotiating table.”

He pointed to strong European telecom operators, but also noted that Europe “must catch up in AI ecosystems.”

Stuckmann linked this to the European Gigabit Infrastructure Act. “Permits must be granted within four months,” he said, otherwise the rollout of fiber and 5G will fall behind. On data centers, he explained that Europe aims to promote best practices that enable green investments: “We want more energy-efficient networks, but we also want to make it possible to finance them.”

INNOVATIVE INFRASTRUCTURE

Asked where Europe should stand in 2030 or 2040, both speakers outlined a shared ambition. Boots said that “Europe should not become a pawn” and must build its own technological positions. Stuckmann said success means that “Europe integrates networks, cloud, and edge into an innovative infrastructure supported by multiple member states, not just one.” He added: “We need to develop leadership instead of importing it.”

The conversation made clear that digitalization is no longer a technical issue but a geopolitical roadmap. Boots and Stuckmann agreed that Europe must become more agile, less dependent, and more innovative. The coming years will be decisive for the continent’s strategic position.

GROWING BEYOND THE GRIDLOCK

During a panel discussion on energy and data centers, Stijn Grove opened with the central question that has occupied the sector for years: how do we break through the gridlock of an overloaded power grid, and how can data centers continue to grow?

He summed it up succinctly when he said: “Without power there are no data centers, without power there are no data centers and no fibers.” The urgency is clear, and the table is filled with representatives from every link in the chain: Bart van der Laan from Alliander, Koenraad Zierkzee from Digital Realty and Rik Marsman from Vattenfall.

Van der Laan immediately identifies what he sees as the biggest obstacle. “The combination of legislation and regulation, but also simply execution capacity,” he says. To change anything, he argues, “we have to re-examine everything we’ve built over the past hundred years.”

Flexibility must become the new standard.

“LEARNING TO LOOK DIFFERENTLY.”

Zierkzee recognizes that necessary shift and reflects on the days when growth was mainly a matter of choosing locations and reserving connection capacity in time. “That’s no longer the case.” Grid congestion is forcing data centers to redesign their strategies. He calls it “learning to look differently.” Instead of giving every data center its own connection, Digital Realty is now exploring whether clusters can be linked, for example by jointly connecting at a higher grid level. This creates room to move up to TenneT instead of remaining stuck at 20 kV. It opens opportunities to link both new infrastructure and local energy sources.

For Vattenfall, Marsman sees that the same problems faced by data centers also apply to energy producers. “If you want to build a wind or solar farm or a battery storage facility, you also need a connection, which doesn’t just happen.” He makes clear that flexibility in contracts and collaboration with customers is a crucial step.

An important question is how existing assets, such as backup power installations, can help relieve grid congestion. Van der Laan did the math: “In the MRA region there is about 450 megawatts of backup power capacity. All of it next to the grid.” He cites the example of Enkhuizen, where a single customer with 1.5 megawatts of capacity “by running a maximum of 70 hours a year” was able to resolve 54 percent of the waiting list. It shows there is potential, but that regulation often gets in the way.

WHEN REGULATIONS HINDER INNOVATION

Zierkzee also recognizes the regulatory hurdles. “At times it seems as though the regulations were designed not to make things too easy,” he says, referring to the creation of private grids or restructuring existing connections. Still, he sees clear progress. Different worlds are coming together and beginning to understand each other better.

Van der Laan points to the rise of energy hubs, where companies actively collaborate on infrastructure and investments in CHP units, batteries and other energy assets. Data centers can play a key role in these hubs. He envisions them in five years as “a kind of decentralized energy plant that also happens to produce data.”

DATA CENTERS AS DECENTRALIZED POWER PLANTS

Zierkzee hopes that in five years the sector will no longer be viewed primarily as a problem. “That we are seen as part of the solution.” Marsman looks ahead to closer cooperation between suppliers, grid operators and data centers, especially in large innovative projects. If there is earlier visibility into what will be needed three to five years from now, the energy sector can anticipate rather than having to make ad-hoc adjustments each time.

The discussion ends with a shared conclusion: the puzzle is complex, but the direction is clear. Growth is only possible through new connections, new forms of collaboration and a broader view of what a data center is and can be. As Stijn Grove summarizes: “Much more integrated, with a clear understanding of who needs to be where.”

BUILDING THE NEXT DIGITAL HUB

WHY THE FUTURE OF DATA CENTER GROWTH LIES IN INTEGRATED ECOSYSTEMS

TEXT: STIJN GROVE

Over the next two decades, economic leadership will no longer be defined by ports, pipelines, or logistics hubs alone, but by digital infrastructure. Data centers are central to this shift. They are no longer peripheral real estate assets but foundational infrastructure underpinning artificial intelligence, cloud services, digital industry, energy systems, and national security. Wherever data centers scale effectively, innovation follows.

The Netherlands has long been a frontrunner in this domain. Early investments in connectivity, internet exchanges, and high-quality data center locations positioned the country as one of Europe’s most important digital gateways. That position, however, is under increasing pressure. Global demand for computing capacity is accelerating rapidly, driven by AI, data-intensive industries, and geopolitical fragmentation, while space, power availability, and permitting constraints are tightening. The key question is therefore not whether the Netherlands should expand its digital infrastructure, but how.

An important starting point is nuance. Not all future growth will, or should, take place in large clusters. Standalone data centers will continue to play a role and can function as integrated energy assets in their own right. When intelligently connected to generation, storage, heat reuse, and grid-balancing mechanisms, a single facility can actively support the energy system while hosting digital workloads. This model will remain relevant for regional, industrial, or specialised use cases.

At the system level, however, clusters are indispensable. They are the only scalable way to align digital growth with energy infrastructure, spatial planning, connectivity, and long-term investment certainty. The future of the Netherlands as a data center hub depends on deliberately building integrated ecosystems rather than relying on fragmented development.

FROM INDIVIDUAL SITES TO ECOSYSTEMS

Historically, data center development followed a reactive model: securing a location, applying for a grid connection, and connecting to existing infrastructure. That model breaks down in an AI-driven era, where a single campus can require hundreds of megawatts and long-term power guarantees. Energy systems, grids, and permitting frameworks are not designed to absorb this scale project by project.

Clusters change this dynamic. By concentrating development in strategic locations, infrastructure can be planned proactively. Grid reinforcements become

targeted investments, power generation and consumption can be integrated, and connectivity providers, cloud platforms, and research institutions gain confidence to co-locate. This creates genuine digital ecosystems rather than isolated facilities.

International experience is clear: global data hubs emerge where infrastructure, policy, and market incentives are consistently aligned. Where alignment is absent, capital and workloads move elsewhere.

ENERGY AS A FOUNDATION, NOT A CONSTRAINT

Energy is often framed as a limiting factor, but in reality it is the foundation for future growth. Data centers are predictable, long-term consumers, making them well suited to anchor renewable-based energy systems.

Cluster-based development enables direct coupling between data centers and energy production. Locating capacity near offshore wind landings, hydrogen infrastructure, or future baseload generation reduces pressure on transmission networks and accelerates investment in new supply. Long-term power purchase agreements support renewable bankability, while the steady demand profile of data centers enhances grid stability.

Beyond consumption, data centers can actively contribute to energy system efficiency. Waste heat can be reused for industrial processes, district heating or controlled agriculture. Backup systems can transition from diesel to hydrogen or other low-carbon solutions. Load management and flexibility services allow data centers to support balancing markets. These integrations are technically feasible at the level of individual facilities, but they become economically and operationally scalable only when embedded in clusters designed for that purpose.

In this sense, clusters do not compete with the energy transition; they enable it. They turn digital infrastructure into an investment vehicle for energy infrastructure rather than a perceived burden on the system.

STRATEGIC AUTONOMY IN A FRAGMENTED WORLD

Data centers have become strategic assets. Compute capacity, AI models, and data flows are increasingly shaped by geopolitical pressures and regulatory divergence. Europe’s ambition for digital autonomy cannot be realised without sufficient, well-located domestic capacity.

The Netherlands is well positioned to play a central role, but only if it continues to offer scale, resilience, and connectivity. Clusters enable different types of data

GOVERNANCE AND PREDICTABILITY

Technology alone does not create hubs; governance does. Fragmented decision-making, unclear timelines, and uncertain grid access increase risk and deter long-term investment.

Cluster development requires orchestration rather than central planning: designating suitable locations, aligning grid operators and permitting authorities, and providing

centers to coexist within a coherent system, allowing intelligent workload distribution, built-in resilience, and reduced dependence on single locations or jurisdictions.

Without adequate domestic capacity, investments in AI, quantum technologies, and advanced manufacturing risk remaining theoretical. Compute is a strategic input, and clusters are the mechanism that aligns strategic control with market-driven growth.

transparent frameworks for connection, expansion, and sustainability. Several European countries already recognise large data center projects as strategically significant infrastructure. The Netherlands does not need to copy these models, but it must offer comparable clarity and speed. The role of government is not to finance data centers, but to ensure that infrastructure systems, regulations and timelines are aligned.

CHOOSING TO LEAD

The Netherlands stands at a crossroads. Doing nothing is not neutral; capacity that cannot be built domestically will be built elsewhere, along with the associated innovation and strategic influence. At the same time, poorly integrated growth undermines public trust and strains energy systems.

The path forward is deliberate, integrated growth. Standalone facilities will remain part of the landscape,

but clusters are essential at the system level. They provide the scale and coordination needed to align digital infrastructure with energy transition goals and long-term economic strategy. By embracing data center and energy clusters as core national infrastructure, the Netherlands can ensure that digital growth strengthens sustainability, resilience, and strategic autonomy—and continues to lead rather than follow.

CAPITAL CROSSES CAPACITY

THE NEW REALITY OF DIGITAL

INFRASTRUCTURE

TEXT: MELS DEES

A series of conversations with leading figures across the digital infrastructure landscape raised several fundamental questions: how do you unlock growth in a market where capital is becoming more expensive, energy is scarcer, and technology is advancing faster? The discussion spanned every layer of the sector, from financing structures to data centers and artificial intelligence, revealing how financial discipline, technological innovation, and market dynamics increasingly shape one another.

According to Jeroen Kleinjans, head of digital infrastructure financing at ING, the sector is moving at different speeds. “The tower sector, the construction of telecom towers, is now classic

infrastructure,” he said. “Stable, predictable, low risk. By contrast, fiber experienced a massive investment wave after Covid, but rising rates and inflation have changed the rules of the game.”

Many companies that borrowed heavily between 2020 and 2022 to expand are not reaching their expected penetration levels. As a result, capital flows are shifting. Kleinjans emphasized that the money has not disappeared; it simply has new priorities. “Capital seeks quality,” he said. “And right now, we are finding that mainly in data centers.” To him, this is not a sign of caution but of maturity. Growth is once again grounded in the fundamentals of infrastructure: stable cash flows, long-term contracts, and predictable demand.

