20 Countries That Produce the Most Electric Power

Published on December 11, 2022 at 4:20 pm by Insider Monkey Team in Hedge Funds, Lists, News

In this article, we will take a look at 20 countries that produce the most electric power.

Electricity is essential to modern daily life. People use electricity to power lighting, computers, smartphones, heating, cooling, appliances, and much more.

Electricity is also essential to modern economies. With electricity, nations can make a lot more products and services that wouldn’t be possible without it. With electricity, consumers can also do more shopping which increases demand.

In the future, electricity could help economies move away from fossil fuels with EV vehicles and potentially even electric planes.

Global 2021 Electricity Generation

In 2021, global electricity generation increased 6.2% given the economic bounce back from the pandemic. The growth was similar to the 6.4% increase in 2010 in the aftermath of the financial crisis.

In terms of energy mix, renewables made a new record last year with wind and solar accounting for over 10% of global power generation for the first time last year, with 10.2% share in 2021. Meanwhile, coal accounted for 36% and natural gas accounted for 22.9% of global electricity generation.

Solar and wind accounted for over 10% because the renewable energy capacity for each power source increased last year. In 2021, solar and wind capacity increased by 226 GW, following a 236 GW increase in 2020. Renewable primary energy as a whole grew at an annual growth rate of 15% for 2021, up from an annual growth rate of 9% in 2020.

Given the increasing need to reduce carbon emissions, renewable primary energy will likely continue to increase in the future.

Future

In terms of total global electricity generation, it is likely that the world will continue to produce more electricity in the future.

According to the IEA’s World Energy Outlook 2022, global electricity demand is expected to rise by 5,900 terawatt-hours in the agency’s Stated Policies Scenario and 7,000 terawatt-hours in its Announced Pledges Scenario by 2030.

That’s equivalent to adding the current level of electricity demand in the U.S. and the European Union. In advanced economies, the increasing adoption of electric cars is expected to be the largest contributor to increased electricity demand, while population growth and rising demand for cooling is expected to be a primary reason for the increase in demand in emerging markets.

In terms of the IEA’s 2050 projections, the agency estimates global electricity demand will be more than 75% higher than it is today in its Stated Policies Scenario and 120% higher than it is today in its Announced Pledges Scenario. In the agency’s Net Zero Emissions by 2050 Scenario, the IEA estimates electricity demand will be 150% higher.

If electricity demand is higher, it is likely that electricity production will match demand.

In terms of electricity production, the IEA believes renewables will dominate global capacity additions in the future decades with the energy resource accounting for 75%-80% of all new capacity added to 2050 under the agency’s Stated Policies Scenario and Announced Pledges Scenario.

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Methodology

For our list of 20 Countries That Produce the Most Electric Power, we used the numbers from BP’s Statistical Review of World Energy 2022.

For those of you interested, check out 22 Biggest Economies in the World in 2022.

20 Countries That Produce the Most Electric Power

20. Australia

Electricity Production in 2021 (TWh): 267.5

Australia ranks #20 on our list of 20 Countries That Produce the Most Electric Power given electricity production of 267.5 TWh in 2021. Of the total, renewable sources contributed 77.72 TWh, accounting for 29% of Australia’s total electricity generation. That’s a rise of 5 percentage points from 2020. In terms of the largest renewable generation source, solar accounted for 12% of Australia’s total electricity generation and wind accounted for 10% of total electricity generation. Hydro accounted for 6%.

19. Spain

Electricity Production in 2021 (TWh): 272.1

Spain is one of the most advanced countries in the world in terms of the use of renewables. According to Trade.gov, renewable technologies accounted for 46.7% of the all electricity generated in the country in 2021. In terms of different renewables, wind accounted for 23.3% of total electricity production and is the leading source of energy in the country’s generation mix. In 2021, Spain produced 272.1 TWh of electricity, ranking #19 on our list of 20 Countries That Produce the Most Electric Power.

