DNV: Global grid capacity needs to grow 2.5 times by 2050
- Admin
- Jun 19, 2024
- 1 min read
A report from DNV estimates that globally annual expenditures on the grid must double to US$970 billion by 2050. Global grid capacity needs to grow 2.5 times its current size, and annual expenditure on grids must more than double to US$970 billion by 2050. The report shows that global electricity demand will double by 2050. Despite a rise in global grid expenditures, efficiencies in grid technology and increased electricity distribution will likely keep consumer grid charges stable or declining in most regions. Solar and wind energy are anticipated to dominate electricity generation, with nearly 90% of electricity sourced from non-fossil sources by 2050. The report also highlights the role of AI in power use and the need for deep digitalization in renewable-dominated power systems.
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