The Age of Electricity
Chart of the Week
Earlier this month, the IEA published its annual flagship report, “The World Energy Outlook 2024”. Every year, the report, “identifies and explores the biggest trends in energy demand and supply, as well as what they mean for energy security, emissions and economic development.”
Without a doubt, a few points stand out:
In the Stated Policies Scenario (a.k.a, the status quo scenario where the current prevailing policy settings stay in place), we are finally nearing a peak in global oil demand.
· Executive Director of the IEA, Fatih Birol refers to the coming era as the “age of electricity”. In previous editions of the Annual Energy Outlook, this statement was mostly a forecast whereas now it’s become evident in the data. According to the report, “Electricity use has grown at twice the pace of overall energy demand over the last decade… Electricity demand growth is set to accelerate further… adding the equivalent of Japanese demand to global electricity use each year. The projections for global electricity demand …is 6%...higher in 2035 than in last year’s Outlook, driven by light industrial consumption, electric mobility, cooling, and data centres and AI.”
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