18. Italy

Electricity Production in 2021 (TWh): 287.2

Italy produced 287.2 Twh of electricity in 2021, with renewable power generation meeting 36% of total electricity demand. To reduce its carbon emissions further, Italy has a goal of renewables accounting for 55% of the country’s electricity generation in 2030. In recent years, Italy’s total carbon emissions have decreased given electricity final consumption peaked in 2007 and the country’s emissions will likely continue to decrease thanks to the increase in renewables.

17. Taiwan

Electricity Production in 2021 (TWh): 290.9

For 2021, Taiwan produced total electricity of 290.9 TWh. Of that amount, coal accounted for around 45% of Taiwan’s total electricity generation in 2021, with natural gas accounting for another 36.4%. The use of renewables is growing as Taiwan plans to generate 20% of its power from renewables by 2025, up from around 5% in 2020.

16. Indonesia

Electricity Production in 2021 (TWh): 309.4

Indonesia ranks #16 on our list of 20 Countries That Produce the Most Electric Power given its electricity production of 309.4 TWh last year. Given its developing economy, Indonesia’s electricity demand is expected to rise on average 4.9% annually from 2021 to 2030. As a result, the country’s electricity production will likely rise around the same rate as well. Of the amount, Indonesia hopes renewables will account for 23% of the country’s energy mix by 2025 up from the current 13% now.

15. UK

Electricity Production in 2021 (TWh): 309.9

The UK has one of the world’s largest economies with nominal GDP of $3.187 trillion in 2021. Given its large economy, the UK ranks as one of the world’s largest producers of electricity with the nation producing 309.9 TWh of electricity in 2021. Of the amount produced, renewables accounted for around 40% of electricity generation in 2021, up from 2% in 1991.

14. Turkey

Electricity Production in 2021 (TWh): 333.3

Turkey ranks #14 on our list of 20 Countries That Produce the Most Electric Power given its electricity production of 333.3 TWh in 2021. Given its supportive government policies, Turkey is a leader in renewable energy as it ranks 9th the world in hydroelectric capacity at 31 GW and 13th in the world in wind energy capacity at 10 GW. The country also ranks 4th in the world in geothermal energy capacity with 2 GW. Turkey has a goal to reach net zero emissions by 2053.

13. Mexico

Electricity Production in 2021 (TWh): 336

Given its growing economy, final electricity consumption in Mexico increased 183.04% from 1990 to 2020. With Mexico’s population expected to increase to 150 million by 2050 from 127 million today, the country’s electricity demand is expected to increase further. Given the strong demand for electricity, Mexico produced 336 TWh of electricity in 2021, with 86.27 Twh from clean energy resources.

12. Saudi Arabia

Electricity Production in 2021 (TWh): 356.6

Considering it has so much oil and gas, crude oil accounted for 39% of Saudi Arabia’s electricity generation while natural gas accounted for 61% in 2020. To increase the amount of oil for export, Saudi Arabia plans to diversify its fuels for electricity generation in the future. In 2021, the energy superpower generated 356.6 TWh of electricity, ranking #12 in our list of 20 Countries That Produce the Most Electric Power.

11. Iran

Electricity Production in 2021 (TWh): 357.8

Given its developing economy, Iran’s electricity final consumption has increased 440.62% from 1990 to 2020. Considering it has substantial oil and gas resources, natural gas accounted for 81% of Iran’s electricity generation in 2021 while oil accounted for 14%. Hydropower accounted for 4%.

10. France

Electricity Production in 2021 (TWh): 547.2

France has one of the largest economies in the world with a GDP of $2.937 trillion in 2021. Given its substantial economy, France is a major producer of electricity with the country generating 547.2 TWh of electricity in the same year. Of the total, nuclear power accounted for 361 TWh of electricity generation, up 7.5% year over year. No other country produces more nuclear electricity per capita than France.

9. Germany

Electricity Production in 2021 (TWh): 584.5

Germany has Europe’s largest economy and ranks #9 on our list of 20 Countries That Produce the Most Electric Power with electricity production of 584.5 TWh in 2021. Given government policies, Germany is also a leader in renewables with renewable energy accounting for 49% of German power consumption in the first half of 2022, up 6 percentage points from the same period last year given favorable weather conditions. For the period, wind speeds and sunshine intensity were both higher year over year, resulting in more generation from wind and solar as a result.

