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Copper prices have hit record highs, but smelters face mounting strategic pressures
copper Copper markets enter uncharted territory as structural and short-term pressures converge Copper prices have surged to record highs this year, briefly exceeding USD 14 500 per tonne (intraday) in January 2026, having only passed USD 12 000 per tonne for the first time in December 2025. The unprecedented price levels have been driven by some important short-term developments, including supply disruptions at several major mines and a build-up of US copper inventories due to tariff uncertainty. But they have also been underpinned by some underlying factors, such as challenges in developing new copper mines and the…
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Coal 2025 Trade
International coal trade is set to decline in 2025 International coal trade grew by 3% in 2024, reaching a new record of 1 544 Mt. This growth was driven by increases in both thermal coal (up 26 Mt to 1 176 Mt) and met coal (up 21 Mt to 368 Mt). Coal trade accounted for approximately 18% of global coal demand, with thermal coal making up more than three-quarters of total traded volumes. Seaborne trade continued to dominate, representing over 90% of global coal trade in 2024.The Asia Pacific region further strengthened its dominance, accounting for 85% of global coal imports in 2024. China led…
- Executive summary
- Demand
- Supply
- Trade
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+ 2 pages
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Unlocking Ukraine’s Hydrogen Opportunity: A Roadmap Executive summary
More than 3 years of war in Ukraine have left their mark on the energy sector. In the power sector, nearly 80% of the thermal generation and about two-thirds of the hydropower capacity have been damaged or destroyed, leading to a power deficit equal to about one-third of peak demand. Hydrogen demand was nearly 1 Mtpa before the war, predominantly for ammonia production, with only about 40 ktpa from refining. However, assets have since been damaged or occupied and demand has plunged by almost 80%. Steel output, which represents a potential new application for hydrogen, has dropped by almost two-thirds…
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World Energy Investment 2025 How we track investment in energy
Tracking energy investment The way investment is measured across the energy spectrum varies, largely because of differences in the availability of data and the nature of expenditures. This document highlights the methodology used to ensure that the estimates are consistent and comparable across sectors in the World Energy Investment 2025 (WEI 2025) report and other publications from the International Energy Agency.The IEA measures investment as the ongoing capital spending on assets. For some sectors, such as power generation, this investment is spread out evenly from the year in which a new plant or upgrade of an existing one takes…
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Financing Electricity Access in Africa Pathway to universal access
Mobilising the necessary investment Under the new Accelerating Clean Cooking and Electricity Services Scenario (ACCESS), investment of nearly USD 150 billion is needed to achieve universal electricity access in sub-Saharan Africa by 2035. This represents a six-fold increase in annual spending from today’s levels, facilitated by improvements to the regulatory environment, strengthened risk management by developers and risk-mitigation tools to support more private investment, and a more targeted use of concessional funds.Around 45% of households currently without access are connected via the grid under the ACCESS scenario, with financial support for households to reduce connection fees and…
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The State of Energy Innovation 2025 Interactive: Highlights in energy innovation
Interactive: Highlights in energy innovation
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The State of Energy Innovation 2026 Interactive: Highlights in energy innovation
Interactive: Highlights in energy innovation
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Global Energy Review 2026 Oil
Oil demand growth remained subdued in 2025 Oil demand increased in 2025 by 0.65 mb/d (million barrels per day) or 1.2 EJ, but this 0.7% rise marked a further slowdown from 2024’s already-muted 0.75 mb/d of growth. The increase in both years was in line with IEA projections. The 2025 increase fell well short of the 2010-19 average annual rise of 1.4 mb/d, offering further evidence of a structural deceleration in oil markets.This slowdown mainly reflected weaker growth in petrochemical feedstock use. Demand for naphtha, liquefied petroleum gas…
- Key findings
- Global trends
- Oil
- Natural gas
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+ 9 pages
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Austria 2026 Executive summary
…electricity generation), including 5.6 gigawatts (GW) of pumped hydro storage and a nationwide smart meter roll-out. Austria has the highest share of renewable energy in electricity consumption in the European Union and is the first European country to develop a pioneering approach to integrated energy system planning. However, the gap between ambition and delivery is widening. While economy-wide greenhouse gas (GHG) emissions have fallen by 16% since 1990, emissions including land use, land-use change and forestry (LULUCF) have increased by 13%. In other words, Austria’s forests are losing their ability to absorb carbon, emphasising the urgent…
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Türkiye
Rapid economic and population growth in Türkiye over the past two decades have not only driven strong growth in energy demand, but also an associated increase in import dependency. As a result, Türkiye has pursued a restructuring of its energy system with the aim of rationalising energy demand growth, lowering energy prices and slowing the pace of import growth.
These reforms have included measures targeted at modernisation, liberalisation and increased domestic production capacity. Notably, Türkiye has seen considerable diversification of its energy mix in the past decade. Renewable electricity generation has tripled in the past decade and the commissioning of…- Overview
- Energy mix
- Emissions
- Electricity
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+ 5 pages
![Türkiye Flag]()
