Renewable energy soars, fossil fuels decline in electricity report

Fossil fuel-based electricity production experienced a decline in March, according to the International Energy Agency

Renewable energy sources have witnessed a remarkable surge while fossil fuel-based electricity production experienced a decline, according to the latest Monthly Electricity Statistics report by the International Energy Agency (IEA).

The report, which provides a comprehensive analysis of global electricity production highlights a shift towards cleaner energy sources in both the OECD and Belgium.

In March 2023, total net electricity production in the OECD reached 887.8TWh, representing a 1.5% decrease compared to the same period in 2022.

Analysts note that the decline was primarily driven by lower electricity production from fossil fuel sources, which experienced an 8.1% year-to-date decrease.

Furthermore, nuclear power production also saw a notable decline of 3.1% year-to-date.

Notably, the report revealed a significant decrease in electricity generation from coal-fired plants, reaching a record low share of 15.9% in the electricity mix in March 2023.

This decrease surpassed the levels observed at the start of the Covid-19 lockdowns in April 2020, according to the IEA’s report.

Make sure you check out the latest Net Hero Podcast episode:

Latest Podcast