SMALLER PURPOSE-BUILT STRUCTURES

A similar picture was outlined by Pascale Labrecque, managing director at DigitalBridge. She sees no tightening but a clear professionalization. “The age of mega-consortia is over. We now see smaller, purposebuilt structures that can manage risk better and optimize returns.” According to her, this shift marks the transition to a new investment phase in which scale is replaced by precision.

New structures play a central role in financing that growth. Labrecque pointed to the rise of Asset-Backed Securities (ABS) as an effective instrument. An ABS bundles stable cash flows from existing contracts, such as data center leases or fiber capacity, into a separate financing vehicle. Those cash flows then serve as collateral for bonds sold to investors. “It allows

operators to raise inexpensive capital without giving up operational control of their assets,” she explained. “It is not just financial engineering; it is a way to unlock capital and enable growth.”

Edward Rubin, managing director of TMT Investment Banking at Goldman Sachs, also recognized this trend. According to him, digital infrastructure is following the same path other capital-intensive sectors have taken.

“The tower sector was the first to mature,” he said. “Then came wholesale and retail data centers, cross-connects, and eventually dark fiber.” Successful financing, Rubin explained, depends on correctly matching duration and returns. “The length of the capital must fit the lifespan of the asset. That is the essence of sustainable growth.”

CABLE, FIBER, AND DATA CENTERS BECOMING ONE ECOSYSTEM

Meanwhile, the value chain itself is undergoing a silent transformation. Where subsea cables, fiber networks, and data centers once operated as separate domains, they are now merging into one integrated ecosystem built on scalability, reliability, and connectivity. Investors no longer assess individual assets but the network as a whole. Capital no longer follows a single project but the layer of infrastructure that will support future demand.

Victor Pons Mesman, CEO of Fibre and Data Infrastructure, sees this merging as evidence that the sector has entered a new phase. “We are coming out of a decade of rollout, fiber to every home and towers in every network,” he said. “Now begins the phase of efficiency, consolidation, and renewal.” For him, this is not a slowdown but a necessary shift. “The first investment wave laid the foundation. Now it is about optimization.”

A DIFFERENT ROLE FOR BANKS

According to all speakers, this reorientation is visible in the way capital is organized. Labrecque described it as a shift from growth for growth’s sake to growth through structure. Banks, investors, and operators must work more closely together than ever. Kleinjans added that this also means banks are taking on a different role. “We no longer finance only the construction phase,” he said. “We look at the entire lifecycle of an asset: the contracts, the cash flows, the energy security.”

Rubin saw in this the contours of a mature market. “The relationship between infrastructure and return has fundamentally changed,” he said. “It is no longer about rapid expansion but about sustainable returns. Investors want to know that a project will continue operating even when market dynamics shift.”

At the same time, innovation remains the sector’s engine. The increasing intertwining of technology and infrastructure creates new investment models. Labrecque noted that netcos and yieldcos, legal structures that separate operational risks from stable assets, continue to prove their value. “By structuring capital flows, you create room for new investments,” she said. “We can distribute risks and deploy capital more efficiently.” Rubin added that this model not only brings financial stability but also room for growth. “The securitization of stable assets gives developers breathing space to keep building. It keeps the sector agile, even in a higher-interest environment.”

INTEGRATED PORTFOLIOS

Kleinjans pointed out that this transformation also reflects a shift in investor mentality. “Where we once looked at individual projects, we now finance platforms,” he said. “An integrated portfolio of networks, cables, and data centers is more attractive than a single asset. The synergy between those layers determines the value.”

As financial structures become more refined, the geographic focus also shifts. A clear catch-up is visible in Europe. Pons Mesman expects 2026 to be a turning point. “The investment wave that began in the United States is now rolling into Europe. Increasing amounts of American capital are flowing into the European infrastructure market.”

Streamer:

“Banks base credit decisions on energy security.”

The energy component is becoming crucial. Kleinjans warned that banks increasingly base credit decisions on energy security. “A data center without reliable power supply loses its infrastructure character,” he said. “Energy is no longer a secondary condition but a core requirement.”

Technology, meanwhile, is accelerating faster than ever. The experts agreed that artificial intelligence is currently the sector’s main growth driver. Ugne Kleinauksaite, responsible for global connectivity strategy at Meta, explained that demand for capacity is growing so quickly that infrastructure constantly risks falling behind.

“Forecasts sometimes change three times a week,” she said. “Every time we build something, we hear that we already need more.”

This is why Meta invests proactively rather than reactively. “We do not want to be the bottleneck for innovation,” Kleinauksaite said. “Our infrastructure must always stay one step ahead. Our return does not come from direct profit but from enabling growth.” Pons Mesman recognized this strategy. His company usually builds on a contract basis but is willing to invest in strategic locations where demand is predictable. “In corridors like Madrid to Paris, we know multiple parties will follow,” he said. “We consciously take on a bit more risk there.”

Kleinjans said that AI is also changing how financiers assess risk. “We do not finance speculative AI projects,” he said. “But we do invest in data centers and networks with long-term contracts and multiple tenants. Enterprise cloud platforms with AI options fit that profile perfectly.”

Rubin added that the impact of AI extends beyond the data center itself. “Growth in chip density, power consumption, and cooling is creating new industries,” he said. “Training AI models requires enormous capacity, and the transition to inferencing will drive another surge. This is not a hype; it is the next growth phase.”

Labrecque warned against overconfidence. “AI offers enormous opportunities, but the projects are too large to build on speculation,” she said. “We work more closely with customers and share risks. We only build once we know the demand is there.” The era of “build it and they will come” seems definitively over. As Rubin summarized: “The sector has become too mature for guesswork. Growth is real, but it must be financed responsibly.”

GEOGRAPHIC AND TECHNOLOGICAL TRENDS CONVERGING

As Europe prepares for an acceleration of investment, Asia focuses on reducing the distance between infrastructure and users. China is prioritizing practical AI applications and placing compute capacity closer to the end user. Kleinauksaite illustrated this with a simple example. “If someone has to wait twelve minutes for an AI video to render, they will not use it. The experience must be instantaneous. That means capacity must move closer to the user.”

The conversation then shifted to emerging asset classes beyond traditional infrastructure. Subsea cables and IP addresses are becoming new sources of value. Labrecque argued that subsea cables remain attractive but mainly as part of a broader portfolio. “Barriers to entry have fallen, but that makes it harder to differentiate,” she

said. Kleinjans agreed. “As a standalone project, it is too concentrated a risk, but within an integrated portfolio it works well.”

Rubin highlighted an example of financial innovation in this segment. “Cogent Communications used its IPv4 and IPv6 addresses as collateral for a securitization,” he said. “They raised capital without undermining profitability. It shows that even something abstract like IP space can represent tangible value.”

Labrecque noted that IP networks are often underestimated but can be decisive in consolidation processes. “Whoever owns the IP owns the power,” she said. “It determines who controls the customer relationship in B2B markets.”

SUFFICIENT CAPITAL UNDER THE RIGHT CONDITIONS

By the end of the discussion, the tone was realistic yet optimistic. The consensus was clear: there is abundant capital available, but it is waiting for the right conditions. Kleinjans spoke of strong tailwinds but also fundamental requirements. “The sector benefits from digitalization, but we cannot forget the basics: power security, tenant quality, contract length.”

Labrecque emphasized that the gap between supply and demand continues to grow. “Demand for capacity is rising faster than we can build. That creates opportunities but also forces focus.” Rubin added that discipline remains key. “There is a lot of money on the sidelines, but it will only be deployed if the conditions are right.”

For Pons Mesman, the direction is clear. “Investing in digital infrastructure is investing in the global economy itself,” he said. “It represents not only data but also growth, employment, and innovation.”

The experts agreed that the coming years will be decisive. The shift from fiber to data centers, the influence of AI, and the continued refinement of financing structures mark the beginning of a new chapter in the digital economy. Digital infrastructure is no longer just a technical sector; it is the financial backbone of the modern world. As the market matures, one principle remains: growth is unlocked by aligning capital with capacity, and pairing discipline with vision.

EUROPE’S NEW HUBS

TEXT: PETER VERMEULEN

It has become common practice to split the European data center market landscape into tier1 and tier-2 markets. Tier-1 markets are Frankfurt, London, Amsterdam, Paris, and Dublin (FLAP-D), while tier-2 markets include Milan, Madrid, Zurich, Warsaw, and Vienna. If we want to identify new growth markets, there is a tendency to look at the growth potential of tier-2 markets and the emergence of new tier-2 markets, all competing for the same workloads.

The reality is, as usual, much richer. The FLAP markets emerged in the 1990s, driven by the Internet. Frankfurt, London, and Paris were home to the largest connected IT user communities: the financial sector. Amsterdam had a reasonably strong financial sector but benefited most from a firstmover advantage as the first European location to connect to the Internet. Data and networks attract data and networks, and as a result, these four locations have long dominated the European data center market.

With the rise of cloud computing (2008-2012), the data center market shifted radically. The hyperscale market arrived. And while these hyperscalers wanted to be close to the big data hubs, they began building massive data center hubs in remote locations with cheap, renewable power and cool climates to reduce cooling demand. Campuses emerged in the Nordics, the Benelux, and Ireland as a result. Since a concentration emerged in Ireland, the D for Dublin was added to FLAP, creating FLAP-D. At Pb7 Research, we see this as a historic error.

Around 2020, the market entered a new phase, as hyperscale cloud providers started to roll out edge, or more accurately, metropolitan strategies. They started rolling out data centers for every metropolitan area large enough to justify the investment. As a result, the so-called tier-2 and emerging tier-2 metros started to grow. Yes, congestion in the FLAP markets shifted some customers to other metros, but the cloud’s metro rollout was the driving force.

While we are in the middle of the edge/metro rollout, AI swooped in, creating a perfect storm of data center investments. The first wave of AI is “training heavy” and shares many characteristics with the hyperscale cloud wave. As a result, the Nordics are gaining strength in the overall data center market. But there are also differences: by 2025, renewable power is abundant across many places in Europe, and cooling can also be done efficiently in warm countries, especially – but not limited to – liquid cooling. With much of it stranded due to a lack of transport capacity, this creates unique opportunities, especially where international and intercontinental connectivity is strong.

Amid grid congestion and AI’s power demand, which countries are emerging as Europe’s new hubs?

We’ve made a list. For now. Because it will not take too long before the AI inference wave will swoop in in full force. Let’s start in the North.

NORWAY

Norway continues to strengthen its status as Europe’s most mature renewables-driven digital infrastructure hub. With an electricity mix composed almost entirely of low-carbon hydro power, the country offers some of the continent’s lowest CO₂ footprints per MWh, making it increasingly attractive for power-intensive AI clusters, HPC workloads, and hyperscale deployments prioritising sustainability. Compared with other Nordic countries, Norway has not had a significant hyperscale footprint, but that is rapidly changing. While FLAP continues to dominate the European colocation market, we see a rapid emergence of new hubs in the Nordics and Southern Europe—regions where power availability, renewable reliability, and land-use flexibility are far greater than in congested metropolitan zones.

