Data center power demand across Asia-Pacific is expected to increase by an estimated 165% in 2023-30. That means Asia’s AI build-out may slow down, even as the U.S. presses ahead with a further $4 trillion in data center construction planned through 2028. Getting there, however, requires deeper, more transparent energy markets. The region’s electricity markets currently do not give investors the transparency they need. Some of the work to liberalize electricity markets is under way.