The British power big bp launched the 70th version of its Statistical Review of World Energy.
Bernard Looney, bp Chief Executive Officer mentioned:
“Global power demand is estimated to have fallen by four.5% in 2020. This is the biggest recession for the reason that finish of World War II, pushed by an unprecedented collapse in oil demand, because the imposition of lockdowns all over the world decimated transport-related demand. The drop in oil consumption accounted for round three-quarters of the full decline in power demand. Natural fuel confirmed better resilience, helped primarily by persevering with robust development in China. Despite the dysfunction of 2020, renewable power, led by wind and photo voltaic power, continued to develop prolifically. Remarkably, wind and photo voltaic capability elevated by a colossal 238 GW final yr – 50% bigger than any earlier growth. Likewise, the share of wind and photo voltaic technology within the world energy combine recorded its largest ever enhance. The relative immunity of renewable power to the occasions of final yr is encouraging.”
Energy developments
• Primary power consumption fell by four.5% in 2020 – the biggest decline since 1945.
• The drop in power consumption was pushed primarily by oil, which contributed virtually three-quarters of the online decline, though pure fuel and coal additionally noticed important declines.
• Wind, photo voltaic and hydroelectricity all grew regardless of the autumn in total power demand.
• By nation, the US, India and Russia contributed the biggest declines in power consumption. China posted the biggest enhance (2.1%).
Carbon emissions
• Carbon emissions from power use fell by 6.three%, to their lowest stage since 2011. As with main power, this was the biggest decline for the reason that finish of World War II.
Oil
• The oil value (Dated Brent) averaged $41.84/bbl in 2020 – the bottom since 2004.
• Oil consumption fell by a document 9.1 million barrels per day (b/d), or 9.three%, to its lowest stage since 2011.
• Oil demand fell most within the US the EU and India. China was nearly the one nation the place consumption elevated.
• Global oil manufacturing shrank by 6.6 million b/d, with OPEC accounting for two-thirds of the decline. Libya and Saudi Arabia noticed the biggest OPEC declines, whereas Russia and the US led non-OPEC reductions.
• Refinery utilization fell by a document eight.zero proportion factors to 74.1%, the bottom stage since 1985.
Natural fuel
• Natural fuel costs declined to multi-year lows and the bottom since 1995, whereas Asian LNG costs registered their lowest stage on document.
• Natural fuel consumption fell by 2.three%. Nevertheless, the share of fuel in main power continued to rise, reaching a document excessive of 24.7%. Declines in fuel demand had been led by Russia and the US, with China and Iran contributing the biggest will increase.
• LNG provide grew by zero.6%, properly under the 10-year common price of 6.eight% p.a. US LNG provide expanded by 29%
Coal
• Coal consumption fell by four.2%, led by declines within the US and India, with OECD coal consumption falling to its lowest stage in our knowledge collection again to 1965. China and Malaysia had been notable exceptions, growing their consumption. Global coal manufacturing was down 5.2%.
Renewables, hydro and nuclear
Renewable power rose by 9.7%, slower than the 10-year common (13.four% p.a.) however the increment in power phrases was much like will increase seen in 2017, 2018 and 2019. Solar electrical energy rose by a document 20%, nonetheless, wind offered the biggest contribution to renewables development.
Solar capability expanded by 127 GW, whereas wind capability grew 111 GW – virtually double its earlier highest annual enhance.
China was the biggest particular person contributor to renewables development adopted by the US.
Hydroelectricity grew by 1.zero%, once more led by China, whereas nuclear power fell four.1%, pushed primarily by declines in France, the US and Japan.
Bernard Looney added: “In 30 years, the Statistical Review will rejoice its 100th anniversary reporting…

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