11:02 AM EDT, 03/28/2024 (MT Newswires) -- Nextracker ( NXT ) Chief Executive Dan Shugar said the massive demand for electricity in the US is driving "unprecedented" solar panel production, Bloomberg News reported Thursday.

With fossil fuel and nuclear power plants retiring, utilities need new power supply to meet the increasing demand from data centers, electric cars, and heating and cooling systems, Shugar said in an interview with Bloomberg.

Power consumption by data centers in the US is expected to increase to 390 terawatt hours by the end of the decade, the report added, citing Boston Consulting Group.

It is "kind of showtime" for the solar industry, the report said, citing Shugar.

Nextracker ( NXT ) did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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