Norway also benefits from a wave of new connectivity investments. Over the past several years, expansions of submarine cable systems linking the Nordics to mainland Europe, the UK, and North America have significantly reduced the latency disadvantages

traditionally associated with the region. This improved interconnection, combined with data-sovereignty considerations and the rise of AI training workloads that do not require metro proximity, has pushed Norway into the center of Europe’s energy-centric data center strategy. Grid stabilisation services, battery energy storage systems (BESS), and innovative heat-reuse projects are more prevalent in Nordic markets than elsewhere, giving Norway a demonstrably higher level of infrastructure maturity for sustainable operations.

Despite these advantages, Norway faces challenges that mirror those in the rest of Europe: permitting friction, skills shortages, and local debates about land use and renewable capacity allocation. But as AI accelerates demand for ultra-dense power configurations and the adoption of liquid cooling, Norway’s high-capacity, renewables-anchored energy environment positions it as one of the continent’s few locations capable of hosting multi-gigawatt AI campuses without gridcongestion risk.

NORWAY

Source: European Colocation & Hyperscale Database 2025v2, Pb7 Research MARKET IT

74 % 451 MW 10 MW COLOCATION HYPERSCALE

26 %

363 MW 34 MW COLOCATION HYPERSCALE

Source: European Colocation & Hyperscale Database 2025v2, Pb7 Research MARKET IT POWER 2025 CAGR 2024-2031

31 %

45 %

ITALY

Italy is undergoing one of Europe’s most dramatic transitions from a secondary colocation market to a major hyperscale and AI-infrastructure destination. The industry is expanding at an unprecedented pace, with data center construction at an all-time high. Combined with significant cloud-region launches by Microsoft, Oracle, and other hyperscalers, Italy’s growth trajectory now parallels that of earlier European breakouts like Madrid, Stockholm, and Warsaw.

Milan has emerged as a Tier-2 European hub, with more than 70% of the country’s IT power concentrated in Lombardy. This concentration reflects Italy’s robust enterprise market, major internet exchanges, and increasing subsea-cable connectivity via Sicily, Bari, and Genoa—routes that integrate Italy into the Mediterranean backbone linking Europe, Africa, the Middle East, and Asia. Meanwhile, Rome is becoming the country’s second-largest region, with rapid growth projected to reach 100 MW by 2029.

Italy’s rapid growth mirrors broader European dynamics: power scarcity, grid congestion, and environmental obligations are simultaneously accelerating investment and requiring careful regulatory coordination. Lombardy’s new 2024 data center directive—encouraging brownfield development, heat-reuse systems, and energyefficiency criteria—aligns with EU-wide EED requirements and reflects a continental push for sustainable expansion. Italy also faces a significant skills gap, as do other existing and emerging hubs.

Given the rise of AI workloads, hyperscale leasing patterns, and cloud-sovereignty requirements, Italy is now positioned to become a key SouthernEuropean aggregation point for both domestic demand and international cloud services. Its combination of population scale, economic diversity, energy-transition commitments, and evolving regulatory clarity makes it one of Europe’s fastest-ascending digital-infrastructure markets.

PORTUGAL

Portugal is rapidly transforming from a modest regional market into one of Europe’s strategically important emerging data center hubs. This shift is driven by a convergence of assets that are rare in Europe: large volumes of affordable renewable energy, direct access to global subsea cable systems, and supportive national policies that are ready to attract hyperscale and AI-oriented digital infrastructure. The country’s position on the Atlantic coast makes it one of the few European nations capable of hosting intercontinental landing points at scale, with new systems such as EllaLink, Equiano, 2Africa, Nuvem, Medusa, and PISCES reshaping its connectivity profile. Combined, these cables provide ultra-low-latency routes linking Europe with the Americas, Africa, the Middle East, and parts of Asia, enabling Portugal to function as a true panregional gateway.

According to the 2025 Data Centers Market Outlook by PortugalDC (research by Pb7), Portugal is entering an unprecedented build-out, with more than €13 billion in new data center construction forecasted by 2031 and IT power capacity expected to increase more than 40-fold. Anchor developments—most

notably the multi-gigawatt Start Campus project in Sines—signal Portugal’s arrival as a destination for hyperscalers, energy-intensive AI workloads, and scale colocation developments that cannot be easily accommodated in congested FLAPD markets. EUDCA’s 2025 findings reinforce this trajectory: Europe’s power scarcity and the shift from connectivity-driven site selection to renewableavailability-driven development make Portugal a prime beneficiary, particularly as 76% of operators across Europe cite power access as the sector’s most critical challenge.

At the same time, Portugal faces familiar constraints. Access to high-capacity grid infrastructure, permitting timelines, and availability of specialised workforce skills—challenges highlighted in EUDCA’s pan-European surveys—also apply here. Nevertheless, Portugal’s ability to combine geographic advantage, sovereign-scale connectivity, and renewable-heavy energy positioning makes it one of Southern Europe’s strongest future digitalinfrastructure contenders, especially for AI model training, hyperscale cloud expansion, and nextgeneration interconnection ecosystems.

PORTUGAL

Source: European Colocation & Hyperscale Database 2025v2, Pb7 Research MARKET

COLOCATION HYPERSCALE

POLAND

Source: European Colocation & Hyperscale Database 2025v2, Pb7 Research MARKET IT POWER 2025 CAGR 2024-2031

228 MW 15 MW COLOCATION HYPERSCALE

14 % 12 %

POLAND

Poland has emerged as Central and Eastern Europe’s strongest data center hub over the past couple of years, driven by rapid digitalisation, resilient enterprise demand, and major hyperscaler investments in cloud regions. Central and Eastern Europe is a region where growth is accelerating quickly but unevenly, with Poland clearly at the forefront, driven by its strong IT sector, large domestic market, and improving connectivity to both Western Europe and the Baltics. Interestingly, the growth from concrete projects is “only” in the low double digits. However, there are numerous large, speculative projects with the potential to significantly raise our conservative forecast.

Warsaw is Poland’s dominant metro, benefiting from a dense enterprise environment, rapid local cloud adoption, and growing interest from global operators seeking alternatives to congested FLAPD markets. Power scarcity and permitting friction are now shaping

investment strategies across Europe. Poland, while not immune to these issues, is better positioned than many neighbouring markets due to ongoing grid modernisation programmes, new renewable energy capacity, and strong alignment with the national digital strategy.

Poland’s maturing ecosystem is creating conditions similar to those observed in Italy a few years earlier: consolidation of legacy enterprise data centers into modern colocation environments, steady expansion of wholesale and scale facilities, and rising interest in hosting sovereign-cloud and regulated workloads. Coupled with substantial long-term demand from financial services, e-commerce, media, and gaming sectors, Poland is solidifying its role as a regional bridge— linking the Nordics, DACH region, and Southeastern Europe into a broader European digital-infrastructure corridor.

GREECE

Greece is becoming one of Europe’s most interesting connectivity-led emerging hubs, driven by its growing role as a Mediterranean intercontinental landing point. A surge in subsea cable deployments— linking Greece to the Middle East, North Africa, and Asia—has transformed the country from a historically peripheral market into a critical node in Europe’s future digital map. Investments from hyperscalers, including Google and Microsoft, demonstrate that Greece’s geographic and energy-transition advantages align well with EU-wide objectives around diversification, resilience, and sovereign infrastructure expansion.

Southern Europe is experiencing the strongest growth of any region in Europe, fuelled by improved intercontinental connectivity, rapidly expanding renewable energy capacity, and frustration with grid congestion in Western European metros. Greece

fits squarely within this pattern. Regions such as Attica and Crete are increasingly seen as strategic locations for large-scale cloud and AI inference clusters, as well as disaster-recovery workloads.

Greece also benefits from a strong policy pivot: digital infrastructure investment is closely tied to national strategies for the energy transition, data sovereignty, and economic diversification. As with other emerging hubs, challenges remain— most notably grid stability, regional permitting complexity, and the need to expand the skilled workforce pipeline. But with its rapidly improving connectivity profile, favourable geographic position, and alignment with Europe’s broader push for digital sovereignty, Greece is now positioned to become the Southeastern anchor of Europe’s new multi-hub data center era.

GREECE

Source: European Colocation & Hyperscale Database 2025v2, Pb7 Research MARKET IT POWER 2025 CAGR 2024-2031 (38 MW IN 2031)

31 MW 0 MW COLOCATION HYPERSCALE

37 % NA

PAINTING THE CLOUD

Data centers form the backbone of the digital age. They are reliable, efficient, and designed to operate without drawing attention. Yet there is a growing global need to make the physical reality of digital infrastructure more visible. The cloud is not a metaphor but a collection of buildings, transmission lines, cooling systems, and employees who work around the clock.

Google’s Data Center Mural Project is a response to that invisibility. The initiative invites local artists to transform data center facades into large-scale artworks. What began as an aesthetic experiment has evolved into public communication about critical infrastructure. Vice President Data Centers Joe Kava explained: “We created the Data Center Mural Project: a partnership with artists to bring a bit of the magic from the inside of our data centers to the outside.”

GLOCALIZATION OF INFRASTRUCTURE

Data centers are internationally standardized; a server hall in Belgium must operate like one in the United States or Singapore. This is precisely why the murals stand out: they add something that cannot be scaled, namely local identity.

In St. Ghislain, Google chose Belgian artist Oli-B, who covered the data center with a colorful abstract cloudscape. He said: “Clouds can have a dreamy feeling… Something vibrant, with a bit of poetry.” His design is inspired by the surrounding landscape, including the sheep grazing nearby.

This creates a tension: global infrastructure becomes place-based through regional art. While the technical architecture remains uniform, the aesthetic layer becomes differentiated. This produces glocalization, global technology that visually connects with the local community. Kava summarized it: “People usually don’t realize what these buildings do… Art helps us open that conversation.”

For professionals, this can be seen as a strategy to anchor data centers more firmly in their surroundings. The sector faces increasing questions about spatial integration, energy use, and sustainability.

ART AS AN INTERFACE BETWEEN HUMANS AND MACHINES

A data center is technically closed; visitors cannot enter, and even employees often see only part of the whole. Yet there is a societal desire to understand what happens behind its walls. Art proves to be an effective mediator, not through technical details but through imagination.

American artist Jenny Odell, who created the mural in Mayes County, based her work on aerial images of infrastructure. “Each piece focuses on a different type of infrastructure that enables the flow of goods, power and information.” About the employees she added: “I wanted the mural to create a sense of pride for the people who work so hard to maintain the inner workings of the data center.”

Oli-B expressed a similar idea: “The point is for the people in the data center to be able to see themselves in the work.” In a sector where automation and predictive maintenance are increasing, the human factor remains essential. The murals acknowledge that role.

For the public, the art offers an accessible way to reflect on what a data center actually is. Art functions as an interface between a technical system and the community that depends on it.

