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World Electricity Needs

Electricity has been part of every improvement in man’s standard of living for the last 100 years. Virtually everything we do today depends on electricity – manufacturing, communication, medical care, food processing, the internet, and thousands of human conveniences and amusements. The most basic use of electricity is the electric light. Without it, the modern world would not exist.

The future will produce more and more devices powered by electricity, and the rising standard of living throughout the world will demand increasing amounts of electric energy. The total investment in the power sector will be $10-15 trillion by 2030 to meet projected electricity use. While the rate of growth will be less in OECD countries, their investments must still be tremendous because they need to upgrade or replace ageing facilities, in addition to providing for growth.

Given the magnitude of the energy challenge facing the world – and the consequences if we fail to meet that challenge economically and in an environmentally satisfactory way – it is essential that new and innovative technologies be developed. What has been done in the past will not suffice for the future.