OECD electricity production rises 3.7%, driven by solar power surge, renewable growth
In May 2024, total net electricity production in the OECD reached 854.4 TWh, marking a 3.7% increase compared to the same month last year, according to the IEA Monthly Electricity Statistics. This growth was primarily driven by a strong increase in renewable energy generation, which rose by 6.6% year-on-year (y-o-y). Solar power saw the most significant growth, surging by 19.7% y-o-y, while wind power also contributed with a 5.8% y-o-y increase. Hydropower generation remained largely unchanged (-0.2% y-o-y), as declines in the OECD Americas (-11.6% y-o-y) and OECD Asia-Oceania (-9.3% y-o-y) were balanced by a substantial recovery in OECD Europe (+16.8% y-o-y). Renewables accounted for 39.4% of the total electricity mix in the OECD, up by one percentage point from May 2023.
Fossil fuel-based electricity generation saw a slight increase of 0.5% y-o-y. While OECD Europe (-11.4% y-o-y) and OECD Asia-Oceania (-5.5% y-o-y) experienced reductions in fossil fuel usage, the OECD Americas saw a notable rise of 6.6% y-o-y, primarily due to greater reliance on natural gas-fired plants (+6.9% y-o-y). Overall, fossil fuels contributed 43.4% to the OECD’s total electricity generation, a decrease of 1.4 percentage points from the previous year.
Nuclear power generation also increased by 5.5% y-o-y across the OECD regions, with OECD Asia-Oceania showing the highest growth at 14.1%, followed by OECD Europe (+5.5% y-o-y) and the OECD Americas (+3.1% y-o-y). Nuclear power maintained its share in the electricity mix at 16.7%.
Highlight of the Month: In OECD Europe, total net electricity production reached 266.4 TWh in May 2024, a 3% increase from May 2023. The decline in electricity generation from combustible fuels (-11.4% y-o-y) was counterbalanced by significant growth in renewable energy (+9.6% y-o-y) and nuclear power (+5.5% y-o-y). Solar power in OECD Europe reached a record-high share of 14.9% in the electricity mix, boosted by an 18.3% y-o-y increase in production, while hydropower rebounded with a 16.8% y-o-y growth, recovering from the previous year’s drought conditions.