Coal generation to fall by 0.3% YoY in 2024
This is thanks to the slowed growth of new projects in Asia.
Global coal-fired power generation is expected to decline by 0.3% or by 33.7 terawatt hours due to a slowdown in new coal power projects in Asia, according to Rystad Energy.
Steve Hulton, head of Global Coal Industry Research at Rystad Energy, said the decline may be small but is significant, following the “high water mark” for global power in 2023.
“China, India and Indonesia remain the top coal consumers for now, but the tide is turning,” Hulton said.
“Surging new renewable energy capacity installations and ageing coal plants will soon tip the scales clearly in favour of fossil-free alternatives and a falling share for coal in the power mix will only gather pace,” he added.
CEO Jarand Rystad added that whilst fossil fuels will remain a vital part of the energy mix, renewable energy is expanding rapidly and may reach over 400 gigawatts.
“Global coal demand most likely peaked in 2023, and clean energy technologies are now more affordable than fossil fuel alternatives in most parts of the world,” he said.