Electricity production jumps 5%, but fossil fuels fall back

In June 2024 total net electricity production by OECD members reached 902.8 TWh, an increase 5.4% compared to the same period last year, according to the International Energy Agency’s monthly report. On a year-to-date basis, the net total increased by 2.9% in the first two quarters of 2024.

Overall, generation from fossil fuels amounted to 422.7 TWh in June, marking a decline of 0.6% compared to June 2023. OECD Europe witnessed the largest decrease for fossil fuels (-12.9% y-o-y), driven by lower generation from natural gas (-21.0% y-o-y). OECD Asia Oceania also followed a downward trend (-3.0% y-o-y), while the OECD Americas witnessed an increased output from fossil fuels (+3.8% y-o-y), driven by coal (+4.5% y-o-y) and by natural gas (+3.2% y-o-y). Overall, fossil fuels accounted for 46.8% of the OECD’s electricity mix.

Electricity production from renewable sources amounted to 329.9 TWh in June, increasing by 14.0% y-o-y compared to the same month last year. This growth was primarily driven by increased output from wind (+28.1% y-o-y), solar (+18.4% y-o-y) and hydro (+4.8% TWh) power. The OECD Americas witnessed the greatest increase (+17.5% y-o-y or 21.5 TWh), mainly driven by an increase in wind generation (+35.8% y-o-y or 11.5 TWh) and solar (+30.0% y-o-y or 8.1 TWh). OECD Europe followed, experiencing an increase of 14.6% y-o-y, driven by wind (+26.4% or 7.4 TWh), hydro (+10.7% or 5.4 TWh) and solar (+12.9% or 4.7 TWh). Overall, electricity generated from renewable sources in the OECD increased by 8.5% y-t-d during the first two quarters of 2024 and, in June 2024, it represented 36.5% of the OECD electricity mix.

Nuclear electricity production reached 146.5 TWh in June 2024, reflecting a 6.0% increase compared to the same month last year. This growth was attributable to increased generation from nuclear across all OECD regions. Notably, France (+16.0% y-o-y or 3.6 TWh) and the United States (+5.0% y-o-y or 3.2 TWh) experienced the greatest increase. Overall, nuclear power contributed 16.2% to the OECD electricity mix.