Wiktor Wise
The electrical market is a vital component of the global economy, with rising populations, technological advancements, and the widespread use of electronics driving up electricity consumption. In 2022, global electricity consumption surpassed 25,500 terawatt-hours, more than double the consumption in the early 1990s. China stands as the largest producer and consumer of electricity, generating over 10 petawatt-hours annually and consuming almost 9,000 terawatt-hours in 2024. The United States follows as the second-largest producer and consumer, with a significant focus on renewable energy sources. With the transition to clean energy, the electrical market is undergoing significant changes, and countries like Iceland and Norway have the highest per-person consumption.
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What You'll Learn
China vs. US
China is the world's largest electricity producer, generating over 10,000 TWh of electricity in 2024. This is more than the combined output of the US, the EU, and India, the next three biggest producers. China's rapid increase in electricity generation has fuelled its rapid economic growth. A 1% increase in electricity production corresponds to a 0.17% increase in GDP. China's electricity consumption is driven by its economic structure, with industry being the primary consumer of electricity. China's power industry is characterised by fast growth and an enormous installed base.
The US, on the other hand, has had a sufficient amount of electricity for decades, and its economy is powered by the consumption of goods and high-value services, which are less energy-intensive than manufacturing. The primary electricity consumers in the US are residential homes. The US is also a major producer of electricity, with coal, natural gas, and renewable sources such as wind and solar all contributing to its electricity generation.
China's electricity sector is dominated by state-owned enterprises, with the State Power Corporation (SPC) previously holding a monopoly on the power industry. However, in 2002, the Chinese State Council dismantled the SPC and established 11 smaller companies, including electric power grid operators, generation companies, and business companies. Ongoing reforms aim to privatise state-owned assets, encourage competition, and revamp pricing mechanisms.
In terms of renewable energy, China is a global leader in the production and consumption of solar and wind power. China contributed more than half of the global increase in solar and wind generation in 2024. The country is also investing in nuclear power, with plans to have 200 GW of nuclear capacity installed by 2030.
In summary, China has a larger electrical market than the US in terms of production and consumption. China's rapid economic growth and industrial focus have driven its electricity sector, while the US has a more stable electricity profile and a less energy-intensive economy. China is also making significant strides in renewable energy and nuclear power, positioning itself as a key player in the global energy market.
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Norway's electric vehicle market
Electric vehicle use varies worldwide and is influenced by factors such as consumer demand, market prices, availability of charging infrastructure, and government policies. Norway has the highest market penetration per capita in the world when it comes to electric vehicles. The country has also been the top-selling plug-in market in Europe for three consecutive years, from 2016 to 2018. As of December 2021, Norway had a stock of 647,000 light-duty plug-in electric vehicles, including 470,309 all-electric passenger cars and vans, and 176,691 plug-in hybrids.
Norway has made significant strides in the adoption of electric vehicles, with over 200,000 plug-in electric vehicles registered by December 2017. In March 2014, Norway became the first country where over one in every 100 registered passenger cars was plug-in electric. By December 2016, this ratio had increased to five in every 100 passenger cars, reaching 10% in October 2018 and 25% in September 2022. The Norwegian plug-in car segment market share has been among the highest in the world for several years, achieving 29.1% of new cars sold in 2016, 39.2% in 2017, 49.1% in 2018, 55.9% in 2019, 74.7% in 2020, and an impressive 88.9% in 2024.
Norway's strong performance in the electric vehicle market can be attributed to its favourable policies and incentives. The country has set ambitious targets, aiming to have only electric cars on the road by 2025. As a result, electric vehicles have become increasingly popular, with nearly all new car buyers in Norway opting for electric options. The share of battery-electric cars on Norwegian roads rose to 28.6% by the end of 2024, surpassing pure petrol cars.
However, Norway faces competition from other countries in the electric vehicle market. While Norway leads in market penetration per capita, China boasts the largest EV market in terms of absolute market size. Additionally, Germany surpassed Norway as Europe's top-selling plug-in electric country market in 2019. Nevertheless, Norway remains a leader in electric vehicle adoption, with its policies and incentives serving as a model for other countries working towards a cleaner future.
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Russia's fossil fuel use
Russia is a leading global exporter of oil and natural gas, with fossil fuels generating roughly 60% of the country's electricity. In January 2022, oil and gas-related taxes and export tariffs accounted for 45% of Russia's federal budget. However, following the invasion of Ukraine, EU countries sanctioned Russian fossil fuels and significantly reduced their imports. Despite this, in June 2025, the EU was still the fourth-largest buyer of Russian fossil fuels, with its imports accounting for 10% of the top five purchasers. China remained the largest global buyer, with 38% of Russia's monthly export earnings from the top five importers.
