Electricity Demand is Unsurprisingly Surging
The Decline of Oil Production
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Electricity Demand is Unsurprisingly Surging
Across 2021 , electricity demand is predicted to increase by over 1,000 TWh , or 4.5 % — hitting levels almost five times greater than the decline in 2020 , which cements electricity ’ s share in final energy demand above 20 %. Emerging markets and developing economies will drive 80 % of the projected increase , with China alone accounting for half of the global growth .
It ’ s worth noting that advanced economies in developed nations aren ’ t contributing to this staggering increase in demand , with usage remaining below pre-pandemic levels .
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The Decline of Oil Production
Even though there ’ s an expected annual increase of 6.2 % in 2021 , global oil demand is sitting at roughly 3 % less than the pre-pandemic figure . This comes from the , generally speaking , sluggish demand for transport oil , which is happily mitigating a rebound in carbon emissions .
• The oil used for transport is not going to reach pre-pandemic levels until the end of 2021
• Aviation oil usage is predicted to remain 20 % lower than 2019 levels
• Annual demand is more than 30 % lower than in 2019
This is excellent news as had we returned to pre-Coronavirus levels of demand , the global CO2 emissions would have risen a further 1.5 %, far exceeding the levels back then .
84 July 2021