The offices of Cold Eye Earth are on the move this month, from the high hills down to the Portland waterfront. Returning to sea level is not exactly the goal—but getting closer to the river is going to be quite nice. Accordingly, there is no publication this week, but the letter will return at its next due date, in August. While you’re here, however, readers should review the just released IEA forecast for global electricity growth. It’s a doozy. IEA is seeing back to back 4% growth in both 2024 and 2025. For those of you who’ve read the most recent treatment of this matter, Global Power, it’s time to consider the following: if it’s hard to cover marginal growth with renewables when global power is growing at 2.5-3.0%, how hard will it be if global power grows at 4.0% ?
Kind regards,
—Gregor Macdonald