Global Power Demand Is Soaring, IEA Expects 4% Growth in ’24 & ‘25

The Inflation Reduction Act provides tens of billions of dollars in subsidies for wind and solar in the U.S. However, as seen below, gas-fired generation is still growing faster than those two sources combined. Note that in 2023, wind generation fell despite the addition of 6 gigawatts of capacity. Why? The wind didn’t blow.

In large, populous nations, the complete reliance on these renewables would require what we are still missing: either mass-scale, long-term (days to weeks) electricity storage that would back up intermittent electricity generation, or extensive grids of high-voltage lines to transmit electricity across time zones and from sunny and windy regions to

In 1995, crude oil extraction finally surpassed the 1979 record and then continued to rise, meeting the demand of an economically reforming China as well as the rising demand elsewhere in Asia—but oil has not regained its pre-1975 relative dominance.[49] Its share of the global commercial primary energy supply fell from 45 percent in 1970 to 38 per

Because GDP growth is driving total energy demand up at such a rapid pace that these new fuels aren’t replacing the older ones, they are being added on top of them. The shift to oil and gas hasn’t been an energy transition, but an energy addition. The same thing is happening right now with renewable energy. Over the past couple of decades there has