Africa’s Energy Transformation in 2024

December 03, 2024 • Estimated Reading Time: 2 minutes

Key Figures & Findings: According to Synergy Consulting, an independent international financial advisory firm specializing in infrastructure advisory and project finance,2024 marked a pivotal year for Africa’s energy sector. Renewable energy investments grew significantly, with South Africa and Morocco leading solar and wind energy efforts. Notable strides were also made in Battery Energy Storage Systems (BESS), transitioning from backup roles to integral energy management tools, optimizing consumption, and supporting grid stability. The natural gas sector gained prominence through projects in Nigeria, Mozambique, and Senegal, focusing on liquefied natural gas (LNG) exports and domestic energy supply. Regional power pools like the Eastern Africa Power Pool (EAPP) and West African Power Pool (WAPP) made strides in electricity integration, fostering partnerships between nations and advancing infrastructure.

Future Implications: By 2025, Africa could significantly expand its renewable energy footprint, provided investment targets are met and public-private partnerships are strengthened. Regional collaboration may further stabilize energy supplies and encourage the integration of renewables, potentially reducing dependency on fossil fuels.