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New Zealand has set ambitious targets for reducing greenhouse gas emissions, including achieving net zero emissions by 2050. The country enjoys many natural advantages for its energy transition, including an enviable renewable resource base.

New Zealand already has a low‑emissions electricity system, with significant production from both hydropower and geothermal, and therefore has an attractive opportunity to leverage this clean electricity to decarbonise end-user sectors. This will require not only sizeable technological investments to efficiently electrify transport and industry, but will also necessitate a sizeable buildout of additional renewables generation capacity, along with supplemental grid and storage investments. Notably, the transport sector accounts for the highest share of emissions and is almost entirely dependent on oil. Industry is also a major contributor to New Zealand’s emissions and is heavily reliant on fossil fuels.

In this report, the IEA provides energy policy recommendations to help New Zealand effectively manage the transformation of its energy sector in line with its climate targets.

Realising the contribution of nuclear energy to achieving net zero carbon emission in 2050 will require raising significant amounts of capital at competitive rates. On the basis of work under the aegis of the Nuclear Energy Agency (NEA) – International Framework for Nuclear Energy Cooperation (IFNEC) Initiative on Nuclear Financing, this report explores a new framework for analysing the cost of capital for nuclear new build projects. Its key insight is that capital costs can be substantially lowered if the different risks pertaining to such projects such as construction risk, price risk or political risk are properly understood, optimally managed and fairly allocated. In a carbon-constrained world, the true capital costs of nuclear energy and other low-carbon generators will also be lower than customarily assumed due to their ability to offset systemic financial risk. The findings of this report apply equally to private and public investments. Governments nevertheless have important roles to play in ensuring credible net zero commitments, implementing frameworks for optimal risk management and by becoming involved as project participants, in cases where they judge that private actors do not realise the full value of a nuclear power project.

This report is the first in the collection New perspectives on financing nuclear new build, highlighting complementary aspects of financing nuclear new build. Other volumes in the series address the financing frameworks and risk allocation strategies proposed or adopted for recent or ongoing nuclear new build projects, environmental, social and governance (ESG) criteria and the electricity market design, project management and incentive structures necessary for nuclear new build projects to succeed.

Amid the ongoing global energy crisis, Never Too Early to Prepare for Next Winter: Europe’s Gas Balance for 2023-2024 examines the latest developments in European natural gas and electricity markets, and in global LNG markets – assessing their implications for Europe’s gas balance in 2023 and 2024.

Based on detailed analysis of global data and market trends, this new IEA report cautions that the process of filling European gas storage sites in 2022 benefitted from key factors – including Russian pipeline flows during the summer and lower LNG imports by China – that may well not be repeated in 2023. This raises the risk of a supply-demand gap of as much as 30 billion cubic metres (bcm) during the key summer period for refilling gas storage in 2023.

Nuclear Power and Secure Energy Transitions: From Today’s Challenges to Tomorrow’s Clean Energy Systems is a new report by the International Energy Agency that looks at how nuclear energy could help address two major crises – energy and climate – facing the world today. Russia’s invasion of Ukraine and the disruptions in global energy supplies that it has fuelled have made governments rethink their energy security strategies, putting a stronger focus on developing more diverse and domestically based supplies. For multiple governments, nuclear energy is among the options for achieving this. At the same time, many governments have in recent years stepped up their ambitions and commitments to reach net zero emissions. Nuclear Power and Secure Energy Transitions expands upon the IEA’s landmark 2021 report, Net Zero by 2050: A Roadmap for the Global Energy Sector. It does so by exploring in depth nuclear power’s potential role as a source of low emissions electricity that is available on demand to complement the leading role of renewables such as wind and solar in the transition to electricity systems with net zero emissions.

In this context, the report examines the difficulties facing nuclear investment, particularly in advanced economies, in the areas of cost, performance, safety and waste management. It considers the additional challenge of meeting net zero targets with less nuclear power than envisioned in the IEA Net Zero Roadmap, as well as what kind of cost targets could enable nuclear power to play a larger role in energy transitions. For countries where nuclear power is considered an acceptable part of the future energy mix, the new report identifies the potential policy, regulatory and market changes that could be implemented in order to create new investment opportunities. It also looks at the role of new technologies, particularly small modular reactors, and their potential development and deployment.

