Electricity is the fastest-growing final form of energy, yet the power sector contributes more than any other to the reduction in the share of fossil fuels in the global energy mix. In total, some 7 200 gigawatts (GW) of capacity needs to be built to keep pace with increasing electricity demand while also replacing existing power plants due to retire by 2040 (around 40% of the current fleet). The strong growth of renewables in many countries raises their share in global power generation to one-third by 2040. Adequate price signals will be needed to ensure timely investments in the new thermal generation capacity, which is necessary, alongside investment in renewables, to maintain the reliability of electricity supply. This will require reforms to market design or electricity pricing in some cases. The shift towards more capital-intensive technologies and high fossil fuel prices lead to increasing average electricity supply costs and end-user prices in most countries in the world. However, end-use efficiency gains help reduce the proportion of household income spent on electricity.
Renewable energy technologies, a critical element of the low-carbon pillar of global energy supply, are rapidly gaining ground, helped by global subsidies amounting to $120 billion in 2013. With rapid cost reductions and continued support, renewables account for almost half of the increase in total electricity generation to 2040, while use of biofuels more than triples to 4.6 mb/d and the use of renewables for heat more than doubles. The share of renewables in power generation increases most in OECD countries, reaching 37%, and their growth is equivalent to the entire net increase in OECD electricity supply. However, generation from renewables grows more than twice as much in non-OECD countries, led by China, India, Latin America and Africa. Globally, wind power accounts for the largest share of growth in renewables-based generation (34%), followed by hydropower (30%) and solar technologies (18%). As the share of wind and solar PV in the world’s power mix quadruples, their integration both from a technical and market perspective becomes more challenging, with wind reaching 20% of total electricity generation in the European Union and solar PV accounting for 37% of summer peak demand in Japan.
Electricity is the fastest-growing final form of energy, yet the power sector contributes more than any other to the reduction in the share of fossil fuels in the global energy mix. In total, some 7 200 gigawatts (GW) of capacity needs to be built to keep pace with increasing electricity demand while also replacing existing power plants due to retire by 2040 (around 40% of the current fleet). The strong growth of renewables in many countries raises their share in global power generation to one-third by 2040. Adequate price signals will be needed to ensure timely investments in the new thermal generation capacity, which is necessary, alongside investment in renewables, to maintain the reliability of electricity supply. This will require reforms to market design or electricity pricing in some cases. The shift towards more capital-intensive technologies and high fossil fuel prices lead to increasing average electricity supply costs and end-user prices in most countries in the world. However, end-use efficiency gains help reduce the proportion of household income spent on electricity. Renewable energy technologies, a critical element of the low-carbon pillar of global energy supply, are rapidly gaining ground, helped by global subsidies amounting to $120 billion in 2013. With rapid cost reductions and continued support, renewables account for almost half of the increase in total electricity generation to 2040, while use of biofuels more than triples to 4.6 mb/d and the use of renewables for heat more than doubles. The share of renewables in power generation increases most in OECD countries, reaching 37%, and their growth is equivalent to the entire net increase in OECD electricity supply. However, generation from renewables grows more than twice as much in non-OECD countries, led by China, India, Latin America and Africa. Globally, wind power accounts for the largest share of growth in renewables-based generation (34%), followed by hydropower (30%) and solar technologies (18%). As the share of wind and solar PV in the world’s power mix quadruples, their integration both from a technical and market perspective becomes more challenging, with wind reaching 20% of total electricity generation in the European Union and solar PV accounting for 37% of summer peak demand in Japan.
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