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Energy Security
…related to energy security in an era of geopolitical strains, technological transformation and a changing climate. Oil security One of the IEA's core missions is to ensure oil supply security through market monitoring, stockholding requirements and collective actions The IEA was founded in 1974 to ensure oil supply security. While much has changed in the global energy landscape since then, the security of oil supply remains a pressing concern for governments across the globe. Worldwide oil consumption reached a record high in 2023, and while dependence on oil is set to lessen in many parts of the world in…
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The Middle East and Global Energy Markets
The IEA is responding to the energy market impacts of the conflict in the Middle East and continues to closely monitor the latest developments.The disruption to oil and gas flows through the Strait of Hormuz and attacks on energy infrastructure across the region have major implications for energy security and affordability – and for the world economy. The IEA's Executive Director has said the combined impacts amount to "the greatest threat to global energy security in history." The war in the region that began on 28 February has impeded energy trade flows through the Strait, creating the largest supply disruption in…
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Energy Innovation
…analyses on energy innovation also provide crucial insights that equip the huge range of stakeholders in this space to make effective decisions and pursue ambitious goals – from academics and researchers to start-ups, established companies, investors, philanthropic organisations, policymakers and regulatory bodies.Our annual State of Energy Innovation report also provides a comprehensive, data-driven assessment of recent progress and emerging challenges in energy technology innovation. The IEA Technology Collaboration Programmes (TCP) are independent, international groups of experts that enable governments and industries from around the world to lead programmes and projects on a wide range of energy technologies and…
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Saving Energy
…room you’re in.2. Boiler: adjust the settingsDefault boiler settings are often higher than you need. Lower the hot water temperature to save 8% of your heating energy and cut EUR 100 off an average bill. You may have to have the plumber come once if you have a complex modern combi boiler and can’t figure out the manual. Make sure you follow local recommendations or consult your boiler manual. Swap a bath for a shower to spend less energy heating water. And if you already use a shower, take a shorter one. Hot water tanks and…
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Fossil Fuel Subsidies
…reference prices are calculated).For economies that export a given fossil-energy product but charge less for it domestically, the domestic subsidies are implicit; they have no direct budgetary impact, so long as the price covers the cost of production. The subsidy, in this case, is recorded as the opportunity cost – or the rent that could be recovered if domestic consumers paid world prices, adjusting for differences in variables such as transportation costs. For net importers, subsidies measured via the price gap approach may be explicit, representing budget expenditures arising from the domestic sale of imported energy at subsidised prices…