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AI data centre boom strains power grids, fuels battery storage investment race. Surging AI and data centre demand is straining global power grids, pushing tech firms and investors toward battery storage and direct renewable energy acquisitions to secure reliable electricity, according to JLL. JLL, a professional services firm specialising in real estate and investment management, has outlined how artificial intelligence and data centre expansion are affecting global power markets, citing both infrastructure constraints and investment implications. A decades-long trend of stable or declining electricity demand has reversed. North American data centre capacity is projected to nearly double from 57 GW to 109 GW by 2030, while hyperscalers have committed $200 billion in capital expenditure for 2026 alone - a 51% increase from 2025. According to JLL's global Energy & Infrastructure Advisory platform, securing power infrastructure has become a key constraint in the expansion of AI-related computing capacity. Grid infrastructure emerges as primary constraint. Transmission infrastructure, originally designed for large, centralised power stations, is struggling to accommodate a decentralised influx of new renewable energy sources. This has created grid congestion in primary markets across the U.S., Europe and Asia Pacific. Despite the record capital expenditure figures cited above, interconnection queues for new renewable projects now extend to four years or more in some regions, with certain areas forced to pause new connections entirely. These dynamics are playing out at different speeds across key markets. In the U.S., interconnection reform and merchant power exposure are reshaping deal structures. In Europe, regulatory frameworks are evolving unevenly across member states. In APAC, data centre build-out is outpacing grid planning in several markets, according to JLL. Battery storage positioned as infrastructure solution. Battery energy storage systems are being used as infrastructure to manage grid constraints and renewable energy intermittency. JLL's Energy & Infrastructure Advisory advised on the disposal of a 395MW/790MWh operational battery energy storage system (BESS) portfolio in the UK, which JLL describes as the largest operational sale in Europe to date and says it established a new pricing benchmark for the market. The transaction earned JLL three awards at the 2026 Tamarindo Energy Storage Investment Awards, including Financial Advisor of the Year and M&A Deal of the Year. Regional dynamics drive partnership models. Grid access challenges are prompting collaboration between energy developers and data centre operators across global markets. Some technology companies are becoming direct participants in the energy market, with some acquiring operating renewable assets outright to secure power supply. In one example, a Bitcoin miner in Texas purchased an operating wind farm that JLL was marketing, in order to secure its power infrastructure. JLL says this demonstrates that energy users are willing to pay above market rates for reliable power supply. According to JLL, investment opportunities extend beyond traditional power generation to assets that provide flexibility and certainty in constrained markets. The firm says power access has evolved from an operational consideration to a factor affecting asset viability and valuation.

Deer Valley East Village taps JLL's 10Twelve to lead retail leasing for Village's commercial core. Boutique retail platform to curate 70+ shops, restaurants and dining experiences across 180,000+ square feet, with initial openings targeted for the 2028/2029 ski season. Deer Valley East Village // Sept 24, 2026 PARK CITY, Utah - Extell Development Company has selected JLL, and its boutique retail leasing platform 10Twelve, to lead retail and restaurant leasing for Deer Valley East Village, the first new alpine village built in North America in more than 40 years. 10Twelve will curate a collection of 70+ shops, restaurants and dining experiences across more than 180,000 square feet of commercial space, withDeer Valley East Village's retail and commercial openings targeted to coincide with the 2028/2029 ski season. Deer Valley East Village is set at the base of Deer Valley Resort's expanded terrain in the Wasatch Mountains overlooking the Jordanelle Reservoir. The next milestone in the mixed-use development, anticipated in late 2027, will bring online the East Village Lodge which will house Deer Valley Skier Services, the Four Seasons Resort and Residences Deer Valley Residence Tower, and initial commercial spaces, establishing the pedestrian plaza, resort access and five-star hospitality that will define the village. The following phase will coincide with the start of the 2028 ski season and include the opening of the Four Seasons Resort and Residences Deer Valley Hotel tower, Waldorf Astoria Deer Valley Resort and Residences, the first phase of Cormont residences, Marcella at Deer Valley, a residential neighborhood comprising 144 on-mountain home sites and 50 townhomes anchored by two on-mountain private lodges, and the majority of the retail and dining experiences within the village core. The remaining residential and retail is expected to be completed by 2030 thus marking the full build-out of Deer Valley East Village. 