8. South Korea

Electricity Production in 2021 (TWh): 600.4

South Korea ranks #8 on our list of 20 Countries That Produce the Most Electric Power with electricity production of 600.4 TWh. Of the total, renewable energy accounted for 43.09 TWh and natural gas accounted for 168.26 TWh. South Korea hopes renewable energy will make up 33.6% of electricity production in 2030 and 40.3% in 2034.

7. Canada

Electricity Production in 2021 (TWh): 641

According to BP, Canada’s electricity production in 2021 was 641 TWh, accounting for 2.3% of the world’s total electricity generation for the year. Over the last 10 years, Canada’s electricity generation has not changed much as more energy efficient appliances and lighting have decreased electricity demand. The country nevertheless ranks #7 in the world in terms of total electricity production.

6. Brazil

Electricity Production in 2021 (TWh): 654.4

Brazil has the largest economy in Latin America with a 2021 GDP of $1.609 trillion. As a result of its large economy, Brazil generated 654.4 TWh of electricity in 2021, ranking #6 in our list of 20 Countries That Produce the Most Electric Power. Brazil’s electricity generation is growing as the total TWh generated in the country has increased an average of 2.1% per annum from 2011 to 2021.

5. Japan

Electricity Production in 2021 (TWh): 1019.7

Japan generated 1019.7 TWh of electricity in 2021 to power the world’s third largest economy with a GDP of $4.937 trillion for the year. Of the total electricity generated, natural gas accounted for 326.1 TWh produced and coal accounted for 301.9 TWh produced. Renewables accounted for 130.3 TWh produced in 2021, up from 117.8 TWh in 2020.

4. Russia

Electricity Production in 2021 (TWh): 1157.1

Russia ranks #4 on our list of 20 Countries That Produce the Most Electric Power given its electricity production of 1,157.1 TWh in 2021. Of the different sources of generation, natural gas accounted for 496.8 TWh of electricity generation for 2021 given Russia has nearly a quarter of the world’s total natural gas reserves. Nuclear energy accounted for 222.4 TWh and hydroelectric accounted for 214.5 TWh for the same year.

3. India

Electricity Production in 2021 (TWh): 1714.8

Considering its population of 1.393 billion and its rapidly developing economy, India produces a lot of electricity. For 2021, the country produced the third most TWh of electricity in the world at 1714.8 TWh. India’s electricity production has also increased over time. From 2011 to 2021, India’s total electricity generated has increased by an average annual rate of 5.2% and it is likely that electricity generation will continue to increase in the next decade or two given the country’s continued development.

2. United States

Electricity Production in 2021 (TWh): 4406.4

The United States ranks #2 on our list of 20 Countries That Produce the Most Electric Power given its electricity production of 4406.4 TWh in 2021. In terms of electricity production, the country’s electricity production has only increased an average of 0.1% per annum from 2011 to 2021 given slowing demand with the implementation of more energy efficient lighting and appliances. In terms of electricity generation by fuel, natural gas accounted for 1,693.8 TWh and nuclear energy accounted for 819.1 TWh. Renewables accounted for 624.5 TWh.

1. China

Electricity Production in 2021 (TWh): 8534.25

China ranks #1 on our list of 20 Countries That Produce the Most Electric Power given its electricity production of 8534.25 TWh in 2021 which was 30% of the world’s total electricity production for the year.

China has the world’s largest population with 1.4 billion people and the nation has the world’s second largest nominal GDP at $17.73 trillion.

Although it uses a lot of electricity, China has also increased its share of renewable energy substantially in recent years given it rapidly growing solar industry. The country plans on continuing to increase its renewable energy production in the future. According to the country’s 5 year plan, China aims for renewable energy to account for 33% of its electricity generation by 2025, up from 28.8% in 2020.

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