World Energy Outlook 2015
Introduction and scope
1
Global energy trends to 2040
2
Oil market outlook
3
Low oil price scenario
4
Natural gas market outlook
5
Outlook for unconventional gas
6
Coal market outlook
7
Power sector outlook
8
Renewable energy outlook
9
Energy efficiency outlook
10
Energy in india today
11
Outlook for india's energy consumption
12
Outlook for india's energy supply
13
Implications of india's energy development
14
Annexes
Foreword
3
Acknowledgements
5
Executive Summary
21
Part A: Global energy trends
31
1 Introduction and scope
31
Scope of the report32
Methodological approach32
Modelling framework32
Defining the scenarios34
Main non-policy assumptions36
The economy36
Demographic trends40
Carbon-dioxide prices41
Technology43
Energy supply costs and prices46
Oil prices46
Natural gas prices51
Coal prices52
2 Global energy trends to 2040
53
Introduction54
Overview of energy trends by scenario55
Energy trends in the New Policies Scenario61
Energy demand61
Energy supply78
Inter-regional energy trade88
Energy sector investment92
Energy-related CO2 emissions94
Topics in focus96
Fossil-fuel subsidies96
Access to modern energy101
3 Oil market outlook
111
Oil price fall and the long-term outlook112
The story so far114
Demand118
Regional trends118
Sectoral trends120
Trends by product128
Production130
Resources and reserves130
Production prospects132
Refining and trade143
Investment and costs147
4 Low Oil Price Scenario
153
What could keep oil prices down for longer?154
Key assumptions155
Outcomes in the Low Oil Price Scenario157
Oil demand159
Oil production164
Focus: tight oil - a new balancing element in the oil market?168
Refining and trade177
Implications for other fuels and technologies178
Implications for economies, energy security and sustainability184
5 Natural gas market outlook
193
The search for a new natural gas balance194
Demand196
Regional trends196
Sectoral trends201
Production203
Resources and reserves203
Production prospects204
Methane emissions212
Trade and investment215
Focus: LNG costs and the competitive position of natural gas222
6 Outlook for unconventional gas
229
A multi-speed revolution?230
Unconventional gas production prospects to 2040231
Overview by country233
Inside the US shale storm237
Weathering the decline in natural gas prices239
Long-term outlook for US unconventional gas243
Unconventional gas in China: a long wait for take-off?245
Policy environment and production outlook247
Barriers to unconventional gas supply252
Implications for China and global gas markets254
Unconventional gas regulation: revisiting the "Golden Rules"257
United States258
Canada261
Australia263
Key public concerns and trends in unconventional gas regulation266
7 Coal market outlook
269
Overview270
Demand276
Regional trends276
Sectoral trends278
Supply280
Reserves and resources280
Production281
Trade283
Coal prices and costs285
Regional insights290
China290
United States292
South Africa294
Southeast Asia295
Australia297
8 Power sector outlook
299
Context300
Electricity demand304
Electricity supply310
Overview310
Power generation capacity311
Power generation315
Investment320
Power generation costs322
Electricity prices326
Electricity-related carbon-dioxide emissions329
Focus on coal-fired power generation330
Coal-fired power generation capacity330
Power generation and coal plant efficiencies332
CO2 emissions due to coal-fired power generation335
Impact of local water scarcity on coal-fired power337
9 Renewable energy outlook
343
Recent developments344
Policy developments344
Market and industry developments345
Outlook by scenario347
Outlook by sector in the New Policies Scenario349
Global trends349
Power sector350
Industry and buildings361
Transport362
Avoided CO2 emissions365
Economics of renewables368
Investment368
Competitiveness372
Subsidies380
10 Energy efficiency outlook
387
Introduction388
Current status of energy efficiency388
Recent trends388
Energy efficiency regulation392
Outlook for energy efficiency396
Remaining energy efficiency potential398
Trends by sector400
Avoided CO2 emissions408
Investment408
Focus : material efficiency in energy-intensive industries409
Introduction409
Method412
Impact on energy-intensive sectors414
Policy recommendations and costs421
Part B : India energy outlook
425
11 Energy in India today
427
Introducing the special focus on India428
Key energy trends in India428
Demand428
Electricity433
Access to modern energy436
Energy production and trade438
Factors affecting India's energy development445
Economy and demographics445
Policy and institutional framework448
Energy prices and affordability451
Social and environmental aspects454
Investment456
Projecting future developments458
Economic and population growth459
Energy prices460
Policies461
12 Outlook for India's energy consumption
463
India: a rising force in global energy demand464
Overview and outlook by fuel465
End-use sectors470
Buildings471
Industry477
Transport483
Agriculture488
Power sector489
Electricity demand490
Electricity supply494
Transmission and distribution503
Implications for air quality504
13 Outlook for India's energy supply
507
Energy supply in India508
Coal508
Coal quality, resources and reserves508
Costs510
Production prospects511
Transport and handling infrastructure517
Coal imports519
Oil and natural gas521
Resources and reserves521
Oil supply523
Natural gas527
Renewable energy532
Solar power534
Wind power539
Hydropower540
Bioenergy541
Nuclear power543
14 Implications of India's energy development
547
What route to centre stage?548
Implications of the New Policies Scenario549
Energy-related CO2 emissions and climate change555
An Indian Vision Case559
Investing in India's energy future568
Investment in energy efficiency568
Investment in energy supply572
Annexes
Annexe A. Tables for scenario projections581
Annexe B. Policies and measures by scenario661
Annexe C. Definitions673
Annex D. References685