PAINTING THE CLOUD AS CULTURAL INFRASTRUCTURE

The title refers to how the murals bring the abstraction of digital technology back into the physical world. Data may seem immaterial, but data centers are tangible, energy-intensive, and embedded in local ecosystems. Painting the cloud directly onto a wall makes that contrast visible.

This has broader meaning for the sector: public perception is becoming increasingly important. A mural does not change PUE, redundancy, or cooling strategy, but it does change how a community experiences the building.

For professionals involved in site selection, permitting processes, or community engagement, the project offers a relevant case. It demonstrates that a data center can be both a high-tech facility and a neighborhood building. Odell put it succinctly: “The mural is a way of saying that this place is part of your landscape, part of your life, even if you never go inside.”

Can Europe heat it's greenhouses with AI?

Europe faces a paradox at the heart of its digital future. Artificial intelligence is accelerating faster than any infrastructure in history, while Europe’s power grids expand slowly and unevenly. In parallel, industrial heat demand remains one of the continent’s largest energy burdens — still largely served by fossil fuels.

Digital Energy was founded on a simple but overlooked insight: these problems are not separate. They are two sides of the same system — and solving them together unlocks the future of energy infrastructure.

HEAT MEETS COMPUTE

Half of the world’s energy is consumed as heat, and much of it still comes from fossil fuels. At the same time, AI infrastructure converts all consumed electricity into thermal energy. Most of that heat is still vented and wasted. Digital Energy connects these two flows by deploying distributed, liquid-cooled AI infrastructure alongside industrial heat offtakers, transforming compute into a reliable source of useful heat.

"The next generation of European infrastructure won't be built by companies optimising the old model. It will be built by those rethinking what a data centre can be. Digital Energy demonstrates how AI infrastructure can contribute beyond compute, by reusing heat, supporting food production and delivering sovereign AI capacity. This is exactly the kind of structural innovation our industry needs."

Michael Winterson Secretary General, European Data Centre Association

TWO WORLDS, ONE INSIGHT

The company emerged from two worlds that rarely meet: data center development teams that watched projects stall in permitting queues and grid connection backlogs, and Dutch greenhouse families facing volatile gas prices and rising carbon costs. In 2017, the founders recognized a complementary dynamic: greenhouses often have permitted grid connections and constant heat demand, while AI compute needs grid access and produces heat continuously. One industry’s crisis was hiding inside the other’s exhaust.

Traditional data center development is hitting a structural wall in Europe. Demand for AI inference workloads is growing far faster than grid expansion. Centralized mega-campuses wait years for grid connections that may never arrive. The alternative is a distributed architecture — what NVIDIA calls an ‘AI Super-Factory’: smaller sites that can operate independently, cluster logically when needed, and deploy where power is available and heat demand already exists.

HEAT, NOT HYPE: What AI can power besides algorithms

BUILDING EUROPE'S FIRST

Digital Energy is building Europe’s first distributed, liquid-cooled AI infrastructure platform integrated with industrial heat users. Sites are designed to recover the majority of input energy as usable heat at temperatures suitable for industrial and agricultural processes. Liquid cooling matters here not only for performance but because it enables higher-grade heat recovery than typical air-cooled designs.

For AI customers, this means sovereign, high-density capacity available sooner — not because corners are cut, but because the model avoids the grid bottlenecks that stop many European projects entirely. The platform is purpose-built for inference and edge AI workloads, with capacity scaling faster than legacy infrastructure allows.

For municipalities, the value is direct and measurable: heat decarbonization without public subsidies, long-term energy price stability for local industry, preservation of food production, and digital infrastructure that adds no new strain to the grid. For citizens, it means local industry remains viable, and AI infrastructure contributes visibly to society rather than remaining a distant, fenced-off abstraction.

ENERGY THAT COMPUTES

Digital Energy is not a data center operator optimizing the old model. It is energy infrastructure that computes — turning AI growth into an engine for industrial decarbonization and regional resilience. Its mission is to turn AI computing into a large source of carbon-free industrial heat, and its vision is to build the energy backbone for intelligence.

"We go where power already exists and is underutilized. That's how you build in Europe without waiting for connections that may never come."

Jonathan Mattis, Co-founder & CIO

+31 297 728 497 digital-energy.group info@digital-energy.group

AI-ready data centres are an emerging segment of the data centre landscape in Europe. Hyperscalers and the neocloud providers have become drivers of AI demand and capacity has been built to satisfy their needs.

Emerging AI infrastructure providers, often called neoclouds, are contracting significant available colocation capacity in response to hyperscaler demand. According to research from CBRE, signings for AI-focused colocation capacity reached 414MW in the first nine months of 2025, up from 133MW compared to the same period in 2024. More than half of this capacity (57%) was signed in the Nordics.

In 2025, there were new neocloud deployments announced in varied locales such as Portugal, Scotland and Norway. AI capacity is also being contracted at scale in other European markets, such as London, Paris and Barcelona.

However, the Nordics and Iberia are clear destinations for providers given the availability of power and the relatively low power cost, which for energy-intensive workloads will significantly lower their operating costs when compared with other European countries.

TABLE 2: EUROPE NEW SUPPLY (MW)

The rise in AI-specific signings reflects a market shift of sorts as leased capacity scale has been delivered at scale to hyperscalers looking to build or expand cloud regions. Neoclouds are emerging AI infrastructure providers that have grown their footprint in Europe largely by absorbing vacant space meant for hyperscalers.

The growth of contracts signed with neoclouds reflects the growing comfort level on the part of data centre providers with neoclouds and the covenants that come with them. As a result, we see tremendous growth of this segment especially in the Nordics, where lower-cost renewable power is often available in greater abundance than in many other European markets.

The ability to meet demand is the larger problem is the industry is trying to solve as demand for AI-designated capacity has outrun hyperscaler’s ability to deliver AI workloads at scale across the continent. The challenge of meeting demand is complicated by the shortage of sufficient power most notably.

Available power is more correlated than ever with data centre development. The lack of available power is a two-pronged problem.

The constraint on power comes in two forms. At the high-voltage transmission level grid constraints can prevent, if not limit, redistribution of renewable power generation areas to the high population areas. Although more transmission networks are planned, the laying of new high-voltage cables is a long-term process. It is also expensive, with the EU transmission regulator noting that over €800 billion of investment in European grid capacity is required by 2050. Second, at the substation level, there is a shortage of capacity to individual data centres. The shortage of power availability has been exacerbated by actions of various Transmission System Operators (TSO). The result is that supply has become increasingly constrained in FLAPD as grid capacity from the Transmission System Operator (TSO) has been unable to keep up with demand.

Lead times for connections to the electricity connectivity vary substantially by location but are typically measured in years. In most cases, it is dependent on whether capacity is available at a local substation as those are usually the first bottleneck in the process.

For data centre providers, the ability to deliver vast amounts of power in a year or two represents an advantage over the competition. Neoclouds are fledgling enterprises that need to build infrastructure quickly in a bid to scale their business. As such, neoclouds aren’t able to wait five to 10 years for a data centre to be built.

Besides power availability, land availability and difficulties securing planning in a timely manner are also obstacles to progress when it comes to AI data centre development. However, those don’t feature as prominently as standalone factors compared to the cost of energization and the ability to source scalable power.

That said, the higher profile the industry has taken on given has led to more opposition to data centre development in select locations. In Dublin, for example, several court appeals have been lodged against data centre developments, citing the use of power and the lack of sustainability.

Destinations aside, data centres will need to cater for a wider spread of workloads, from conventional densities towards the higher densities. This need will become

more acute as inference AI requirements grow and the need for capacity to grow availability zones on the part of hyperscalers subsides.

The pool of AI-ready data centres is small but growing rapidly. Operators are planning to adopt liquid cooling in their new facilities. By this an operator who is constructing a campus is providing a mix of air-cooling and liquid-cooling technology and is ensuring the option remains open to be able to convert more data halls to cater for high-density AI workloads as needed.

AI-ready data centres are to be a feature of the landscape for new developments. However, the availability of power and low power will dictate where workloads are located. This may place FLAPD markets at a disadvantage when compared with the Nordics and Iberia. However, AI-ready data centres to some degree will remain a feature of all markets, although for larger AI data centres, a low-cost scalable energy location would be the preferred choice. However, for reasons of data sovereignty, the larger colocation data centre markets will still see some AI-ready data centre investment.

TABLE 4: AMSTERDAM NEW SUPPLY (MW)

UNLOCKING GROWTH IN EUROPE’S DATA CENTER SECTOR

EUROPE’S DATA CENTER SECTOR IS ON THE BRINK OF AN UNPRECEDENTED ACCELERATION. DEMAND FOR DIGITAL SERVICES, CLOUD INFRASTRUCTURE AND, ABOVE ALL, AI CAPACITY CONTINUES TO RISE.

For Pablo Ruiz-Escribano, SVP Secure Power & Data Center Business at Schneider Electric, this growth is anything but abstract. He sees firsthand how quickly compute densities are rising, how workloads are shifting and how innovation in critical infrastructure is being driven at unprecedented speed. That reality is already evident in his customers’ deployments, where rack densities have moved well beyond the traditional 7-10kW range and AI environments now exceed 100kW per rack -demanding fundamentally different approaches to power and cooling.

Ruiz-Escribano stresses that growth always follows demand. AI adoption has doubled in just one year, and the number of IoT devices will triple within five years. To support this growth in Europe, all stakeholders must collaborate more closely: utilities, telcos, governments, suppliers, designers, operators and investors. “We must work collectively to overcome barriers related to resource scarcity or access to electricity.” This collaboration is already visible in Schneider Electric’s work with NVIDIA, where both companies co-developed AI data center reference designs that integrate power, cooling and digital infrastructure from the outset reducing deployment risk and accelerating time to market.

This demand goes far beyond the traditional IT market. AI, cloud and edge are becoming the backbone of new services, from healthcare to mobility, making data center infrastructure increasingly vital for society’s functioning.

TEXT: MELS DEES

THE REAL ENERGY CHALLENGE

Europe has sufficient energy production at a macro level, but the challenges lie in location, timing and distribution. Large power capacities are needed precisely where new digital hubs emerge. According to Ruiz-Escribano, the grid often has capacity, but not always at the right moment or in the right location. The energy issue is therefore as much about infrastructure planning as about production. Lengthy processes for grid connections and permits are among the biggest brakes on growth.

Schneider Electric does not control physical access to the power grid, but it does play a key role in optimizing energy use

WHITE VERSUS GREY SPACE IN AN AI ERA

AI is reshaping the traditional balance between white and grey space. Where cloud data centers typically offered ample white space, the explosive rise in GPU compute density is reversing that model. “White space is shrinking, and grey space is growing, especially for AI applications.”

The infrastructure required for power and cooling is growing faster than the IT footprint itself. At the same time, roughly half of the market will continue to consist of traditional, air-cooled cloud and storage environments. “AI is not the replacement of the existing data center landscape, but its accelerator.”

