Electricity production grows in OECD countries driven by renewable, nuclear energy
Date
8/28/2024 5:05:06 AM
(MENAFN) In May 2024, member countries of the Organisation for Economic Co-operation and Development (OECD) experienced significant growth in electricity production, primarily driven by strong contributions from renewable energy sources. According to the latest monthly electricity statistics released by the International Energy Agency (IEA), the total net electricity output across OECD nations reached over 854 terawatt-hours in May, marking a 3.7 percent increase compared to the same month in 2023. Renewables played a key role in this growth, accounting for 39.4 percent of the total electricity production in these countries. The surge in renewable energy generation, which rose by 6.6 percent year-on-year, was largely attributed to a substantial rise in solar power production, which grew by an impressive 19.7 percent compared to May 2023. Wind energy also contributed positively, with a 5.8 percent increase in generation, reflecting the growing reliance on clean energy sources to meet electricity demands in the OECD region.
Nuclear energy also significantly boosted the growth of clean electricity production within OECD countries, comprising about 16.7 percent of the overall electricity mix in May 2024. The total electricity produced from nuclear power amounted to 142,900 gigawatt-hours, which represents a 5.5 percent increase from the previous year. This growth in nuclear power generation was observed across all OECD member countries, with particularly strong performance in the Asian and Oceanian regions, where nuclear power output surged by 14.1 percent year-on-year. European member states also saw a notable 5.5 percent increase in nuclear electricity generation, while the Americas recorded a more modest growth of 3.1 percent over the same period. The increase in nuclear power output reflects the continued efforts of OECD countries to diversify their energy mix and enhance the stability and sustainability of their electricity supply.
The robust expansion in both renewable and nuclear energy production highlights a broader trend within OECD nations towards reducing dependence on fossil fuels and enhancing the share of cleaner energy sources. As governments and policymakers continue to invest in and support renewable and nuclear energy infrastructure, the electricity sector in OECD countries is moving towards a more sustainable and low-carbon future. This shift is not only crucial for meeting environmental and climate goals but also for ensuring energy security and reliability amid fluctuating global energy markets.
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