The International Energy Agency (IEA) regularly conducts in-depth peer reviews of the energy policies of its member countries. This process supports energy policy development and encourages the exchange of international best practices and experiences.

Since the last IEA review in 2017, Norway has remained a global pillar of energy security, providing the world with stable supplies of oil and gas produced in an environmentally conscious manner. Norway has updated its already ambitious targets to reduce greenhouse gas emissions, with plans to achieve 90-95% reductions (excluding sinks) from 1990 levels by 2050.

Norway has considerable work ahead to meet these ambitious targets. Since its electricity generation produces nearly zero emissions already and the country has substantially electrified its energy demand, many of the easy wins for reducing emissions have already been achieved. The remaining reductions will be more complex, challenging and costly, notably in transport and industry.

Norway has many natural advantages to facilitate a successful energy and climate transition. In particular, it can be well-positioned to lead the world on new technologies for decarbonising hard-to-abate sectors, such as electric vehicles, carbon capture and storage, and hydrogen, if the right policies and incentives are put in place.

In this report, the IEA provides energy policy recommendations to help Norway effectively manage the transformation of its energy sector in line with its goals.

The number of countries announcing pledges to achieve net-zero emissions over the coming decades continues to grow. But the pledges by governments to date – even if fully achieved – fall well short of what is required to bring global energy-related carbon dioxide emissions to net zero by 2050 and give the world an even chance of limiting the global temperature rise to 1.5 °C.

This special report is the world’s first comprehensive study of how to transition to a net zero energy system by 2050 while ensuring stable and affordable energy supplies, providing universal energy access, and enabling robust economic growth. It sets out a cost-effective and economically productive pathway, resulting in a clean, dynamic and resilient energy economy dominated by renewables like solar and wind instead of fossil fuels. The report also examines key uncertainties, such as the roles of bioenergy, carbon capture and behavioural changes in reaching net zero.

Natural Gas Information is a detailed reference work on gas supply and demand covering OECD countries and the rest of the world. The publication contains essential information on LNG and pipeline trade, gas reserves, storage capacity and prices. The main part of the book concentrates on OECD countries, showing a detailed supply and demand balance for each country and for the three OECD regions: Americas, Asia-Oceania and Europe, as well as a breakdown of gas consumption by end user. Import and export data are reported by source and destination.

Natural Gas Information is one of a series annual IEA statistical publications on major energy sources; other reports are Coal Information, Electricity Information, Oil Information and Renewables Information.

Nuclear power and hydropower form the backbone of low-carbon electricity generation. Together, they provide three-quarters of global low-carbon generation. Over the past 50 years, the use of nuclear power has reduced carbon dioxide (CO2) emissions by over 60 gigatonnes – nearly two years’ worth of global energy-related emissions. However, in advanced economies, nuclear power has begun to fade, with plants closing and little new investment made, just when the world requires more low-carbon electricity. This report, Nuclear Power in a Clean Energy System, focuses on the role of nuclear power in advanced economies and the factors that put nuclear power at risk of future decline. It is shown that without action, nuclear power in advanced economies could fall by two-thirds by 2040. The implications of such a “Nuclear Fade Case” for costs, emissions and electricity security using two World Energy Outlook scenarios – the New Policies Scenario and the Sustainable Development Scenario are examined.

Achieving the pace of CO2 emissions reductions in line with the Paris Agreement is already a huge challenge, as shown in the Sustainable Development Scenario. It requires large increases in efficiency and renewables investment, as well as an increase in nuclear power. This report identifies the even greater challenges of attempting to follow this path with much less nuclear power. It recommends several possible government actions that aim to: ensure existing nuclear power plants can operate as long as they are safe, support new nuclear construction and encourage new nuclear technologies to be developed.

Natural Gas Information is a detailed reference work on gas supply and demand covering OECD countries and the rest of the world. The publication contains essential information on LNG and pipeline trade, gas reserves, storage capacity and prices.