THE STRENGTH OF THE ECOSYSTEM

Partnerships determine the speed at which the sector can grow. Ruiz-Escribano emphasizes that collaboration must extend far beyond major brands or hyperscalers: “We need to work collectively so that we are prepared, otherwise the technology will arrive, and we will face a crash.”

Schneider Electric collaborates with GPU suppliers as well as designers, installers, EPC firms and maintenance partners. Connecting the entire chain—from demand to component— enables infrastructure to be built more quickly, more reliably and more future-proof. This is essential in a market where technology cycles continue to shorten.

This approach is reflected in the collaboration with ETAP and NVIDIA on digital twin technology, enabling operators to simulate and optimize AI factory power requirements before deployment, reducing risk and accelerating commissioning in a market where customers are demanding quicker deployments.

and efficiency. As Ruiz-Escribano puts it: “Instead of asking for 100 megawatts, you can deliver the same IT capacity with 80 megawatts thanks to more efficient solutions.”

By integrating electrical infrastructure, cooling, white space and data center management, Schneider Electric can drastically reduce the use of energy, space and cooling capacity. In some cases, this results in energy savings of up to 50 percent compared with traditional designs. Such efficiency gains directly help unlock growth in a time of grid congestion.

Liquid cooling is becoming essential for AI workloads with extremely high thermal densities. For classic storage and conventional compute, air cooling remains sufficient. As RuizEscribano notes: “If you look at storage, you don’t need liquid cooling, but GB200, GB300 or Rubin will require it.”

The future therefore lies in hybrid data centers that combine both cooling technologies, tailored to workload type, density and scalability. The sector must remain flexible and invest in adaptive infrastructure, he says.

For Ruiz-Escribano, the significance of data centers goes far beyond technology. He sees how digitalisation is reshaping society. Hybrid work, global collaboration, access to knowledge, languages and media; all are enabled by data centers. “It facilitates new ways of living.”

He also highlights how AI accelerates medical research and creates new economic opportunities. Data centers thus become engines of progress, even if most people never see what happens behind the scenes. As a result, operational performance is becoming just as critical as design efficiency with AI increasingly used to optimize data center operations across their full lifecycle.

Data centers are not just a technical backbone but a societal one. Without them there would be no AI models, no online collaboration, no digital economy. For Ruiz-Escribano, this is precisely what makes the sector so fascinating: it connects technology with people, and innovation with progress.

THE RAPID REVOLUTION IN DATA CENTER COOLING

The days when 10 or 15 kilowatts per rack were considered impressive are long gone. Today, we’re talking about power levels of 100 kilowatts per rack, and that’s just the beginning. “Anyone who still thinks 100 kW is a lot is almost being laughed at,” says Carlo Brouwer, Managing Director at Stulz. “The racks are becoming more powerful, and that demands completely new cooling concepts.”

According to Brouwer, the transition to liquid cooling is inevitable. “As rack power continues to increase, air cooling simply can’t keep up. That’s why we’re now seeing various forms of liquid cooling emerge: direct chip cooling, cold plate cooling, and immersion cooling. They’re all liquid-based, but each comes with its own technical challenges.” Still, liquid cooling can’t solve everything. “There will always be residual heat, typically 20 to 30 percent. For a 100 kW rack, you still need to dissipate around 20 kW through air, and that’s difficult with conventional systems. That’s why more and more hybrid solutions are appearing, combining liquid cooling with, for example, active rear doors or side coolers.”

CARLO BROUWER Managing Director Stulz Benelux

TEXT: MELS DEES

FROM NICHE TO MAINSTREAM

This development is driving a wave of innovation within Stulz. “Some existing technologies, like rear door cooling, are being revived and further developed. What used to be a niche product is now becoming mainstream. At the same time, we’re introducing new solutions like the CMU, the Coolant Management Unit,” Brouwer explains. “The CMU is a product that didn’t even exist a few years ago. Now we have a full production line set up in Hamburg. Everything is made from stainless steel, and the technology is far more complex than in traditional cooling systems.”

The arrival of liquid cooling is also changing the way people work. “You’re now dealing with two cooling circuits: a primary and a secondary one. Both have to remain completely clean. The coolant in the secondary circuit must be free of any contamination, or else the tiny channels in the chips can get clogged. That’s why we use ultra-fine filters that need regular cleaning. Each installation must also be flushed with mobile flushing units before it’s put into operation. Hardly anyone thinks about that, but it’s all part of the new reality of liquid cooling.”

MODULAR SOLUTIONS FOR EXISTING DATA CENTERS

For existing data centers that can’t completely overhaul their infrastructure, Stulz offers a modular approach. “With our Skid solution, you essentially create an island on the data floor. It’s a self-contained unit with all the piping and components already integrated, ready to be connected directly to the existing infrastructure. This allows you to add high-density racks without major renovations.”

NEW REGIONS EMERGING

Alongside technological changes, Brouwer also sees geographical shifts. “The traditional FLAP cities are hitting their limits. Congestion, lack of space, and permitting processes that take years make expansion difficult. As a result, data centers are moving to regions where space, power, and flexible regulations are available.”

A good example is Zaragoza in Spain. “Hardly anyone had heard of it three years ago, and now hyperscalers are flocking there. Why? They have land, they have power, and the government makes it easy. Latency has become less important; it’s all about power availability.” Portugal and Poland, he adds, are also increasingly on the radar.

According to Brouwer, this also opens new opportunities for sustainability. “The temperatures in liquid cooling are higher, making heat recovery much easier. The heat is already in liquid form, which makes it much simpler to transport and reuse.”

Brouwer also sees new opportunities closer to home. “We’re working with partners like Merford on projects where noise control is becoming more important than just the PUE value. Data centers are increasingly located near residential areas, so quiet cooling solutions are essential. That opens up new markets.” Scandinavia remains attractive too. “In Finland and Sweden, it’s naturally cold, there’s plenty of space, and the infrastructure is strong. We’re seeing clear growth there.”

Brouwer looks to the future with confidence. “The data center world is changing at lightning speed, but that’s what makes it so fascinating. New technologies, new markets, new challenges. And that’s exactly what keeps this industry so exciting.”

DECARBONIZING THE DATA CENTER INDUSTRY IN EUROPE

The European data center sector is under growing pressure to demonstrably contribute to climate targets. Digitalization continues to accelerate, while grid congestion, stricter regulation and rising societal expectations have removed any room for complacency. The discussion has therefore shifted from ambitions to measurable impact. What is delivering real carbon reductions today, where are the bottlenecks, and what needs to change within the next two years to substantially reduce both operational and embodied emissions?

TEXT: KRISTEL NIJSSEN ( Bureau Landskroon)

INTERVIEW: XIAOJIE LIU - LUC SPIN - WIM TIMMERMANS

ENERGY EFFICIENCY AND RENEWABLES DELIVERING RESULTS

In practice, the largest and most immediate reductions are being achieved through a combination of energy-efficient infrastructure, intelligent control and accelerated deployment of renewable energy. According to Xiaojie Liu, Marketing Manager at Delta DCS, this combination is essential. “Real carbon reductions are being delivered by combining renewable energy, high-efficiency power products, and intelligent infrastructure management.” Delta underpins this with scale and data. Between 2010 and 2023, its solutions enabled a global reduction of 23.84 million tons of CO₂ and electricity savings of 45.5 billion kWh. These results show that efficiency technologies have moved well beyond the pilot phase.

Within data centers, this translates into highefficiency power systems, advanced cooling technologies and the integration of renewable energy, increasingly supported by energy storage. The impact is twofold. Operational emissions are reduced, while reliability and resilience improve. Continuous monitoring and optimization make these improvements measurable and scalable, which is now a prerequisite for investors, customers and regulators.

DESIGN CHOICES SHAPING EMBODIED CARBON

Clear lessons have also emerged on the development and construction side. UNICA Data Centers observes that a significant share of emission reductions can be achieved before a facility becomes operational. “Choosing lowercarbon concrete and steel, and reducing embodied carbon in construction elements, yields quantifiable carbon savings even before operations begin,” says Luc Spin, Vice President Sales and Marketing. Early design decisions determine a large part of the lifetime footprint and are therefore among the most effective levers available.

A related factor is right-sizing. Lifecycle assessments and early design reviews help align infrastructure with actual IT loads. Oversizing increases capital expenditure and locks in structural inefficiencies. UNICA therefore advocates defining a maximum PUE of 1.15 to 1.20 already during the design phase, forcing an integrated approach to cooling, airflow and electrical infrastructure.

VERTIV ON POWER, COOLING AND INTELLIGENT OPERATIONS

From an operational perspective, Vertiv sees measurable progress in both power and cooling efficiency. Wim Timmermans, EMEA Sales Director Regional Strategic Accounts, points to structural improvements in Power Usage Effectiveness and cooling technology. Leading hyperscale facilities now operate with PUE values close to 1.10, compared to legacy averages of 1.6 to 1.7. “That difference represents a major reduction in non-compute energy consumption and proves that efficiency gains are no longer incremental but structural,” he explains.

Cooling remains one of the largest opportunities. According to Vertiv, cooling typically accounts for 30 to 40 percent of total energy use. Free cooling and indirect air cooling can reduce mechanical cooling energy by up to 50 percent in suitable climates, while hot and cold aisle containment improves efficiency by more than 20 percent. Liquid cooling is increasingly important as compute densities rise. Direct-to-chip liquid cooling transfers heat far more efficiently than air and enables both higher density and waste heat recovery. Some operators report cooling energy savings of up to 40 percent after adoption.

THE NEXT TWO YEARS: FROM EFFICIENCY TO FULL DECARBONIZATION

Efficiency alone, however, is no longer sufficient. The next two years must focus on full lifecycle decarbonization. On the operational side this means faster access to renewable energy, complemented by on-site storage and smarter interaction with the grid. “Carbon-aware workload scheduling and demand flexibility allow data centers to align consumption with periods of low grid carbon intensity,” says Timmermans. Battery energy storage and participation in demand response programs support grid stability while reducing emissions.

At the same time, embodied carbon is becoming a dominant factor. Delta reports tangible progress through low-carbon materials, modular construction and detailed lifecycle assessments. Experience from dozens of green buildings and data centers worldwide shows that these approaches deliver real savings and are ready for broader deployment.

RETROFITTING AND REMAINING BARRIERS

Opportunities also exist in existing facilities. UNICA highlights targeted retrofits combining efficient power distribution, modern UPS systems, containment, free cooling and liquid cooling where required. Real-time monitoring via DCIM and BMS platforms enables continuous optimization and supports better investment decisions.

The remaining barriers are primarily organizational and regulatory rather than technical. Permitting delays for renewable energy, limited grid capacity and the lack of uniform lifecycle standards continue to slow progress. What needs to change is speed, transparency and collaboration across the value chain.

The conclusion is clear. The tools to substantially decarbonize the European data center sector are available and already delivering results. The next two years will determine whether these solutions are applied at scale. Those who commit now to measurable efficiency, lifecycle thinking and integrated collaboration will strengthen both their climate performance and their long-term resilience.

