The International Energy Agency’s (IEA) latest review of global energy spending has found that the electricity sector attracted the greatest share of energy-related investment in 2017.
Substantial spending on electricity grids meant that, for the second year in a row, investment in electricity exceeded investment in the oil and gas industry.
Figures from the ‘World Energy Investment 2018’ report show that global energy investment amounted to US$1.8 trillion in 2017, a 2% decline in real terms from the previous year. More than US$750 billion went to the electricity sector, while US$715 billion was spent on oil and gas supply globally.
Final investment decisions for coal power plants to be built in the coming years declined for a second straight year – by 18% – reaching a third of their 2010 level. In China, investment in new coal-fired plants dropped by 55% in 2017.
Despite a global trend of declining global additions and further retirements of existing plants, the global coal fleet continued to expand in 2017, primarily due to Asian markets. And while there was a shift towards more efficient plants, 60% of currently operating capacity was still found to be using inefficient subcritical technology.
This year’s report has been released for free and can be downloaded here.