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IEA forecasts unrelenting demand for energy

Global demand for natural gas will grow even more quickly than for oil. Its share in total energy demand will rise by 1.8% to 22%, driven mainly by power generation.

However, renewables appear to be the star of the story. According to the IEA, renewables use will overtake gas as the second-largest source of electricity (after coal) soon after 2010. Average rate of growth for these emerging energy sources is 7.2%.

IEA’s forecast is based on an average crude oil import price of $100/bbl in 2007 dollars for 2008-2015, and more than $120 in 2030.

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