The main part of the book concentrates on OECD countries, showing a detailed supply and demand balance for each country and for the three OECD regions: Americas, Asia-Oceania and Europe, as well as a breakdown of gas consumption by end user. Import and export data are reported by source and destination.

Natural Gas Information is one of a series of annual IEA statistical publications on major energy sources; other reports are Coal Information, Electricity Information, Oil Information and Renewables Information.

The Nordic region is at the forefront of the global growth of electric mobility. The Nordic Electric Vehicle Outlook (NEVO) aims to identify and discuss recent developments of electric mobility in the five Nordic countries: Denmark, Finland, Iceland, Norway and Sweden. The report assesses the current status of the electric car market, the deployment of charging infrastructure, and the integration with the electricity grid at country level. It analyses the role of European, national, and local policy frameworks in supporting these developments. The analysis also provides insights on consumer behaviour and includes an outlook on the progress of electric mobility in the Nordic region up to 2030.

NEVO has been developed in co-operation between the International Energy Agency (IEA) and Nordic Energy Research. It builds on the long-standing IEA engagement in the area of electric mobility, including the co-ordination of the Electric Vehicles Initiative (EVI) and the hosting of the Hybrid and Electric Vehicle Technology Collaboration Programme.

Natural Gas Information is a detailed reference work on gas supply and demand covering not only the OECD countries but also the rest of the world, this publication contains essential information on LNG and pipeline trade, gas reserves, storage capacity and prices.

The main part of the book concentrates on OECD countries, showing a detailed supply and demand balance for each country and for the three OECD regions: Americas, Asia-Oceania and Europe, as well as a breakdown of gas consumption by end user. Import and export data are reported by source and destination.

Natural Gas Information is one of a series of annual IEA statistical publications on major energy sources; other reports are Coal Information, Electricity Information, Oil Information and Renewables Information.

Wind and solar photovoltaics (PV) are currently the fastest-growing sources of electricity globally. A "next generation" phase of deployment is emerging, in which wind and solar PV are technologically mature and economically affordable.

The success of variable renewable energy (VRE) is also bringing new challenges to the fore. Electricity generation from both technologies is constrained by the varying availability of wind and sunshine. This can make it difficult to maintain the necessary balance between electricity supply and consumption at all times.

As these variable renewables enter this next generation of deployment, the issue of system and market integration becomes a critical priority for renewables policy and energy policy more broadly. The paper highlights that this will require strategic action in three areas:

- System-friendly deployment, aiming to maximise the net benefit of wind and solar power for the entire system

- Improved operating strategies, such as advanced renewable energy forecasting and enhanced scheduling of power plants

- Investment in additional flexible resources, comprising demand-side resources, electricity storage, grid infrastructure and flexible generation

In addition, the paper argues that unlocking the contribution of system-friendly deployment calls for a paradigm shift in the economic assessment of wind and solar power. The traditional focus on the levelised cost of electricity (LCOE) – a measure of cost for a particular generating technology at the level of a power plant – is no longer sufficient. Next-generation approaches need to factor in the system value of electricity from wind and solar power – the overall benefit arising from the addition of a wind or solar power generation source to the power system. System value is determined by the interplay of positives and negatives including reduced fuel costs, reduced carbon dioxide and other pollutant emissions costs, or higher costs of additional grid infrastructure.

In addition to general analysis and recommendations, the paper also includes summaries of three case studies in China, Denmark and South Africa.

Natural Gas Information is a detailed reference work on gas supply and demand covering not only the OECD countries but also the rest of the world, this publication contains essential information on LNG and pipeline trade, gas reserves, storage capacity and prices.

The main part of the book concentrates on OECD countries, showing a detailed supply and demand balance for each country and for the three OECD regions: Americas, Asia-Oceania and Europe, as well as a breakdown of gas consumption by end user. Import and export data are reported by source and destination.

Natural Gas Information is one of a series of annual IEA statistical publications on major energy sources; other reports are Coal Information, Electricity Information, Oil Information and Renewables Information.

Wind and solar photovoltaics (PV) are currently the fastest-growing sources of electricity globally. A "next generation" phase of deployment is emerging, in which wind and solar PV are technologically mature and economically affordable.

