Since 1993, the International Energy Agency (IEA) (click here) has provided medium to long-term energy projections using the World Energy Model (WEM). The model is a large-scale simulation model designed to replicate how energy markets function and is the principal tool used to generate detailed sector-by-sector and region-by-region projections for the World Energy Outlook (WEO) scenarios. Developed over many years, the model broadly consists of three main sections covering:
- final energy consumption including residential, services, agriculture, industry, transport and non-energy use
- energy transformation including power generation and heat, refinery and other transformation and
- fossil-fuel and bioenergy supply
Outputs from the model include energy flows by fuel, investment needs and costs, CO2 emissions and end-user pricing and is calculated for each of the 25 regions modelled in the WEM. An extensive effort is undertaken each year to incorporate energy and climate-related policies and measures into our modelling and analysis with details and sources provided under Policy Databases....
