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Coal 2025 Demand
…expected to the level seen in the years prior to 2023. China’s share remains dominant, although its coal demand flattens as renewables expand and coal’s role in the power sector shifts towards flexibility. India emerges as the main source of incremental demand, adding 225 Mt from 2025 to 2030, while ASEAN countries contribute 127 Mt, driven by Indonesia and Viet Nam. In contrast, the European Union and the United States register further declines of 153 Mt and 106 Mt, respectively, as phase-out policies and fuel switching accelerate. In the rest of the world coal demand declines by 179 Mt, reflecting mixed trends across Africa…
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Global EV Outlook 2025 Trends in other light-duty electric vehicles
…growing emergence of battery swapping stations for 2/3Ws, which can be particularly useful for 2/3Ws that are used as taxis or for delivery services, where quick recharging is highly valued. This – combined with lower operating costs when compared to cars – means that electric 2/3Ws offer a promising solution for reducing urban emissions and improving air quality in emerging markets and developing economies, where 2/3Ws are widely used for daily transportation. Another year of receding electric two-wheeler sales in China masks steady growth elsewhere in Asia In China, falling sales of electric 2Ws in 2024 were…
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Oil 2025 Executive summary
Turbulent times in oil markets Heightened geopolitical risks, unresolved trade tensions, and policy shifts have added myriad uncertainties to the oil market outlook. Since the start of the year, major economic forecasters have cut their outlooks for world GDP growth in 2025 by roughly half a percentage point to around 2.8% and see a below-trend pace of about 3% annually for the remainder of the decade, with knock-on implications for oil demand. With conflicts in the Middle East region at risk of intensifying and trade negotiations ongoing, uncertainties surrounding our forecasts are substantial. At the same time…
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Multiple Benefits of Energy Efficiency for Business The business value of energy efficiency
Energy efficiency is often described as the “first fuel” because the cheapest and most secure energy is the energy that is not used. For businesses, this begins with a straightforward benefit: lower energy bills. In many cases, efficiency investments can pay back quickly through reduced energy costs alone, improving margins and reducing exposure to price volatility.However, the value of energy efficiency extends beyond energy savings. By improving how equipment, buildings and processes operate, efficiency measures deliver wide-ranging benefits that strengthen business competitiveness across several dimensions: Operational benefits Efficient and electrified equipment operates more reliably and with less stress…
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Electricity Mid-Year Update 2025 Prices: Trends in wholesale markets differ across regions
…first half of 2025, about 30% higher compared to the same period in 2024. During H1 2025, natural gas prices were on average about 20% above the levels observed through 2024. The cost of carbon allowances under the European Union Emissions Trading System (EU-ETS) increased from an average of about EUR 65 per tonne of CO2 (t CO2) in H1 2024 to around EUR 70/t CO2 in H1 2025. At the same time, lower year-on-year electricity generation from wind and hydropower during this period boosted fossil-fired generation, which further contributed to higher power prices. Latest futures prices in…
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Ramping up Heat Pumps in Moldova: A Roadmap A pathway for heat pumps
Heat pumps can strengthen Moldova’s energy security, independence, air pollution and emissions, and even improve energy affordability. Given the regional turmoil – notably in the energy sector – over the past three years and into early 2025, there is a compelling case for reducing natural gas consumption by deploying heat pumps. While Moldova is only beginning to realise its heat pump potential, this presents a significant opportunity to design the system effectively – by stimulating demand, expanding supply, financing the transition and establishing clear regulations. A comprehensive approach will help to ensure a steady and orderly deployment. The following table recommends specific…
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The Implications of Oil and Gas Field Decline Rates Executive summary
Discussions on the future of oil and gas often overemphasise demand drivers and underappreciate supply drivers Debate over the future of oil and natural gas tends to focus on the outlook for demand, with much less consideration given to how the supply picture could develop. This asymmetry is misplaced and a thorough understanding of the rate at which production from existing oil and gas fields declines over time is more important than ever. The International Energy Agency (IEA) has long examined this issue. Decline rates – the annual rate at which production declines from an existing oil or gas field – underpin…
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Multiple Benefits of Energy Efficiency for Business Turning the opportunity into reality
Across sectors, the evidence consistently shows that the value of energy efficiency extends far beyond energy savings, often matching or even exceeding them.A key challenge is that much of this value is not systematically captured in investment decisions. Business cases are often built on energy savings alone, overlooking gains in productivity, resource efficiency, product quality, brand reputation and workforce health. Reflecting these wider benefits can significantly strengthen investment cases and improve how efficiency projects compete for capital.This report draws on available evidence to highlight these broader benefits and why they matter in practice. The steps below show how…
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Gaining an Edge Unlocking the potential of energy efficiency
Efficiency opportunities at the firm level At the firm level, energy efficiency offers untapped opportunities to reduce costs in both light and heavy industries In a competitive environment, firms are seeking to reduce costs, support sustainable growth and meet dynamic market demands. Energy is an important component of production costs in many industrial sectors, although its share varies by industry. These differences are influenced by the type and complexity of production. Heavy industries, such as steel, cement and chemicals, tend to be more energy intensive due to the large-scale processes and high thermal demands. Light industries, such as electronics…
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Household Energy Affordability Executive summary
…as in many parts of the Middle East. Electricity is generally subject to less tax compared to oil, but the range is equally wide, with different types of taxes, fees, levies and surcharges amounting to as much as 50% of electricity bills in some countries, or as low as zero in others. On average, the electricity system cost, i.e. the actual cost of producing and transporting the energy to consumers, makes up around 75% of the cost of electricity for households. Electricity bills are becoming a key factor in household energy affordability in the Age of Electricity Electricity is…
