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World electricity demand is accelerating


Worldwide Power demand World electricity consumption is forecast to rise at its fastest pace in recent years, growing at close to 4% annually through to 2027 as power use climbs in a range of sectors across the economy, according to the International Energy Agency’s new report ‘Electricity 2025’. This latest edition of the IEA’s market analysis of the sector forecasts that the growth in global demand will be the equivalent of adding an amount greater than Japan’s annual electricity consumption every year between now and 2027. The surge is primarily driven by robust growing use of electricity for industrial production; increased demand for air conditioning; accelerating electrification, led by


the transport sector; and the rapid expansion of artificial intelligence and data centres. Most additional demand over the next three years will come from emerging and developing economies, which account for 85% of the demand growth. The trend is most pronounced in China where electricity demand has been growing faster than the overall economy since 2020. But the report notes that electricity demand is also expected to pick up in advanced economies after broadly stagnating for the past 15 years.


Growth in low-emissions sources – primarily renewables and nuclear – is sufficient, in aggregate, to cover all the growth in global electricity demand over the next three years,


according to the report. Generation from solar PV is forecast to meet roughly half of global electricity demand growth through to 2027, supported by continued cost reductions and policy measures, while generation from nuclear power is on course to hit new highs in each year of the forecast period.


Additionally, the report examines some of the major strains faced by electricity systems in 2024 – including winter storms in the United States, hurricanes in the Atlantic, blackouts caused by extreme weather in Brazil and Australia, and droughts reducing hydropower in Colombia, Ecuador and Mexico, highlighting the importance of ensuring greater resilience of electricity systems.


Pioneering wave energy projects in India India Renewables


In a ‘major step’ towards revolutionising India’s renewable energy landscape, Bharat Petroleum Corporation Ltd has signed a Memorandum of Understanding with Eco Wave Power Global to develop wave energy- based renewable power projects across India jointly. The agreement is believed to mark a pivotal moment in integrating wave energy as a significant component of India’s clean energy transition.


This collaboration aligns with the ministry of New and Renewable Energy’s recognition of ocean energy as a promising resource, with an estimated 40 000 MW of untapped potential along India’s coastline.


BPCL, a Fortune 500 oil and gas major with a


market capitalisation of approximately $12 billion, has identified Eco Wave Power as a strategic partner ‘following an extensive evaluation of wave energy technologies’. As part of its commitment to Net Zero emissions by 2040, the company is expanding its renewable energy portfolio, with wave energy playing a critical role.


Under this MoU, BPCL and Eco Wave Power will conduct a feasibility study for deploying wave energy projects across India. The first phase will focus on installing a 100–300 kW pilot project at BPCL’s Mumbai Oil Terminals, setting the foundation for larger commercial- scale installations.


BPCL will oversee regulatory approvals, permits, and land use consents, while Eco


Wave Power will provide its patented wave energy conversion technology, conduct research, and optimise power generation efficiency. This partnership directly allows Eco Wave Power to enter one of the world’s fastest-growing renewable energy markets, using BPCL’s huge infrastructure and financial strength.


Mr. G. Krishnakumar, chairman and MD of BPCL, commented: “Wave energy is a largely untapped resource, and this collaboration will serve as a model for sustainable energy development in India. By integrating Eco Wave Power’s proven technology, we aim to drive innovation in clean energy production and contribute to India’s long-term renewable energy goals.”


Last Energy plans 30 micro-reactors in Texas USA Nuclear power


US-based Last Energy plans to build 30 micro-reactors in Haskell County, Texas to serve American data centre customers. The company, founded in 2019, has raised capital totalling $64m to fund the development of a 20 MWe modular micro-reactor, the PWR-20, designed to be fabricated, transported, and assembled within 24 months, and is sized to serve private industrial customers. Last Energy says it will own and operate the plant on the customer’s site, “bypassing the decade-long development timelines of electric transmission grid upgrade requirements”. The company has obtained site control in Texas, has already filed for a grid connection with ERCOT (the Electric Reliability Council of


Texas) and is preparing to file for an Early Site Permit with the US Nuclear Regulatory Commission (NRC).


Last Energy Founder & CEO Bret Kugelmass: “Nuclear power is the most effective way to meet Texas’s demand, but our solution – plug- and-play micro-reactors, designed for scalability and siting flexibility – is the best way to meet it quickly.”


Last Energy is responding to the demand from Texas-based data centre developers. Of the company’s existing commercial agreements, which, it says entail the delivery of over 80 micro-reactors across Europe, half will serve data centres. The Texas manufacturing site would increase the company’s development capacity by another 30 units, and enable the development


of a commercial pipeline throughout the US. Texas is currently home to over 340 data centres with a combined demand of nearly 8 GW, making up 9% of all Texas electricity demand. In the Dallas-Fort Worth region alone, data centres are expected to drive an additional 43 GWe of demand. Last Energy has built two full-scale prototypes in Texas with local manufacturing partners, and is exploring projects in Utah. The company has also secured its first full load of fuel, scheduled to arrive in September 2026. The UK’s Office for Nuclear Regulation has confirmed that Last Energy has entered the ONR nuclear site licensing process with plans to develop four 20 MWe micro-reactors in South Wales.


www.modernpowersystems.com | March 2025 | 9


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