Power demand is surging
Letter on carbon: Power struggle
Electricity demand is growing at its fastest rate for 17 years as the energy transition struggles to keep pace with its own renewable power needs
Is the transition in danger of getting stuck in an electricity demand doom loop? Global demand for power is forecast to rise by around 4% this year, up from growth of 2.5% in 2023. That is the fastest increase since 2007, excluding the exceptional rebounds seen in the wake of the global financial crisis and the Covid-19 pandemic, according to the IEA. Next year is expected to see similar growth. Power demand usually correlates pretty closely with GDP growth, and this is borne out by the IEA electricity consumption growth forecasts for India and China, which come in at 8% and 6% respectively. However, a closer look at the recent demand drivers points to both the impact of climate change—mainl
Also in this section
26 November 2024
Agreements on how to operationalise both Article 6.2 and 6.4 will mean countries can start to trade emissions reductions as part of their contributions to the Paris Agreement
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