“Faster access to renewable energy, combined with on-site energy storage, will further reduce operational carbon and improve grid stability”

UNICA Data Centers observes thata significant share of emission reductions can be achieved even before a facility becomes operational

“Power and cooling efficiency have become structural levers for decarbonization, not marginal optimizations.”

EMEA Sales

LIQUID COOLING IN THE AI ERA

TEXT: KRISTEL NIJSSEN ( Bureau Landskroon)

INTERVIEW: JAKOB JUL JENSEN - SVETLANA THEUNISSEN - JON PETTITT - PAUL MORRISON

Artificial intelligence and high-performance computing are redefining the technical boundaries of data centers. What was once an incremental increase in rack density has become a structural shift. AI training clusters and GPUrich environments now operate at power levels where traditional air cooling is not only inefficient, but fundamentally insufficient. As a result, liquid cooling has moved from a specialist option to a core design principle for nextgeneration facilities.

The physics behind this transition is straightforward. Modern GPUs generate extreme and highly concentrated heat loads that cannot be removed fast enough with air alone. Jakob Jul Jensen, Director Data Center Solutions at Danfoss Climate Solutions, sees little room for debate. “Liquid cooling is becoming essential as AI and HPC workloads push server power densities far beyond the practical limits of air cooling.” Beyond peak performance, the challenge is operational stability. Heat must be removed quickly and consistently to prevent throttling, downtime and accelerated component wear. Liquid cooling enables this with far greater thermal efficiency.

AIR HAS REACHED ITS PHYSICAL LIMIT

As AI workloads scale, rack densities continue to rise. Where 10 to 20 kW per rack was once typical, AI-driven environments now exceed 60 kW as a baseline, with significantly higher densities emerging. Svetlana Theunissen of Rittal describes this as a hard physical boundary. “There is no doubt that liquid cooling has transitioned from a niche to a non-negotiable requirement for HPC and AI data centres.” At these densities, increasing airflow no longer delivers meaningful gains, regardless of fan efficiency or containment strategies.

Efficiency and sustainability reinforce the case for liquid cooling. More effective heat transfer reduces the energy required for cooling, lowering both PUE and WUE. This matters as operators face tighter environmental regulation and rising energy costs. Liquid cooling also enables heat reuse, allowing waste heat to be captured and supplied to district heating networks or industrial processes. Cooling therefore shifts from a pure cost factor to a potential energy asset.

DIRECT-TO-CHIP AS A PRAGMATIC PATHWAY

From an implementation perspective, the industry is converging on solutions that balance innovation with operational realism. Direct-to-chip liquid cooling is emerging as the preferred approach for many colocation and enterprise environments. This model cools CPUs and GPUs via cold plates, while the remainder of the server continues to rely on air cooling. The result is flexibility. Hybrid data halls can support both conventional and high-density racks without requiring a complete facility redesign.

Danfoss sees liquid cooling not as a disruptive replacement, but as a logical extension of existing infrastructure. “Liquid cooling enables significantly higher thermal transfer than air, allowing operators to support higher rack densities while also improving energy efficiency and reducing overall cooling power consumption,” Jensen explains. With AIdriven demand accelerating, the technology is no longer experimental. It is ready for deployment at scale.

MUNTERS ON PERFORMANCE, DENSITY AND PRACTICAL ADOPTION

Munters Data Center Technologies sees the same shift driven by real-world deployments. According to Jon Pettitt, Senior Director of Sales EMEA and APAC, AI and HPC are fundamentally changing design assumptions. “The power density and heat concentration of modern GPU platforms are far beyond what traditional air cooling was ever designed to support efficiently.” While air can still be moved, the trade-offs quickly become unfavorable, with higher fan energy, more floor space and narrower thermal margins.

Liquid cooling allows heat to be removed closer to its source and in a more controlled manner. This unlocks higher rack densities, stable performance and improved energy efficiency. Pettitt also points to the strategic value for operators facing site constraints. Supporting more compute within the same footprint is becoming a decisive advantage. Adoption barriers remain largely practical, particularly for retrofits. New skills, processes and coordination between IT and facilities are required, but these challenges are diminishing as experience and confidence grow.

LEGRAND ON ECOSYSTEM MATURITY AND INTEGRATION

Legrand takes a broader system-level view. Liquid cooling is no longer limited by technical feasibility, but by the pace at which the surrounding ecosystem adapts, Paul Morrison, European Business Development Director, Legrand USystems says. AI and accelerator-based systems concentrate large amounts of power into small physical areas, making airflow-based cooling increasingly complex and energy-intensive. Liquids, by contrast, offer superior thermal properties and enable more stable operating conditions at higher temperatures.

At the same time, large-scale adoption depends on liquid-ready server platforms, operational transformation and system integration. Standards and interfaces are converging, but not yet universal. Many operators are aligning adoption with clearer AI roadmaps, particularly outside hyperscale environments. As AI deployments expand across industries, this caution is expected to fade.

CONCLUSION

The direction is unmistakable. AI and HPC will continue to push compute density higher, not lower. Liquid cooling will define how data centers respond to that pressure, shaping mechanical design, operational models and sustainability outcomes. What is changing now is not the technology, but the mindset. Liquid cooling is no longer about preparing for the future. It is about enabling today’s AI workloads efficiently, reliably and at scale.

AI AND HPC WILL CONTINUE TO PUSH COMPUTE DENSITY HIGHER, NOT LOWER

ENSURING CONTINUOUS POWER IN AN UNCERTAIN GRID

The European data center sector is entering a new phase in its relationship with power. Grid availability and stability can no longer be taken for granted. Congestion, delayed connections and capacity constraints are becoming structural, while expectations around uptime remain absolute. For mission-critical facilities, continuous power supply is no longer only an engineering challenge, but a strategic issue that touches design, operations and the role data centers play within the wider energy system.

TEXT: KRISTEL NIJSSEN ( Bureau Landskroon)

INTERVIEW: FREEK VAN ALPHEN - CHARLOTTE BERRY-SELWOOD - ZWART TECHNIEK

FROM GRID DEPENDENCE TO ACTIVE POWER STRATEGIES

Zwart Techniek stresses that the first reality operators must accept is that a reliable grid connection can no longer be assumed. Grid congestion and limited available power are no longer exceptions. “Data centers need to look at alternative options and become a part of the solution to these issues,” the company explains. Facilities that invest in primary power capabilities and energy storage can safeguard their own continuity while actively supporting grid stability. This marks a shift from passive consumer to active participant in the energy landscape.

This approach is rooted in experience. Zwart Techniek has long operated in environments where grid power was never guaranteed. “Our decades of experience in continuous power supply in many remote locations across various continents turns out to be very valuable for this new reality.” Diesel, gas, hybrid solutions and large-scale storage are increasingly viewed as integrated elements of a resilient power strategy rather than emergency-only assets.

ABB ON HOLISTIC POWER DESIGN AND DIGITAL RESILIENCE

ABB emphasizes that continuous power under extreme conditions requires more than redundancy alone. According to Freek van Alphen, Head of Data Center Services EMEA, resilience starts with the entire power chain. “Continuous power requires a holistic design approach beyond individual components.” Medium- and low-voltage systems, UPS, monitoring and control must operate as one coherent system.

Redundancy remains fundamental, but power quality, system behavior under stress and early fault detection are equally critical. ABB highlights the growing role of predictive maintenance and realtime diagnostics. Digitalization enables operators to anticipate issues before they impact uptime. Reliability is no longer static, but actively managed throughout the lifecycle of the facility.

“Continuous power requires a holistic design approach beyond individual components.”

AVK ON DISPATCHABLE POWER AND ZERO DOWNTIME

AVK brings a complementary perspective focused on dispatchable power and microgrids. According to Charlotte Berry-Selwood, Chief Development Officer at AVK, the most resilient data centers are no longer built around a single source of energy or full dependence on the utility grid. “The grid is becoming more constrained at the same time as data centre demand is growing faster than ever. That forces operators to rethink how power is designed and delivered.”

AVK sees prime power microgrids as the foundation for resilience. These systems are capable of operating independently from the grid for extended periods. However, true resilience comes from integration. Prime power, standby generation, renewables, storage and the grid must function as one coordinated system capable of carrying 100 percent of IT and mechanical load, not just emergency backup.

From an infrastructure perspective, this means integrating generators, energy storage, UPS and controls within a single architecture. Smooth transitions between power sources are critical. “When power infrastructure is designed as one integrated system rather than separate assets added over time, data centres can remain operational despite grid constraints, extreme weather or wider energy disruption,” Berry-Selwood explains.

MODULARITY AND OPERATIONAL DISCIPLINE

Zero downtime is achieved through faulttolerant design rather than reliance on indi-vidual components. AVK highlights the importance of redundant power paths, physi-cally separated A and B trains and live-maintainable systems. Modular solutions such as factory-tested power units reduce onsite risk and allow capacity to be added or refreshed without impacting live operations.

Operational discipline is equally decisive. Continuous monitoring, predictive diagnos-tics and regular testing under real load conditions ensure that failure is anticipated rather than reacted to. Downtime is avoided when it is engineered out through re-dundancy, modularity and intelligent control.

DESIGN, SERVICE AND SPEED OF RESPONSE

All parties agree that early design decisions are critical. Zwart Techniek underlines the importance of involving specialists from the outset to align operational requirements, cost efficiency and resilience. Installation alone is not enough. Structured maintenance regimes, predictive monitoring and immediate access to expertise are essential to keep systems in peak condition.

ABB adds that rapid access to skilled technicians and spare parts is often underestimated. In extreme situations, response time determines impact. Lifecycle management, digital asset monitoring and global service networks reduce the window of vulnerability.

What emerges is a clear message. Continuous power in today’s data centers is no longer about backup alone. It is about integrated design, dispatchable power, digital insight and proactive lifecycle management. As grids become more constrained and workloads more critical, resilience becomes a dynamic capability. Continuous power is no longer simply ensured. It is actively engineered, managed and optimized every day.

“Our decades of experience in continuous power supply in many remote locations across various continents turns out to be very valuable for this new reality.”

- Zwart Techniek

“Resilient data centres are designed around dispatchable power and integrated systems, not full dependence on the grid.”

- Charlotte Berry-Selwood, CDO, AVK

AI-READY INFRASTRUCTURE: FINANCING, RISK AND REGULATION IN EUROPE

TEXT: KRISTEL NIJSSEN ( Bureau Landskroon)

INTERVIEW: DRISS JOAQUIM COSTA - NATASCHA GERAEDTS - SON LAM

Artificial intelligence is forcing a structural rethink of how data centers are financed, designed and regulated in Europe. AI workloads demand unprecedented levels of capital, power density and technical sophistication, while investors are being asked to underwrite longer-term uncertainty around technology evolution, regulation and energy availability. The result is a rapidly shifting landscape in which traditional financing models are being adapted, risks are being redistributed and regulatory clarity has become a decisive factor in unlocking capital.

“AI-ready data centres demand significant investment, but disciplined phasing and long-term customer commitments make these projects bankable at scale.”

