|'Deep Electrification’ Means More Natural Gas|
I cover oil, gas, power, LNG markets, linking to human development.
For environmental reasons, there’s an ongoing push to “electrify everything,” from cars to port operations to heating.
The idea is that a “deep electrification” will help lower greenhouse gas emissions and combat climate change.
The reality, however, is that more electrification will surge the need for electricity, an obvious fact that seems to be getting forgotten.
The majority of this increase occurs in the transportation sector: electric cars can increase home power usage by 50% or more.
The U.S. National Renewable Energy Laboratory (NREL) says that “electrification has the potential to significantly increase overall demand for electricity.”
NREL reports that a “high” electrification scenario would up our power demand by around 40% through 2050.
A high electrification scenario would grow our annual power consumption by 80 terawatt hours per year.
For comparison, that is like adding a Colorado and Massachusetts of new demand each year.
The Electric Power Research Institute (EPRI) confirms that electrification could boom our power demand by over 50%.
Electricity is slated to more than double its share of final energy consumption to around 50% in the decades ahead.
From load shifting to higher peak demand, deep electrification will present major challenges for us.