226. Energy trends and shocks: from “range anxiety” to “pump anxiety” - Apr26

Ember released its 2026 Global Electricity Review (GER26) last week—an extraordinary report showing that 100% of new global electricity generation has been met by renewables. At the same time, the decade’s “twin energy shocks” (Russia in 2022 and Hormuz in 2026) are accelerating existing trends.

What do the latest numbers tell us—and what do they mean? Laurent and Gerard are joined by a great friend of the show, Kingsmill Bond, Lead Energy Strategist at Ember, to break it all down.

They begin with the GER’s key findings, looking closely at China, the United States, Europe, and India. The figures are striking: in 2025, wind and solar alone accounted for all net global power growth—roughly equivalent to Japan’s total electricity consumption. And even that may be an underestimate, given likely gaps in data from Africa and behind-the-meter generation.

From there, the discussion shifts from long-term trends to sudden shocks. These shocks act as accelerators. Consumers, responding quickly, are installing rooftop solar and buying electric vehicles at record rates. Governments, by contrast, often move more slowly, seeking to protect incumbents and hoping for a return to the old status quo. But that return is increasingly unrealistic.

Looking beyond the numbers, the episode explores how energy shocks reshape the system. The oil shocks of the 1970s drove gains in efficiency and a wave of nuclear investment. Today’s shocks are pushing electrification, expanding renewables, and speeding up EV adoption.

Four major long-term implications stand out: 1) Asia is set to electrify faster than the rest of the world 2) Transport electrification will accelerate 3) LNG will be pushed out of the power sector 4) The long-anticipated “peak oil demand” is drawing closer.

In summary, we are shifting from a world defined by range anxiety to one increasingly shaped by pump anxiety.

Link to papers.
- Ember GER26 https://ember-energy.org/latest-insights/global-electricity-review-2026/- Twin Shocks https://ember-energy.org/latest-insights/the-new-twin-fossil-shock/