Power grid expansion to drive copper demand: report

Power grids are projected to be the top consumers of copper amongst energy transition technologies. 

Power grid expansion will likely drive demand for copper, the BloombergNEF report projected. 

In its The New Energy Outlook: Grids report, it forecast that copper demand from grids will likely reach 13 million tonnes by 2030, up by 5 million tonnes currently. 

This is expected to continue rising to 23 million tonnes in 2050, making power grids the top consumer of copper amongst other energy transition technologies in 2022-2050. 

Read more: At least $21.4t power grid investment needed by 2050: Report

The report estimated that 80 million kilometres in grid growth between 2022-2050, which is more than enough to replace the existing global electricity grid.

This covers 68 million km of above-ground lines, 12 million km of underground cables and 0.2 million km of submarine cables. 

“We must effectively double the size of the global electricity grid by 2050. This future grid needs to be smart, flexible and responsive, enabling us to harness the full potential of renewable energy rather than be bogged down by it.” Sanjeet Sanghera, Head of Grids & Utilities at BloombergNEF and lead author of the report said.