World quickly transitioning to ‘Age of Electricity,’ says IEA chief

The International Energy Agency’s (IEA) World Energy Outlook 2024 report highlights a significant shift towards an electric energy system, emphasizing the urgent need for strategic decisions from governments and consumers as energy dynamics evolve, Anadolu Agency reported in an article yesterday.

IEA Executive Director Fatih Birol noted that we are transitioning from the “Age of Coal and Oil” to the “Age of Electricity,” which will increasingly rely on clean energy sources.

Tim Gould, the IEA’s chief energy economist, emphasized that electricity will become the primary interaction consumers have with the energy system, shifting focus from oil prices to electricity costs. The report also points to China’s pivotal role in this transition, particularly in solar energy expansion, potentially surpassing U.S. electricity demand by the early 2030s.

Geopolitical tensions pose risks to energy security, with the IEA predicting an oversupply of oil and key clean technologies by the late 2020s. Despite rapid clean energy deployment, the report calls for greater investments in energy systems, especially electricity grids and storage, to keep pace with demand.

Gould highlighted the growing importance of electricity in various sectors, including mobility and heating, as fossil fuels are increasingly replaced.