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Global Energy Consumption In 2024 Surpasses All Previous Decade

Global energy consumption soared in 2024, surpassing the entire previous decade, driven by a surge in electricity demand and declining oil use, as reported by the International Energy Agency (IEA).

Key Insights

  • Energy demand increased by 2.2% in 2024, nearly double the average rise between 2013 and 2023.
  • Oil demand fell below 30% for the first time in 50 years, marking a significant shift.
  • Electricity usage climbed over 4%, equating to more than Japan’s annual consumption—an all-time high outside recession recovery years.
  • The electricity boom is attributed to increased usage of cooling systems due to record temperatures, growing industrial needs, data centers, AI, and transport electrification.

Impactful Trends

IEA Chief Fatih Birol noted the rapid growth in electricity use has reversed the trend of declining energy consumption in developed economies.

Emerging Stories

One in five cars sold globally is electric, with a projected sales increase of over 25% in 2024.

Renewables and nuclear powered 80% of the additional electricity use in 2024, now making up 40% of global electricity production for the first time.

Gas consumption also rose significantly—by 115 billion cubic meters, a 2.7% increase over the previous decade’s average.

Economic Contributions

Emerging and developing economies accounted for 80% of the global energy consumption rise, despite a slowdown in China’s growth.

In developed nations, consumption grew by 1% following years of decline, highlighting revitalized demand.

Limassol Port Electrification Awaits Grid Connection And EU Funding

Plans to equip Limassol port with shore-side electricity are advancing at the technical level, but unresolved administrative procedures, a pending grid connection and the need to secure European funding continue to delay implementation.

The proposed shore-power system, also known as cold ironing, would allow vessels to connect to electricity while berthed, reducing reliance on onboard engines and cutting emissions and noise in the surrounding area.

Technical Studies Near Completion

Transport Minister Evi Tsolaki said work is progressing through the EU-backed DecarbonLim programme, which is preparing the technical assessment and feasibility study required before construction can begin. The ministry is seeking regular updates from the Cyprus Ports Authority on the studies’ completion timetable.

The initiative also involves Frederick University, Eurogate Container Terminal Limassol, DP World Limassol, the Electricity Authority of Cyprus, the Cyprus Transmission System Operator and Limassol Municipality.

Grid Connection Remains A Key Hurdle

Despite progress on the studies, construction cannot proceed until the project secures a connection to the national transmission network.

Tsolaki said the ministry has requested land from the Department of Lands and Surveys for an electricity substation. Once the site is allocated, the relevant applications can be submitted to the Cyprus Transmission System Operator to advance the grid-connection process.

Until these steps are completed, the project will remain in the preparatory phase, even if the technical studies are finalised.

European Funding Adds Urgency

The feasibility work under DecarbonLim will support an application for construction financing, Tsolaki said. A competitive European funding call is currently open, and the ministry intends to submit an application within the required timeframe.

The funding window has raised concerns in parliament. MP Fotini Tsiridou warned that further delays could undermine Cyprus’ chances of securing EU support, noting that similar port electrification projects elsewhere in the bloc have already received funding.

Speaking to Entrepreneurial Limassol, published by the Limassol Chamber of Commerce and Industry, Tsiridou said she had observed some progress but had yet to receive a formal response to her parliamentary question.

Environmental And Commercial Benefits

Tsiridou argued that shore-side electricity would deliver benefits beyond emissions reductions, including less noise and air pollution for residents near the port.

“Our port should not be disconnected from the rest of the city,” she said, describing shore-power infrastructure as both a necessity and a European obligation.

Across Europe, port electrification is increasingly linked to environmental performance and competitiveness. By allowing compatible vessels to switch off auxiliary engines while docked, shore-power systems can reduce local emissions and noise while supporting wider decarbonisation goals.

Construction Timetable Still Unclear

The Cyprus Ports Authority signed a contract with DBA S.p.A. in July 2025 for a comprehensive study of the system’s technical, economic and environmental requirements. The work was intended to establish the basis for installation and identify any necessary port infrastructure upgrades.

More than a year later, key steps concerning land allocation, grid connection and financing remain unresolved. No timetable has been announced for completing these procedures or submitting the final funding application.

Limassol’s shore-power project therefore remains between planning and implementation. Its next milestones are securing the substation site, progressing the transmission-network application and obtaining construction financing. Until these are in place, the port’s transition to shore-side electricity cannot move into the construction phase.

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