- Driss Joaquim Costa, Managing Director, Global Switch

“Regulatory alignment is no longer a legal afterthought. It has become a core factor in managing risk and protecting asset value in AI-driven data centre investments.”

- Natascha Geraedts, Senior Office Partner Netherlands, Eversheds Sutherland

“With the right financing structures and risk controls, capital-intensive AI data centres can be developed responsibly and at scale across Europe.”

- Son Lam, Director Digital Infrastructure Project Finance, NIBC Bank

CAPITAL INTENSITY AND PHASED INVESTMENT

At the heart of the challenge lies scale. AI-ready data centers require substantial upfront investment in high-density GPU infrastructure, advanced cooling and highly resilient power systems. According to Driss Joaquim Costa, Managing Director at Global Switch, this reality calls for a disciplined but flexible approach. “AI-ready data centres demand significant investment for high-density compute, advanced cooling, and resilient power.” Global Switch responds through phased development, strategic partnerships and diversified funding models that align capital deployment with demand and customer commitments.

Phasing is critical to managing exposure. By linking investment to milestones and anchor tenants, developers can limit downside risk while preserving the ability to scale rapidly once demand materializes. Densification of existing campuses further improves capital efficiency and shortens time to revenue.

RISK MANAGEMENT BEYOND CONSTRUCTION

Risk management for AI infrastructure extends well beyond financial structuring. Operational, regulatory and reputational risks are increasingly interconnected. Global Switch highlights the growing importance of embedding compliance with frameworks such as the EU Artificial Intelligence Act into investment decisions. Governance, security and data integrity are no longer abstract policy concerns, but material factors influencing asset value and investor confidence.

From a legal and structuring perspective, Eversheds Sutherland sees a clear segmentation of capital across the development lifecycle. Natascha Geraedts, Senior Office Partner in the Netherlands,

NIBC ON FINANCING AI DATA CENTERS AND MANAGING CONCENTRATION RISK

From a banking perspective, NIBC Bank sees AI data centers as both capital-intensive and structurally attractive. Son Lam, Director Digital Infrastructure Project Finance at NIBC Bank explains that financing these facilities requires structured solutions combined with robust risk mitigation. Highdensity GPU infrastructure and advanced cooling significantly increase capex, but lenders can manage this through phased drawdowns tied to construction progress and signed customer commitments.

Throughout the credit lifecycle, performance covenants such as leverage ratios and interest coverage are used to monitor financial health. A specific challenge in AI data centers is tenant concentration. Facilities are often leased to large AI tenants such as neocloud providers or GPUas-a-Service operators, limiting diversification. To mitigate this, lenders perform detailed look-through analyses of tenant contracts, assessing contract duration, revenue visibility and the diversification of the tenant’s own customer base.

Despite these risks, NIBC sees strong growth potential. AI-focused data center capacity in Europe remains limited compared to the United States, positioning AI as a major growth driver in the coming years. “With the right structuring and risk controls, AI data centres represent a compelling opportunity for both developers and lenders,” Lam notes.

explains that early-stage projects typically rely on equity and balance sheet funding that can absorb development risk. Once permits are secured, grid access is credible and pre-letting is in place, a much broader pool of private debt and institutional capital becomes available.

As campuses grow in size, financing structures are also becoming more granular. Instead of treating an entire development as a single asset, projects are increasingly financed in phases or components. This provides flexibility for investors with different risk appetites but introduces interface risk between interconnected facilities. Managing those interfaces is becoming a core competency in its own right.

REGULATION AS A CAPITAL ENABLER

Regulation plays a decisive role in shaping investment decisions. The EU AI Act introduces a risk-based framework that directly affects how AI workloads are hosted and governed. For data center operators, this means ensuring that physical infrastructure supports compliance requirements tied to high-risk AI systems. Data protection and localization rules under GDPR and national regimes further influence site selection and investment strategy.

Energy regulation adds another layer of complexity. Grid access across Europe is increasingly constrained, while sustainability requirements around carbon, water usage and heat reuse directly affect design choices and financial models. In this environment, regulatory certainty becomes a form of risk mitigation. Clear and consistent rules reduce uncertainty premiums and lower the cost of capital.

The conclusion across the sector is clear. AI-ready data centers can be financed at scale, but only if risk is actively managed across finance, operations and regulation. Higher upfront costs and technological uncertainty demand more sophisticated structures and deeper collaboration between developers, lenders and regulators. Those who integrate financial discipline, operational resilience and regulatory compliance into a single strategy will be best positioned to deliver Europe’s next generation of AI infrastructure.

HIGH-DENSITY CONNECTIVITY FOR THE AI DATA CENTER ERA

Artificial intelligence is reshaping data center architecture from the network outward. As AI training and inference workloads scale, they generate traffic patterns and bandwidth demands that far exceed those of traditional cloud environments. The result is a fundamental shift in how data center networks are designed, built and future-proofed. High-density connectivity is no longer a specialist requirement but a core enabler of performance, reliability and operational stability in the AI era.

At the heart of this transformation is the explosive growth in east-west traffic. AI training workloads move vast datasets continuously between GPUs, creating sustained, latency-sensitive flows across the fabric. According to CommScope, scale-out back-end networks must now deliver non-blocking, ultra-low latency performance while supporting unprecedented bandwidth. “AI training creates large east-west packet flows, running at 400G, 800G and now 1.6T,” the company explains. These speeds are no longer edge cases. They are becoming the baseline for highperformance AI clusters.

TEXT: KRISTEL NIJSSEN ( Bureau Landskroon)

INTERVIEW: KEITH SULLIVAN & REP COMMSCOPE

MINIMAL DISRUPTION

This escalation in bandwidth has direct consequences for network architecture. Traditional designs optimized for north-south traffic are giving way to fully non-blocking spineleaf fabrics that can scale predictably as AI clusters grow. CommScope emphasizes that these architectures must not only deliver performance, but also flexibility. Network upgrades to support new training or inference workloads need to be executed with minimal disruption to existing infrastructure. In AI environments where downtime translates directly into lost productivity and cost, change without interruption is a defining requirement.

Fiber infrastructure sits at the center of this challenge. To keep pace with rapidly changing demands, data centers must deploy connectivity fabrics that combine extreme density with

modularity. High-speed fiber solutions that support rapid installation and reconfiguration allow operators to pivot as AI strategies evolve. CommScope highlights the role of highdensity fiber connectivity paired with spineleaf architectures in delivering predictable performance while enabling rapid, flexible scalability. As clusters expand, redundancy and flexibility become as important as raw throughput in ensuring uninterrupted data flow.

NETWORK DESIGNS MUST BALANCE DENSITY WITH MANAGEABILITY

FORTY- TO FIFTY-FOLD INCREASE

AFL’s perspective reinforces just how dramatic the shift in fiber density has become. Keith Sullivan, Director of Strategic Innovation at AFL, points out that AI data centers require orders of magnitude more fiber per rack than traditional cloud facilities. “On average, a traditional server rack receives between 20 and 30 fibers,” he notes. “By comparison, a server rack in a high-end AI data center receives over 1,000 fibers.” This forty- to fifty-fold increase fundamentally changes how fiber infrastructure must be planned and deployed.

The consolidation effect further amplifies the challenge. Thousands of fibers from multiple server racks converge into a single leaf switch rack, resulting in up to 10,000 fibers terminating in one location. Sullivan explains that this density forces operators to abandon legacy planning assumptions. Designing in increments of 24 or 96 fibers is no longer sufficient.

REDUCING THE RISK

CommScope arrives at a similar conclusion from the perspective of future-proofing. High-density parallel fiber, MPO-based connectivity and modular patching systems form the foundation for next-generation AI networks. Ultra-low loss fiber infrastructure is becoming essential as optical budgets tighten at higher data rates. Supporting 400G, 800G and 1.6T links requires minimizing loss across every interface, placing greater emphasis on precision-engineered cabling systems and factory-terminated solutions.

Flexibility at the passive layer is a recurring theme. CommScope stresses the value of structured cabling systems that can support both MPO and LC technologies, allowing the final interface strategy to be defined closer to deployment. This decouples long-term infrastructure investment from shorterterm decisions around transceiver form factors, reducing the risk of stranded assets as optical technologies evolve. In fast-moving AI environments, this adaptability can be the difference between smooth scaling and costly redesigns.

In AI networks, the starting point is often 576 fibers per rack, scaling up to more than 3,000. Managing this volume within the physical constraints of a data hall demands a new approach to fiber organization, routing and termination.

Transmission speed and congestion avoidance are the dominant design drivers. AFL points to the emergence of 51.2T switches delivering 800G per port as a defining milestone. Each of these ports requires 16 fibers, pushing per-rack fiber counts to levels that were previously unthinkable. “With each port on a 51.2T switch requiring 16 fibers, the logical shift in infrastructure is to a BASE16 construction,” Sullivan explains. This means designing cable counts and pathways around multiples of 16, using 16-fiber ribbons and next-generation connectors rather than legacy MPO8 or MPO12 formats.

Both companies also highlight the importance of a broad fiber portfolio. Singlemode fiber is critical for long-reach, high-speed links across large campuses, while multimode fiber remains well suited for shortreach connections between GPUs and leaf switches. Preterminated cabling and optical shuffle solutions accelerate deployment and reduce installation risk, an increasingly important factor as AI data centers are built and expanded at unprecedented speed.

Looking ahead, high-density connectivity will continue to shape the economics and operability of AI data centers. As architectures move toward scale-across models and edge AI deployments grow, network designs must balance density with manageability. The winners will be those who treat fiber infrastructure not as a static utility, but as a strategic platform that enables performance today and adaptability tomorrow. In the AI era, connectivity is no longer just about moving data. It is about unlocking the full potential of compute at scale.

SMART DATA CENTERS FOR RAPID AI EXPANSION

TEXT: KRISTEL NIJSSEN ( Bureau Landskroon)

INTERVIEW: NICO VERDONCK - TOM AAN DE STEGGE - PAUL CARTHY - WALTER LANG

The rapid acceleration of artificial intelligence is reshaping the data center sector at a fundamental level. AI workloads are not a gradual extension of cloud computing but a structural shift that affects power density, cooling demand, connectivity and operational complexity all at once. As a result, the data center of the future must be designed, engineered and operated as a single integrated system. Construction, power, cooling, networking and operations can no longer evolve independently if AI-ready capacity is to be delivered at speed and at scale.

Looking toward 2026, demand remains strong. Hyperscale cloud providers and AI-driven platforms continue to expand aggressively, and capital availability is not the limiting factor. According to Nico Verdonck, Global Senior Sales Developer Data Centers at Grundfos, the constraint has moved decisively toward execution. “Pipeline size is not an issue, but power availability, regulatory frameworks, and delivery timelines now influence outcomes,” according to Verdonck. In practice, success is increasingly determined by how efficiently projects can be delivered within tightening external constraints.