Russia's heavy reliance on fossil fuels for revenue has raised concerns about the country's contribution to climate change. As of September 2019, Russia is the fourth-highest greenhouse emitter and has adopted the Paris Agreement. However, the country has no plans to become carbon neutral before 2100 and instead intends to exploit fossil fuels in the Arctic for the Asian market. The potential for increased access to Arctic trade routes presents Russia with the opportunity to further its fossil fuel exports to Asia.
While Russia has abundant renewable energy resources, the development of these sources lags compared to other countries. Low energy prices, particularly natural gas subsidies, hinder renewable energy development in Russia. Non-hydroelectric renewable energy remains largely underdeveloped, with geothermal energy being the most advanced source after hydroelectric power.
To address the impact of Russian fossil fuel revenues on the invasion of Ukraine, the Russia Fossil Tracker project was initiated by CREA. This project tracks Russia's fossil fuel revenues and their changes over time, highlighting how these funds enable the ongoing conflict. The project also provides insights into the effects of current sanctions on Russian fossil fuel exports and energy security.
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Japan's nuclear energy reduction
The electrical vehicle market is growing across the globe, with China having the largest market. However, Norway has the highest share of electric cars in total passenger car sales.
In the aftermath of the Fukushima accident, the Japanese government approved an energy white paper in October 2011, acknowledging the damage to public confidence in nuclear power safety and calling for a reduction in nuclear reliance. The government's plans aimed for a greater focus on renewable energy sources and a gradual exit from nuclear power generation.
However, more recently, in February 2025, there appears to be a shift in Japan's stance. According to a draft strategic energy plan, the government intends to maximize nuclear power utilization, with a target of 20% of total energy output by 2040. This decision has been met with criticism from climate campaigners and organizations like Greenpeace Japan, who argue that relying on ageing reactors could lead to safety risks and potential accidents.
Japan's nuclear power industry faces challenges due to ageing infrastructure and the complexities associated with reactor operations over time. Despite these concerns, the government's push to restart reactors aims to reduce the country's heavy reliance on imported fossil fuels, which has increased since the post-Fukushima closures. It is important to note that public opinion on nuclear energy in Japan has evolved since the Fukushima accident, with a significant decrease in anti-nuclear sentiments over the years.
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India's electricity production
India's electricity sector is diverse, with sources ranging from conventional sources such as coal, lignite, natural gas, oil, hydro, and nuclear power to non-conventional sources like wind, solar, agricultural, and domestic waste. In recent years, India has made significant strides towards becoming a power-surplus nation, achieving a surplus in 2015 despite poor hydroelectricity generation.
India's electricity sector has traditionally relied heavily on coal, and this trend continues today. In April 2024, coal's share of the total power generation mix increased to 77% due to a shortfall in hydropower generation. India achieved a significant milestone in FY24 by surpassing one billion tonnes of coal production, reducing its dependence on imports and strengthening its domestic energy supply. However, this reliance on coal presents a challenge to India's clean energy targets.
Recognizing the need to diversify its energy sources, India has made notable progress in the development of renewable energy sources. In 2016-17, new installations of renewable energy surpassed those of fossil fuels for the first time. India ranks fourth in wind and solar power capacity and renewable power installed capacity as of 2021. The country is on track to meet its ambitious target of 100 GW of wind energy production by 2030. Additionally, India has achieved a significant milestone in nuclear power, becoming the 15th largest producer globally, with plans to further expand its nuclear power capacity.
Hydropower also plays a crucial role in India's electricity production. As of March 2024, the installed hydropower capacity was approximately 10.7% of the total installed utility capacity, with small, mini, and micro-hydro generators adding another 5,005 MW. The Indian government has also taken steps to enhance power generation from gas-based power plants by promoting synthetic natural gas production technologies and waiving import duties and taxes. These measures aim to improve India's supply of natural gas and reduce its reliance on imported coal.
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Frequently asked questions
China is the world's largest producer of electricity, generating over 10 petawatt-hours annually, with the main source being coal, which contributes to 65% of electricity production.
The United States is the second-largest producer of electricity, with a production of 4.2 to 4.6 petawatt-hours every year. The US uses a variety of energy sources and technologies to generate electricity, with natural gas being the leading generator at 40% of the total national production.
China is also the largest consumer of electricity, with almost 9,000 terawatt-hours consumed in 2024. The United States follows as the second-largest consumer, with over 4,000 terawatt-hours consumed in the same year. However, in terms of electricity consumption per capita, the US surpasses China.
