IEA: Global electricity demand will grow by 4% until 2027
The IEA released a report Friday that predicted the global electricity demand to increase by 4% – or more than Japan's total annual consumption – each year until 2027. However, the expansion of energy sources with low emissions should help counteract this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies.
IEA: Global electricity demand will grow by 4% until 2027
The IEA reported on Friday that the global electricity demand will grow more than Japan's total annual consumption through 2027. However, the expansion of energy sources with low emissions should help to offset this trend. The IEA said that the 85% growth in global demand is expected to come from emerging and developing economies. China will account for more than half the growth with a 6% annual growth rate.
METI Japan says it is difficult to predict the impact of DeepSeek on electricity demand.
The Japanese industry ministry knows that the expansion of data centers may increase electricity demand, but it's difficult to predict what will happen with the advent of DeepSeek. The government published a draft version of its basic energy policy, which is a major document that is reviewed every three years. It projected an increase in electricity production between 10-20% from 2040, and also cited a higher AI usage.
Chevron will build gas plants for data centers in the AI boom
The oil and gas company Chevron announced on Tuesday that it will build natural gas power plants near data centers in the U.S. as the energy demand for artificial intelligence growth is expected to grow. The second largest U.S. oil and gas producer has partnered with Engine No. The project is a partnership between Engine No. 1 and electric service company GE Vernova.
Leading think tank: Wind is best for Sweden to achieve its climate goals.
A leading think-tank said that the cheapest way to help Sweden meet its projected rise in electricity demand and achieve net zero emissions by the year 2045 would be to build more wind farms onshore rather than increasing nuclear power plants. The Swedish government wants to build 10 new nuclear plants by 2045, as the transport and industrial sectors are moving away from fossil fuels.
Energean UK forecasts higher production in 2025 on the strong Israel growth
Energean, a UK-based producer of gas, said it expected higher production levels in 2025. The company is betting on increased sales in Israel, its main market. The company, which gets its main production from a gas field offshore Israel, wants to double production in the next few years. It will do this primarily by developing new prospects in Israel including the Katlan Field.
US PJM electricity demand hits preliminary winter records during winter freeze
PJM Interconnection, a power grid operator in the United States, said on Wednesday that it had set a preliminary winter record with a peak load exceeding 145,000 megawatts. It also exported 8,000 MW due to extreme cold across the country. This record is higher than the previous one of 143.700 MW, set in February 2015. Data verification will be conducted by PJM.
The demand for US natgas is expected to reach a record high on Tuesday
The U.S. demand for natural gas is expected to hit a record on Tuesday as the extreme cold that has affected much of America puts pressure on power grids, and certain oil and gas operations. Last week, the February natural gas contract reached its highest price since December 30, 2022. The cold weather that accompanied the weekend had the potential to reduce output due to the freezing of gas wells and pipelines.
Spot prices drop on higher expected wind generation
The European power prices for the next day were lower than on Monday, as a result of a slight decline in wind energy supply. This was partially offset by an increase in electricity demand. LSEG data shows that the price of German baseload electricity for Tuesday at 0933 GMT was 169.75 Euros per Megawatt Hour (MWh), down 2% compared to Friday's Monday price. The French day-ahead electricity was at 156.25 Euros/MWh.
On Monday, temperatures and wind supply are expected to increase.
On Friday, European prompt power rates for Monday were not traded due to the expectation of a higher wind power supply in France and a lower demand throughout the region. LSEG data shows that the German and French baseload contracts for Monday did not trade by 0948 GMT. LSEG data indicated that German wind output is expected to increase by 10.4 gigawatts to 46.5 GW on Monday, while French output should gain 14.3 GW up to 16.6 GW.
Spot prices drop on strong renewable production
German and French power prices dropped on Monday morning, as a result of the strong production from wind and solar farms in the region. At 1030 GMT, the German baseload power day-ahead was trading at 58 Euros/MWh. LSEG data shows that this was a drop of more than 50% compared to the last traded level, 119.25 euro/MWh, on December 27. The LSEG data shows that the French baseload power for day-ahead was 82.50 Euros per megawatt hour…
Japan aims to reach 40-50% of its power needs from renewable sources by 2040
According to a draft version of the revised basic energy policy of Japan, it wants nuclear power to make up 20% of its mix of electricity by 2040, while renewable energy will account for 50%. This is part of a push to promote clean energy and meet rising demand. Japan's basic energy plans, as the second largest importer of natural gas liquefied in…
New York grid operator warns about undersupply by 2033
The state grid operator warned on Thursday that New York City could face power shortages in summer 2033 due to a growing electricity demand and a decreasing supply of fossil-fired generators. The New York Independent System Operator stated that the trend to shut down power plants more quickly than they can be replaced by clean, new sources of supply…
US natgas manufacturers chase AI-driven surge of power demand to weather low price
Shale gas producers are contacting data-center operators in the U.S. Permian Basin to build up the capacity needed to power an AI boom. They want to relieve the pressure of a two-year-old slump in prices. Devon Energy, Expand Energy Diamondback Energy and Permian Resources highlighted the potential of AI and data centres to drive gas consumption and said that they were in preliminary discussions with many operators.
TC Energy expects higher core profit in 2025 on natgas and electricity demand
TC Energy announced on Tuesday that it expects its core profit in 2025 to be between C$10.7 and C$10.9 Billion, higher than the C$9.9 to C$10.1 Billion forecast for 2024. This is due to an increase in demand for electricity and natural gas. In its most recent short-term energy outlook report, the U.S. Energy Information Administration predicted that…
RTE: French power exports to reach 22-year-high in 2024 due to abundant supply
French grid operator RTE stated on Wednesday that France's power output could be at its highest level in two decades, due to the abundance of gas for the winter months and the high availability of both nuclear and gas-powered power plants. The return of the nuclear fleet to the market at the start of this year and the heavy rains that boosted hydropower production helped lower the market prices…
Germany mandates open market sales of new wind and solar plants
The German cabinet approved Wednesday plans that will require the majority of operators of new solar and wind power plants to independently sell their electricity on the open markets. This is to improve the integration renewables in the country's system. According to a new energy policy, even small facilities of 25 kilowatts must self-market instead of selling their power to the grid with guaranteed prices.
Vattenfall invests 5 billion euros in Germany’s clean energy market
Vattenfall, a Swedish energy company, wants to invest in Germany five billion euros ($5.34billion) in climate-friendly products over the next few years. Robert Zurawski, German Finance Chief, said that the company plans to use the money to build wind and solar farms in the country as well as charging stations by 2028. He said that Germany is the fastest growing market in Europe for renewable energy.
German spot prices fall on the back of a wind forecast, while French prices increase on demand
On Thursday, the European spot electricity prices were mixed. Germany's fell on expectations of increased wind power generation, while French prices rose due to projected higher consumption. The LSEG report also identified the increased solar power and brown coal generation as factors affecting market. German baseload power fell 35.4% to 114.8 euros (123.50 dollars) per megawatt-hour (MWh) by 1035 GMT.
Spanish renewables warns against threats to investment
Renewables lobby APPA warned that the mismatch between an increasing supply of renewable energy and electricity demand, which is struggling to grow in tandem with low wholesale power prices threatens future investment in the sector. He said that, in terms of pricing, "By 2024 we expect to have about 10% of our hours at zero, or even negative, power prices." April was the lowest month of the entire historical series.
