DNV forecast that by 2050, wind and solar will supply almost 70 per cent of the world’s electricity. By then, global electricity consumption will have doubled compared to today. This significant increase in variable renewables will present many challenges and create new market dynamics for grids worldwide.

These are the key findings in the New Power Systems report, part of DNV’s Energy Transition Outlook series. If correct, it means that global grid infrastructure is set to double to meet surging electricity demand and electricity will be more than 90 per cent decarbonised. From a domestic view, household energy expenditures will decline to 75 per cent of 2021 levels in Europe and 50 per cent in North America.

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