April 1, 2024
Global natural gas power generation has more than doubled since 2000 from about 2700 TWh to over 6300 TWh. Natural gas-fired generation previously peaked in 2019 at 6200 TWh before recessing in 2020 driven by the Covid pandemic. Generation recovered in 2021 and held relatively flat into 2022. 2022 was a very turbulent year for the natural gas market in general with decreased Russian pipeline gas exports to Europe due to sanctions resulting from their invasion of the Ukraine. As a result of the turmoil in the natural gas markets, prices in Europe and Asia skyrocketed to unprecedented levels, propelled by a substantial increase in European LNG demand. Wholesale natural gas prices reached historic highs across all regions except North America and Russia.
The US accounted for about a quarter of global natural gas power generation in 2022 (24%). They were followed by Russia at 8%, Japan and IR Iran at 5%, China at 4% and Saudi Arabia at 3%.
Source: Ember Global Electricity Review