Electricity production is on a sustained charge
Renewable cost reductions and increasing storage availability will fuel exponential electricity growth
Electricity will more than double its share in global final energy demand by 2050, rising from 19pc today to 40pc in mid-century, according to our estimate of the most likely outcome of the ongoing energy transition. The forecast is based on our Energy Transition Outlook model that captures data and insights of hundreds of colleagues working on oil, gas, wind and solar power worldwide. Using electricity rather than fossil fuels is more energy efficient in many applications, such as vehicle propulsion. Consequently, using more electricity typically reduces final energy demand. Moving from thermal to wind, solar and hydropower also improves the energy system efficiency, as thermal power plant

Also in this section
14 March 2025
Gas production slumped to an eight-year low in 2024, but new discoveries and partnership with Cyprus paint a more positive outlook
13 March 2025
Gas will become a more important part of the energy mix longer-term, raising the alarm for much-need investment as supply struggles to keep up with demand
13 March 2025
The spectre of Saudi Arabia’s 2020 market share strategy haunts a suffering OPEC+ as Trump upends the energy world
12 March 2025
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio