Contents 5

Foreword 6

Executive summary 7

Chapter 1: 2025 in review 12

1.1 Led by solar power, clean electricity sources met all demand growth in 2025 12

1.2 Record solar power growth in 2025 14

1.3 Global fossil generation stagnates, driven by falls in China and India 17

1.4 Renewables overtake coal for first time in the modern era 22

Chapter 2: Global Electricity Insights 26

2.1 The era of clean power growth is here 27

2.1.1 How the world moved from fossil-fuelled growth to clean growth 27

2.1.2 China tips the global balance away from fossil growth – India won’t reverse it 29

2.1.3 Clean power is closing the door for remaining fossil growth 32

2.1.4 Clean power expansion can shift fossil fuels from plateau to decline 36

2.2 Batteries are making daytime solar into anytime solar and are ready to unlock the next stage of solar power growth 40

2.2.1 Cheap daytime solar is already transforming power systems globally 40

2.2.2 Batteries are ready to bring a paradigm shift and unlock the second stage of global solar growth 44

Chapter 3: Global Electricity Demand and Supply Trends 50

3.1 Global electricity demand 52

3.2 Global electricity supply overview 56

3.3 Solar 58

3.4 Wind 62

3.5 Gas 66

3.6 Nuclear 69

3.7 Hydro 72

3.8 Coal 75

Chapter 4: Analysis of Major Countries and Regions 78

4.1 China 79

4.2 United States 84

4.3 European Union 88

4.4 India 93

4.5 Russia 98

4.6 Japan 102

4.7 Brazil 106

Conclusion 111

Supporting materials 113

Methodology 113

Acknowledgements 118