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Glossary

Total final energy consumption

Final consumption measures the needs for energy of final consumers, excluding inputs and losses involved in the energy transformation sectors.

Total primary energy consumption

Primary consumption measures the total energy consumption of a country, including all losses and own consumption within transformation process.

Share of electricity in final consumption

This corresponds to the ratio between the final consumption of electricity and the total final consumption of energy, excluding inputs and losses involved in the energy transformation sectors.

Share of fossil fuels in primary energy consumption

This corresponds to the ratio between the primary energy consumption of fossil fuels (coal, oil and gas) and the total primary consumption.

Final electricity consumption

Final electricity consumption measures the needs of final consumers for electricity, excluding inputs and losses involved in the energy transformation sectors.

Total electrical capacity

Installed capacity: from private and public utilities and autoproducers. Include cogeneration and fuel cells.

Total electricity generation

Electricity generation: includes the gross electricity generation from private and public utilities and autoproducers. It includes cogeneration and fuel cells.

Share of renewables in primary energy consumption

The ratio between primary consumption of renewable energy sources, either as transformation input or in final demand sectors, on the total primary energy demand.

Share of renewables in final energy consumption

This corresponds to the ratio between the final energy consumption of renewables and the total final consumption of energy, excluding inputs and losses involved in the energy transformation sectors.

Share of renewables in electricity generation

Share of renewables in electricity generation corresponds to the ratio between the electricity generated from renewable energy sources (wind, solar, large and small hydro, biomass, geothermal or others) and total electricity generation. It is expressed as a percentage (%).

Total CO2 emissions (incl. industrial processes)

CO2 emissions are anthropogenic emissions from the combustion of fossil fuels and industrial processes. CO2 emissions from the agriculture sector, land use, land use change, forestry and animal husbandry are not included. Biomass combustion is considered to be carbon-neutral.

CO2 intensity of electricity generation

CO2 intensity of electricity generation represents the amount of anthropogenic CO2 emissions associated to the generation of one kilowatt-hour of electricity. It is expressed in gram of CO2 per kilowatt-hour (gCO2/kWh).

CO2 intensity to GDP

CO2 intensity to GDP corresponds to the amount of anthropogenic CO2 emissions from fossil fuels combustion associated to the generation of one unit of Gross Domestic Product (GDP). This indicator is measured in constant dollars at purchasing power parity (kgCO2/US$15ppp).

CO2 intensity per capita

CO2 intensity per capita measures the total anthropogenic CO2 emissions from fossil fuels combustion per head of population. This indicator is expressed in ton of CO2 per capita (tCO2/cap).

EnerFuture: Global Energy Forecasts

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26

Jan

The Chinese state-owned oil and gas company CNOOC has announced a net production target for 2024 of 700 to 720 million barrels of oil equivalent (mboe), of which production from China will account for 69% and production from overseas 31%. This represents an 8-9% increased compared to the company’s production target for 2023 (650-660 mboe), which was exceeded, as CNOOC estimates net production to be approximately 675 mboe for 2023. In addition, CNOOC announced a net production target of 780-800 mboe for 2025 and 810-830 mboe for 2026.

24

Jan

The US Energy Information Administration (EIA) has published its latest Short-Term Energy Outlook (STEO) in which it forecasts that solar PV will lead the country’s electricity generation growth over the next two years, estimating the planned addition of new solar PV capacity to increase by 36 GW in 2024 and by 43 GW in 2025. With this, the share of solar in total power generation is expected to grow from 4% in 2023 to 6% in 2024 and 7% in 2025, while coal-fired power generation is expected to decline by 9% in 2024 and 10% in 2025 due to a combination of higher costs compared with renewables and the retirement of 12 GW of coal-fired capacity. On the other hand, gas-fired power generation is expected to remain stable during the next two years. Crude oil is estimated to reach new record levels producing 13.2 mb/d in 2024 and more than 13.4 mb/d in 2025. 

22

Jan

The Organization of Petroleum Exporting Countries (OPEC) has published its first assessment of 2025 oil demand levels, forecasting a slowdown in global oil demand. In absolute terms, the OPEC expects global oil demand to grow by 2.25 mb/d in 2024 to 104.36 mb/d (after a 2.46 mb/d growth in 2023) and by 1.85 mb/d in 2025 to 106.2 mb/d. According to the OPEC, oil consumption is expected to be sustained during 2024 by robust demand for air and automotive mobility, as well as a strong activity in industries, construction, and agriculture in non-OECD countries. In countries like China and the Middle East, oil demand is expected to be supported by an increased petrochemical capacity and margins. 

19

Jan

The US Energy Information Administration (EIA) has published its latest Short-Term Energy Outlook (STEO) in which it forecasts that crude oil prices in 2024 will remain similar to those in 2023 and decrease in 2025. New refining capacities commissioned in the United States in 2023 will raise the US operable capacity, easing price pressure on oil products in 2024 and 2025. In addition, new international refining capacities in the Middle East, especially in Kuwait, will contribute to ease international price pressure on gasoline and diesel prices.