Our OECD member countries (Organization for Economic Co-operation and Development), the total net electricity production was 854,4 TWh in May 2024, an increase of 3,7% compared to the same month last year. This is what pointed out the Monthly Electricity Statistics da IEA (International Energy Agency).
They overall increase was led by strong generation from renewable sources (+6,6% y/y), driven mainly by solar energy, which increased by 19,7% y/y and, to a lesser extent, by wind energy (+5,8% y/y).
The generation of Hydroelectric power remained in line with previous year levels (-0,2% y/y), as lower production in OECD Americas (-11,6% y/y) and OECD Asia-Oceania (-9,3% y/y) was offset by a recovery significant in OECD Europe (+16,8% y/y).
A participation of renewable sources in the OECD electricity mix stood at 39,4%, one percentage point more than in May 2023. Electricity production from fossil sources grew marginally by 0,5% compared to the previous year.
According to the IEA, the reduction in electricity generation from fossil fuels in OECD Europe (-11,4% y/y) and OECD Asia-Oceania (-5,5% y/y) was offset by a significant increase in OECD Americas (+6,6% y/y). In this region, the jump in energy production based on fossil fuels resulted mainly from greater dependence on natural gas plants (+6,9% y/y).
Overall, fossil fuels provided 43,4% of total OECD electricity generation in May 2024, a drop of 1,4 percentage points compared to the same month last year.
Highlight of the month
In OECD Europe, total net electricity reached 266,4 TWh in May 2024, marking a 3% increase compared to May 2023. Despite a decline in energy production from fossil fuels (-11,4% y/a), this decrease was offset by significant growth in electricity production from renewable (+9,6% y/a) and nuclear (+5,5% y/a) sources.
The increase in renewables was mainly driven by the increase in solar (+18,3% y/y) and hydropower (+16,8% y/y) production. Photovoltaic generation reached a record share of 14,9% in the electrical matrix, while hydroelectric energy recovered from the drought conditions that significantly reduced production in the previous year.
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