Energy Profile at a Glance

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In Feb 2022, a major conflict erupted in Ukraine.  Global economic prospects have worsened significantly since then.  Indeed, the world will have to deal with both short- & long-term scenarios.  In the short-term, the epicenter of the global shock is (will be) Ukraine (Russo-Ukrainian war) & Taiwan (the "chip battle"). In the long-term, it will be related to the Sino-U.S. power competition, the real-life game of thrones

  

REN investments

  

Despite this worrisome situation, renewables expenditures are expected to double over the next 10 years to more than USD 1,400 bn per year, while grid expenditures also are likely to exceed USD 1,000 bn per year in 2030 [DNV, 2022].

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The growth of solar PV has been remarkable: 1 GW per year was installed for the first time in 2004.  In 2021, 150 GW was added despite supply-chain disruptions due to COVID-19.  From 2030, 300 to 500 GW annual additions are expected.  By 2050, total installed capacity will be 9.5 TW for solar PV and 5 TW for solar PV + storage (24x greater than in 2020).

  

Energy sources

  

Coal, with its high load factor, is best suited for electricity.  Oil (and its derivatives), with its high energy density available in liquid form at room temperature, play a primary role in transportation.  Natural gas (NG), the greener fossil fuel (made up mostly of methane, releasing 45% less CO2 than coal, and 30% less than oil), is better suited for electricity & heating.  Although it requires an expensive pipeline infrastructure, NG play an important role in the renewables integration.

  

Biomass (Bio) is best suited for electricity & transportation, and hydro, nuclear (Nucl), and renewables (Ren) (solar PV & wind) for electricity.  Table 1 shows the main energy sources for most countries in the world.

  

Country's energy profile - energy self-sufficiency

  

The energy self-sufficiency of a nation, which is given by dividing the total primary energy supply of the country by its total energy production, is an important indicator of the country's sovereignty both in times of peace & conflict.  Table 1 shows this and other indicators for most countries in the world.  Figure 1 shows comparison of primary energy self-sufficiency among major nations in 2019 (may slightly differ from in Table 1).