For the latest data on the world’s energy markets, organizations such as the IEA (International Energy Agency) and the EIA (Energy Information Administration) are crucial sources. Every year, investors and entire industries rely on their reporting on energy supply and demand, as well as their forecasts going forward.
However, these organizations tend to be better at some things than others. For example, in terms of summing up past and current data on what is going on in the world, they generally do a pretty good job. We referenced their numbers when we looked at the changing anatomy of U.S. oil imports, or when showing the decline in coal use over recent years.
In other situations, such as trying to extrapolate numbers on current trends or predicting the tipping point of technologies, things get a bit dicier. Forecasting the roll-out of solar, in particular, has proved to be a daunting challenge for these organizations over the years.
Global Solar Installations
Before we dive in, we should make one thing clear: it’s notoriously difficult to make these types of predictions, and we do not envy the position of these researchers in any sense.
That being said, as shown in this chart from Auke Hoekstra, forecasts for annual global solar installations by the IEA have been egregiously bad for over a decade.
Forecasts from the IEA are pulled from their World Energy Outlook (WEO) reports, which are published each year. Meanwhile, the “PV History” line above is the actual data for photovoltaic (PV) installations each year.
Again, it’s extremely difficult to make such forecasts, and these organizations tend to be conservative with their outlooks. However, it’s pretty evident that they’ve missed a pretty significant trend here.
U.S. Solar Installations
Maybe the U.S. government can do better?
Here’s a look at forecasts by the EIA for annual energy production from solar in the U.S. over many decades, courtesy of Steffen Christensen:
This one’s more interesting. Instead of counting out solar each and every year, the EIA has had changing attitudes towards solar over time.
The projection from 1979 seems to actually be the most accurate – but the ones from 1994-2011 skip any premise of a solar boom entirely. As we get closer to present day, forecasts get more accurate, but are still too conservative (2013, 2015).
Hindsight is 20/20
It’s easy for us to be armchair critics, but it is not fair to rag on these organizations too much.
Here’s the trend they missed that made all the difference:
Curious to see how other people have fared in making predictions on technology throughout history?
Here’s a timeline of failed tech predictions that will humble any forecaster.
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How Affordable is Gas in Latin America?
This graphic looks at gas affordability in Latin America, showing how much a liter of gas costs in 19 countries, relative to average incomes.
How Affordable is Gas in Latin America?
As gas prices have risen around the world, not each region and country is impacted equally.
Globally, the average price for a liter of gas was $1.44 USD on June 13, 2022.
But the actual price at the pump, and how affordable that price is for residents, varies greatly from country to country. This is especially true in Latin America, a region widely regarded as one of the world’s most unequal regions in terms of its income and resource distribution.
Using monthly data from GlobalPetrolPrices.com as of May 2022, this graphic by Latinometrics compares gas affordability in different countries across Latin America.
Gas Affordability in 19 Different Latin American Countries
To measure gas affordability, Latinometrics took the price of a liter of gas in 19 different Latin American countries and territories, and divided those figures by each country’s average daily income, using salary data from Statista.
Out of the 19 regions included in the dataset, Venezuela has the most affordable gas on the list. In Venezuela, a liter of gas is equivalent to roughly 1.3% of the country’s average daily income.
|Country||Gas price as of May 2022 (USD)||% of average daily income|
|🇩🇴 Dominican Republic||$1.41||12.6%|
|🇸🇻 El Salvador||$1.14||9.2%|
|🇨🇷 Costa Rica||$1.42||5.9%|
|🇵🇷 Puerto Rico||$1.35||2.2%|
This isn’t too surprising, as Venezuela is home to the largest share of proven oil reserves in the world. However, it’s worth noting that international sanctions against Venezuelan oil, largely because of political corruption, have hampered the once prosperous sector in the country.
On the other end of the spectrum, Nicaragua has the least affordable gas on the list, with one liter of gas costing 14% of the average daily income in the country.
Historically, the Nicaraguan government has not regulated gas prices in the country, but in light of the current global energy crisis triggered in large part by the Russia-Ukraine conflict, the government has stepped in to help control the situation.
As the Russia-Ukraine conflict continues with no end in sight, it’ll be interesting to see where prices are at in the next few months.
Mapped: Which Ports are Receiving the Most Russian Fossil Fuel Shipments?
Russia’s energy exports have become a hot topic. See which ports received fossil shipments during the first 100 days of the Ukraine invasion
As the invasion of Ukraine wears on, European countries are scrambling to find alternatives to Russian fossil fuels.
In fact, an estimated 93% of Russian oil sales to the EU are due to be eliminated by the end of the year, and many countries have seen their imports of Russian gas plummet. Despite this, Russia earned €93 billion in revenue from fossil fuel exports in the first 100 days of the invasion.
While the bulk of fossil fuels travel through Europe via pipelines, there are still a number marine shipments moving between ports. The maps below, using data from MarineTraffic.com and Datalastic, compiled by the Centre for Research on Energy and Clean Air (CREA), are a look at Russia’s fossil fuel shipments during the first 100 days of the invasion.
Russia’s Crude Oil Shipments
Much of Russia’s marine shipments of crude oil went to the Netherlands and Italy, but crude was also shipped as far away as India and South Korea.
India became a significant importer of Russian crude oil, buying 18% of the country’s exports (up from just 1%). From a big picture perspective, India and China now account for about half of Russia’s marine-based oil exports.
It’s important to note that a broad mix of companies were involved in shipping this oil, with some of the companies tapering their trade activity with Russia over time. Even as shipments begin to shift away from Europe though, European tankers are still doing the majority of the shipping.
Russia’s Liquefied Natural Gas Shipments
Unlike the gas that flows along the many pipeline routes traversing Europe, liquefied natural gas (LNG) is cooled down to a liquid form for ease and safety of transport by sea. Below, we can see that shipments went to a variety of destinations in Europe and Asia.
Fluxys terminals in France and Belgium stand out as the main destinations for Russian LNG deliveries.
Russia’s Oil Product Shipments
For crude oil tankers and LNG tankers, the type of cargo is known. For this dataset, CREA assumed that oil products tankers and oil/chemical tankers were carrying oil products.
Huge ports in Rotterdam and Antwerp, which house major refineries, were the destination for many of these oil products. Some shipments also went to destinations around the Mediterranean as well.
All of the top ports in this category were located within the vicinity of Europe.
Russia’s Coal Shipments
Finally, we look at marine-based coal shipments from Russia. For this category, CREA identified 25 “coal export terminals” within Russian ports. These are specific port locations that are associated with loading coal, so when a vessel takes on cargo at one of these locations, it is assumed that the shipment is a coal shipment.
The European Union has proposed a Russian coal ban that is expected to take effect in August. While this may seem like a slow reaction, it’s one example of how the invasion of Ukraine is throwing large-scale, complex supply chains into disarray.
With such a heavy reliance on Russian fossil fuels, the EU will be have a busy year trying to secure substitute fuels – particularly if the conflict in Ukraine continues to drag on.
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