World Energy Outlook

Thanks to the International Energy Agency we have comprehensive forecast of the present reality and near future of our global energy infrastructure and consumption. Each year the intergovernmental organization issues a report on the World Energy Outlook that breaks down the current state of energy demand and production globally and by region. It also projects estimated growth based on different scenarios and allows readers to gain an idea of where we are heading. We compiled a few of their conclusions from the World Energy Outlook 2018 report for you below.

• This year marked the first time ever that the global population without access to electricity fell below one billion. That means that approximately 1 out of 8 people are currently without electricity.
• More than 70% of investment in energy supply is government-driven with the remaining 30% being driven by the market. Total investments in the energy supply came in at around $2 trillion.
• The discrepancy between presently high oil demand and a predicted drop-off in new projects raises concerns for how the oil market will behave in the 2020's.
• Natural gas is on the rise and China is quickly becoming a major player in the market. If projections are accurate then by 2040 China will almost match the European Union in natural gas imports. They are on pace to triple their net gas imports from the 2017. In past years there have been fears of a natural gas excess, but gas shortages in China have quelled these concerns as their demand has grown.
• The report emphasized the importance of strengthening our electricity grid as we become more dependent upon it. Electricity is the swiftest rising source of energy demand and it garnered more investments this year than oil and gas combined. These investments are crucial as our current energy infrastructure ages and our demand grows.

The international Energy Agency is an autonomous intergovernmental organization founded in the wake of the 1973 oil crisis. See more details on their report on the World Energy Outlook 2018's home page.

Posted by Maximum Energy Professionals "MEP", a mechanical engineering firm located in Torrance, CA. Sustainability Services, ENERGY STAR utility benchmarking and award certification, California AB802 Compliance, City of Los Angeles EBEWE Compliance, Utility Data Management Software dashboard, ASHRAE energy audits, LEED, energy conservation/green Mechanical-Electrical-Plumbing systems and equipment design. Call us at 310-782-1410 or visit our website at www.mep-llc.com.