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
2 June 2025
It is time to acknowledge that the US-Saudi Arabia nexus is driving a fundamental shift in OPEC strategy
2 June 2025
More than anything else, weak Chinese gas demand is providing relief to EU consumers, but it is uncertain how long this relief will last
30 May 2025
Energy majors argue transition debate has started to factor in the complexities of demand shifts and the wider role for gas
29 May 2025
Sovereignty is the watchword for the new government, but there are still upstream opportunities for those willing to work closely with the state
