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IEA: global electricity demand growing faster than renewables, driving strong increase in generation from coal

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Renewables are expanding quickly but not enough to satisfy a strong rebound in global electricity demand this year, resulting in a sharp rise in the use of coal power that risks pushing carbon dioxide emissions from the electricity sector to record levels next year, according to a new report from the International Energy Agency.

Coal 221
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IEF, IHS Markit: deepening underinvestment in hydrocarbons raises specter of continued price shocks and volatility

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The energy crisis in Europe and Asia this winter is a preview of what we can expect in the years ahead. Global demand for oil and gas, meanwhile, has rebounded to near 2019 levels and is set to keep rising for several years. Investment slumped by 30% in 2020. —Joseph McMonigle.

Price 416
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BNEF, Snam, IGU report finds global gas industry set to resume growth post-pandemic; low-carbon technologies for long-term growth

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After growing by more than 2% in 2019, global gas use is set to fall by around 4% in 2020, as the COVID-19 pandemic reduces energy consumption across the global economies. LNG imports reached 482 billion cubic meters in 2019, up 13% from 2018, and while this figure is expected to fall by around 4.2% MMbtu in Russia, $8.7/MMbtu

Gas 243
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BNEF: cost of new renewables rises as inflation starts to bite

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The global benchmark levelized cost of electricity, or LCOE, has retreated to where it was in 2019. New-build onshore wind and solar projects are now around 40% lower than BNEF’s global benchmarks for new coal- and gas-fired power. There is also a risk that lesser-developed economies will be disproportionately affected by price hikes.

Cost Of 210
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1 in 5 new car sales globally were EVs in 2023, and that’s curbed oil demand – IEA

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An exceptional shortfall in hydropower due to extreme droughts in the US, China, and several other economies resulted in over 40% of the rise in emissions in 2023 as countries turned largely to fossil fuels to plug the gap. Advanced economies saw a record fall in their emissions in 2023 even as their GDP grew. billion tonnes.

Global 52
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BASF co-locates battery materials plant and recycling center in Schwarzheide

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BASF’s project increases our sovereignty along the value chain, promotes the circular economy and thus strengthens economic security. The project also highlights the ongoing transformation: Here, where coal was long liquefied into gasoline, the active material for EV batteries will be produced from now on.

Batteries 195
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BloombergNEF: solar, wind, batteries to attract $10T to 2050; curbing emissions long-term will require other technologies

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In its New Energy Outlook 2019 (NEO), BNEF sees these technologies ensuring that—at least until 2030—the power sector contributes its share toward keeping global temperatures from rising more than 2 degrees Celsius. —Matthias Kimmel, NEO 2019 lead analyst. Asia’s electricity demand will more than double to 2050.

Wind 207