The success of variable renewable energy (VRE) is also bringing new challenges to the fore. Electricity generation from both technologies is constrained by the varying availability of wind and sunshine. This can make it difficult to maintain the necessary balance between electricity supply and consumption at all times.

As these variable renewables enter this next generation of deployment, the issue of system and market integration becomes a critical priority for renewables policy and energy policy more broadly. The paper highlights that this will require strategic action in three areas:

System-friendly deployment, aiming to maximise the net benefit of wind and solar power for the entire system
Improved operating strategies, such as advanced renewable energy forecasting and enhanced scheduling of power plants
Investment in additional flexible resources, comprising demand-side resources, electricity storage, grid infrastructure and flexible generation

In addition, the paper argues that unlocking the contribution of system-friendly deployment calls for a paradigm shift in the economic assessment of wind and solar power. The traditional focus on the levelised cost of electricity (LCOE) – a measure of cost for a particular generating technology at the level of a power plant – is no longer sufficient. Next-generation approaches need to factor in the system value of electricity from wind and solar power – the overall benefit arising from the addition of a wind or solar power generation source to the power system. System value is determined by the interplay of positives and negatives including reduced fuel costs, reduced carbon dioxide and other pollutant emissions costs, or higher costs of additional grid infrastructure.

In addition to general analysis and recommendations, the paper also includes summaries of three case studies in China, Denmark and South Africa.

Nordic Energy Technology Perspectives 2016 presents a clear technological and economical pathway for the Nordic region towards a nearly carbon-neutral energy system in 2050. Nordic countries’ success can send a strong signal to the global community that the ambitions of the Paris Agreement from COP21 are achievable.

The report identifies opportunities for policy makers and the private sector in three strategic areas:

1. Incentivise and plan for a significantly more distributed, flexible and interconnected Nordic electricity system. A decentralised electricity supply with a high share of wind is likely to achieve a carbon-neutral system at lower cost than a system reliant on nuclear and thermal generation. But the shift will require flexibility measures beyond those now provided by Nordic hydropower, as well as a significant increase in cross-border electricity trade.

2. Ramp up technologies to decarbonise energy-intensive industries and long-distance transport. Emissions from industries like steel and cement are the most challenging to reduce, requiring rapid advances in the demonstration and deployment of carbon capture and storage (CCS) and other innovative technologies. Electrification will be at the core of most low-carbon transportation, but long-distance transport will likely require large volumes of biofuels.

3. Tap into cities’ positive momentum to strengthen national decarbonisation and enhance energy efficiency in transport and buildings. Driven in part by air quality, health and congestion objectives, many Nordic cities lead their countries’ decarbonisation efforts, with more ambitious targets and advanced roll-out of electric vehicles.

Natural Gas Information is a detailed reference work on gas supply and demand covering not only OECD countries but also the rest of the world. This publication contains essential information on LNG and pipeline trade, gas reserves, storage capacity and prices.

The main part of the book, however, concentrates on OECD countries, showing a detailed supply and demand balance for each country and for the three OECD regions: Americas, Asia-Oceania and Europe, as well as a breakdown of gas consumption by end user. Import and export data are reported by source and destination.

Natural Gas Information is one of a series of annual IEA statistical publication on major energy sources; other reports are Coal Information, Electricity Information, Oil Information and Renewables Information.

Meeting the growing demand for energy, and electricity in particular, while addressing the need to curb greenhouse gas emissions and to ensure security of energy supply, is one of the most difficult challenges facing the world’s economies. No single technology can respond to this challenge, and the solution which policy-makers are seeking lies in the diversification of energy sources.

Although nuclear energy currently provides over 20% of electricity in the OECD area and does not emit any carbon dioxide during production, it continues to be seen by many as a controversial technology. Public concern remains over its safety and the management of radioactive waste, and financing such a capital-intensive technology is a complex issue. The role that nuclear power will play in the future depends on the answers to these questions, several of which are provided in this up-to-date review of the status of nuclear energy, as well as on the outcome of research and development on the nuclear fuel cycle and reactor technologies.