According to the International Energy Agency, “2018 is the year of electricity” and global electricity supply “is being transformed by the rise of renewables”.
“Electricity has been the fastest growing element of final demand and is set to grow much faster than energy consumption as a whole over the next 25 years,” said Dr Fatih Birol, the IEA’s Executive Director.
Speaking yesterday at the launch in London of the IEA’s annual World Energy Outlook (WEO), Birol noted that the power sector now attracts more investment than oil and gas combined – a major shift for the energy market. And it also marks a similar shift for the IEA itself – for the first time, it devotes several chapters in the weighty WEO to electric power.
