Ocean Thermal Energy Conversion (OTEC) an Imminent Distributed Hundred Billion Dollar Industry

Global energy demand is growing faster than anticipated [McKinsey, 2024]. Excerpts from the McKinsey report include: Electrification is accelerating—our analysis suggests that, between 2023 and 2050, electricity consumption could more than double in slower energy transition scenarios, and nearly triple in faster scenarios. This is in comparison to total energy consumption growth of up to 21 percent over the same period. Electricity is projected to become the largest source of energy by 2050 across scenarios, with consumption coming from traditional sectors (for example, electrification of buildings) as well as newer sectors (such as data centers, EVs, and green hydrogen). Global electricity production in 2022 amounted to over 32,000 Terawatt Hours (TWh) [Ember, 2023], up from 12,000 TWh in 1990 and expected to double by 2050. Fossil fuels powered 61% of 2022 electricity.