MARKET IS SHIFTING

Cooling strategy is one of the most visible areas of change. GPU-based AI workloads drive rack densities far beyond the limits of traditional air-cooled facilities. Verdonck notes that “the market is shifting from air to liquid cooling and AI workloads increase power density, driving higher cooling demand.” Direct-to-chip liquid cooling is rapidly becoming the default, fundamentally altering mechanical design and system integration.

This transition places water management at the center of data center design. Higher cooling demand introduces new challenges around water sourcing, treatment, reuse and monitoring. Sustainability is no longer a secondary objective but a core operational requirement. “As data centers evolve to support large-scale AI workloads, the conversation is shifting from how much capacity to how efficiently and sustainably can we deliver it,” Verdonck explains. Power Usage

Effectiveness and Water Usage Effectiveness must now be optimized together to balance energy and water efficiency. Grundfos addresses this through high-efficiency pumps, packaged cooling and water treatment solutions, smart controls and water reuse strategies tailored for high-density AI and HPC environments.

Speed of delivery is another defining factor. To meet aggressive timelines, operators increasingly rely on off-site production and prefabrication. Parallel factory manufacturing and on-site preparation shorten lead times and reduce project risk. Verdonck highlights the added benefit of controlled production environments, which reduce errors and improve reliability, an important advantage as systems grow more complex and densely integrated.

GPU CLUSTERS

Power infrastructure is undergoing equally significant change. Tom aan de Stegge, Senior Client Manager Data Centres EMEA at Eaton Industries, emphasizes that AI workloads introduce unprecedented electrical and interconnect demands. “Traditional facilities optimized for general compute cannot handle the thermal and electrical intensity of GPU clusters,” he says. Rack densities that once averaged 10 to 20 kilowatts now routinely exceed 100 kilowatts, with current designs already allowing for 200 kilowatts per rack.

Meeting these requirements demands a new electrical architecture. High-amperage power distribution, redundant feeds and scalable UPS systems are becoming standard to support massive, sustained loads. Network design is evolving in parallel toward low-latency, high-bandwidth fabrics such as InfiniBand and 400G Ethernet to support distributed AI training. Operationally, AI clusters require dynamic resource orchestration, workloadaware scheduling and predictive maintenance to minimize downtime. As Aan de Stegge observes, AI-ready data centers increasingly resemble highperformance computing environments rather than traditional enterprise facilities.

400-VOLT DISTRIBUTION

From a design and construction perspective, AI is accelerating the shift toward modular, campusstyle data centers. Paul Carthy, Director of Business Development at Mercury, explains that facilities must now be engineered for high-capacity mediumvoltage supplies and 400-volt distribution networks capable of supporting 50-to-120-kilowatt AI racks.

“Traditional air-based cooling is no longer viable, accelerating the shift to direct to chip liquid cooling with the associated piping, manifolds, and upgraded mechanical plant required.” Modular, repeatable MEP systems enable rapid scaling while retaining flexibility to accommodate evolving end-user requirements.

ROBUSTNESS AND SCALABILITY

Smart operations complete the picture. Walter Lang, Manager of Business Development at RoviSys, notes a clear shift toward industrial-grade control platforms. “We have seen a shift to use more industrial controls solutions from well-known OEMs such as Rockwell, Siemens and Schneider Electric.” These hardened systems provide the robustness and scalability needed to manage high-density AI environments while supporting standardization, offsite manufacturing and advanced procurement.

Taken together, these developments define a new model for the sector. Smart data centers for rapid AI expansion are built around integrated design, modular delivery, liquid cooling, resilient power infrastructure and intelligent operations. By combining precision engineering, smart monitoring and sustainable practices, operators can, as Verdonck concludes, “deliver HPC and AI-ready capacity quickly, efficiently, and responsibly.”

THE DATA CENTER OF THE FUTURE MUST BE DESIGNED, ENGINEERED & OPERATED AS A SINGLE INTEGRATED SYSTEM

POWERING DATA CENTERS IN CONGESTED TIER 1 MARKETS

Across Europe’s Tier 1 data center markets, grid congestion has become one of the most decisive constraints on growth. In hubs such as Amsterdam, Frankfurt, London and Paris, electricity demand continues to rise while available grid capacity tightens. The rapid expansion of AI workloads, with their sustained and highly concentrated power profiles, is intensifying this pressure. For operators, the challenge is no longer whether congestion will affect expansion plans, but how growth can continue despite it.

The traditional model of relying almost entirely on guaranteed grid capacity is increasingly unworkable. Long connection lead times, uncertainty around reinforcements and curtailment risks are forcing a fundamental rethink of how power is sourced, stabilized and managed. Resilience and flexibility must now be embedded within the facility itself, supported by smarter interaction with the grid rather than full dependence on it.

TEXT: KRISTEL NIJSSEN ( Bureau Landskroon)

INTERVIEW: MATHIAS FRANKE- PETER MCGOEY - HUAWEI - CSB

SUPPORT THE WIDER GRID

Huawei frames this challenge primarily as an issue of system stability. As renewable penetration increases and conventional synchronous generation declines, maintaining voltage and frequency becomes more complex. “Gridforming energy storage systems can bring grid stability and balance, helping to solve challenges that are emerging in the energy network,” the company explains. Unlike grid-following systems, grid-forming ESS actively establish voltage and frequency, enabling data centers not only to ride through instability but also to support the wider grid.

In congested Tier 1 markets, this capability is increasingly relevant. Short-circuit capacity, inertia and frequency control are under pressure, particularly during peak demand. Huawei argues that grid-forming ESS can address both short-term

disturbances and longer-term balancing needs such as peak shaving and frequency regulation. In this model, energy storage evolves from a passive backup asset into an active participant in grid operations.

According to Huawei, effective deployment rests on three closely connected pillars. The first is the quality of the hardware, including advanced power electronics and robust inverter design. The second is grid-forming algorithms that dynamically regulate system behaviour in response to changing grid conditions. The third pillar is deeply integrated intelligence that coordinates hardware, software and market signals in real time. Together, these elements allow grid-forming systems to scale from pilot projects into mainstream data center infrastructure.

BATTERY SYSTEMS

CSB approaches the same challenge from an operational and risk mitigation perspective. As AI-driven workloads push power demand higher, the company stresses the urgency of early action.

“With AI driven workload increases, massive power is in need. Now is the time for operators to mitigate delays caused by generation and grid bottlenecks,” CSB states. The most effective response is a layered strategy combining on-site generation, energy storage and participation in flexibility markets.

Battery systems sit at the center of this approach.

CSB highlights the complementary roles of different technologies. High-rate VRLA batteries provide immediate power to manage inrush currents during grid disconnections and UPS transitions, while

REPURPOSING BROWNFIELD LOCATIONS

Drees and Sommer bring a broader planning perspective. Mathias Franke, DS expert, points out that innovative site concepts can unlock capacity even in highly congested regions. Repurposing brownfield locations, such as former power plant or industrial sites, allows operators to leverage existing infrastructure. Microgrids, hybrid energy supply, renewable generation and battery storage reduce dependence on public grids and accelerate project timelines. In the short term, Franke notes that flexible energy models and capacity-based pre-contracts are key to moving projects forward despite long grid lead times.

IN CONGESTED TIER 1 MARKETS, POWER IS NO LONGER A STATIC INPUT BUT A DYNAMIC SYSTEM TO BE ACTIVELY ORCHESTRATED

lithium-ion systems deliver longer-duration support, fast recharge and peak shaving. “Battery systems for both energy and power are key to mitigating grid congestion,” CSB explains. With intelligent battery management, these assets enable demandresponse participation and reduce stress on utilities without waiting for major grid upgrades.

On-site generation is also becoming a strategic asset. Gensets, fuel cells and hybrid configurations allow operators to secure supplementary or primary power, increasing independence from constrained grids. When combined with renewable power purchase agreements, these solutions also support decarbonisation goals, which are increasingly important in permitting and stakeholder acceptance.

IRISH COMPANIES

Enterprise Ireland adds another dimension through modularisation and supply-chain capability. Peter McGoey, Senior Client Advisor, explains that Irish companies are focusing on modular electrical and power infrastructure, including substations and MV and LV rooms manufactured and fully tested off-site. Drawing on experience from highly regulated sectors, this approach improves build quality, reduces onsite risk and supports faster commissioning.

Taken together, these perspectives point to a clear shift. In congested Tier 1 markets, power is no longer a static input but a dynamic system to be actively orchestrated. Advanced energy storage, on-site generation, modular infrastructure and intelligent control do not remove grid constraints, but they do create viable pathways for growth. As AI reshapes demand profiles, the ability to power data centers flexibly and intelligently will define long-term success.

DATACENTER FORUM

OSLO

26-02-2026

DATA CENTER SECTOR EVENTS

INFRA AI SUMMIT’26 ATHENS

30-03-2026 - 01-04-2026

DCD CONNECT MADRID

06-05-2026 - 07-05-2026

MOBILE WORLD CONGRESS BARCELONA

02-03-2026 - 05-03-2026

MIDDLE EAST & AFRICA FINANCE FORUM

ABU DHABI

07-04-2026 - 0 9-04-2026

THE TECH CAPITAL GLOBAL AWARDS

LONDON

11-05-2026

DATA CENTRE WORLD (DCW)

LONDON

04-03-2026 - 05-03-2026

DATA CENTER WORLD WASHINGTON

20-04-2026 - 23-04-2026

INTERNATIONAL FINANCE FORUM

LONDON

11-05-2026 - 12-05-2026

DCD CONNECT

NEW YORK

23-03-2026 - 24-03-2026

DATA CENTER FORUM

HELSINKI

23-04-2026

CLOUDFEST RUST

23-03-2026 - 26-03-2026

DATA CENTRE WORLD (DCW)

FRANKFURT

06-05-2026 - 07-05-2026

LEVELX BRUSSELS

18-05-2026 - 19-05-2026

ANGA COM COLOGNE

19-05-2026 - 21-05-2026

DATACLOUD GLOBAL CONGRESS

CANNES

02-06-2026 - 04-06-2026

SINGAPORE CLOUD & DATACENTER CONVENTION

SINGAPORE

25-6-2026

DCD CONNECT LONDON

16-9-2026 - 17-9-2026

DATACENTER FORUM

COPENHAGEN

24-9-2026

CAPACITY EUROPE LONDON

13-10-2026 - 16-10-2026

AI & BIG DATA EXPO AMSTERDAM

20-10-2026

GARTNER IT SYMPOSIUM

BARCELONA

09-11-2026 - 12-11-2026

DATA CENTRE WORLD (DCW) PARIS

18-11-2026 - 19-11-2026

DCN WARSAW WARSAW

07-10-2026

DATACENTRES IRELAND

DUBLIN

18-11-2026 - 19-11-2026

DATACENTER FORUM STOCKHOLM 03-12-2026

CLOUD EXPO HOUTEN (NL)

02-12-2026 - 03-12-2026

GLOBAL AWARDS - DCD LONDON

11-12-2026

TOUCHDOWN MIDDLE EAST MANAMA