10Twelve will work closely with Deer Valley East Village's ownership and development partners to design a merchandising strategy and tenant mix tailored specifically to Deer Valley East Village that pairs national and regional retailers with emerging, localand experiential concepts intended to feel distinct to the mountain setting and aligned with the destination's five-star positioning. "Deer Valley East Village represents a rare opportunity to help define the retail and dining identity of a world-class mountain destination from the ground up. Our team is working with Extell to blend nationally recognized brands with emerging and localconcepts that reflect what makes Deer Valley East Village special. This is about creating a destination that becomes a lasting, welcoming part of the community fabric, something residents and visitors alike make their own." - Molly Morgan, Managing Director, 10Twelve, Retail Leasing Advisory at JLL. The retail and dining program is designed to serve residents, hotel guests and day visitors alike, complementing a broader amenity program that includes North America's largest ski beach and 60,000 square feet of recreation space. Commercial spaces are woventhroughout the pedestrian village core, anchoring the experience around the community ice rink, outdoor amphitheater and ski beach. That vibrancy extends beyond winter, where the village is programmed for year-round activity, with summer activations throughoutthe village core, live music in the outdoor amphitheater, and access to more than 50 miles of interconnected hiking and biking trails. "Deer Valley East Village was intentionally built to be a place people want to be all twelve months a year. It's been designed so that time spent in the village is just as much a part of the alpine lifestyle as the time spent on the mountain. Our food, beverageand retail program is central to the destination's character, it's what turns the village from a place you pass through into a place you live, gather and come back to time again. Partnering with 10Twelve gives us a curatorial partner who understands how tobuild a tenant mix with real identity, rather than simply filling square footage, and that's exactly the standard this village is held to." - Peter Peterson, Deer Valley East Village Senior Vice President, Food, Beverage & Entertainment Nationally, 10Twelve works across 58 projects representing approximately 9 million square feet, specializing in identifying and attracting a dynamic mix of national, emerging, regional and local retailers, restaurants and experiential concepts distinctive totheir markets. The Deer Valley East Village assignment adds one of the most closely watched new-build mountain destinations in North America to that portfolio. ABOUT DEER VALLEY EAST VILLAGE Deer Valley East Village, developed by Extell Development Company, is the premier new residential address in North American mountain real estate. The first new alpine ski village in North America in over 40 years, Deer Valley East Village sits at the base ofDeer Valley Resort's expanded terrain in the Wasatch Mountains above the Jordanelle Reservoir, 40 minutes from Salt Lake City International Airport via freeway. Deer Valley East Village is strongly focused on recreation, and the ski mountain is operated bythe renowned Deer Valley Resort. Nearly 1,700 private residences span the full ownership spectrum: luxury ski condominiums, branded hotel residences, gated townhomes, and private estate lots with golf club membership. Residential and commercial developmentpartners include Reef Capital Partners and Dart Interests. The village is anchored by world-class hospitality brands; Four Seasons, Waldorf Astoria, Grand Hyatt Deer Valley, with other eminent global brands as well as it includes notable emerging brands likeMarcella and Cormont at Deer Valley. The village's planned amenity program includes North America's largest ski beach, 60,000 square feet of recreation, and over 70 shops, restaurants and cafés. Deer Valley East Village represents both a lifestyle purchaseand a long-term investment in one of the world's most celebrated ski destinations. For more information, visit deervalleyeastvillage.com. ABOUT 10TWELVE 10Twelve is a boutique retail leasing platform within JLL focused on creating compelling, differentiated destinations through strategic merchandising and thoughtful tenant curation. Combining deep retail expertise, local market intelligence and the scale and resources of JLL, 10Twelve collaborates with owners and developers to develop and execute leasing strategies tailored to each property, its market and the customers it serves. Working across 58 projects representing approximately 9 million square feet nationwide, the team specializes in identifying and attracting a dynamic mix of national, emerging, regional and local retailers, restaurants and experiential concepts that are distinctive to their markets and aligned with each asset's positioning. Through strategic merchandising and tenant mix curation, 10Twelve helps clients strengthen asset positioning, enhance the customer experience and drive long-term value. JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500(R) company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.