{
  "as_of": "2026-10-23",
  "records": [
    {
      "market": "India",
      "fuel": "Electricity",
      "up": [
        "Cooling",
        "Industry",
        "Electric vehicles",
        "Data centres"
      ],
      "down": [
        "Mild weather in 2025",
        "Efficient appliances"
      ],
      "note": "Growth slowed in 2025 as an early monsoon cut cooling demand.",
      "latest": {
        "direction": "Slowing",
        "label": "2025: lower cooling demand weighed on growth",
        "source_name": "IEA Global Energy Review 2026",
        "source_url": "https://www.iea.org/reports/global-energy-review-2026/key-findings",
        "tier": 1
      }
    },
    {
      "market": "India",
      "fuel": "Coal",
      "up": [
        "Power demand",
        "Steel and cement",
        "New coal plants"
      ],
      "down": [
        "Solar additions",
        "Wet monsoon years"
      ],
      "note": "Still the largest absolute adder of the decade. Coal burnt for power fell in 2025 as an early monsoon lifted hydro and cut cooling.",
      "latest": {
        "direction": "Slowing",
        "label": "2025: coal for power fell",
        "source_name": "IEA Global Energy Review 2026",
        "source_url": "https://www.iea.org/reports/global-energy-review-2026/key-findings",
        "tier": 1
      }
    },
    {
      "market": "India",
      "fuel": "Oil",
      "up": [
        "Car and truck fleet",
        "Aviation",
        "Petrochemicals"
      ],
      "down": [
        "Electric two- and three-wheelers",
        "Ethanol blending",
        "2026 price rises"
      ],
      "note": "Growth tracks the vehicle fleet. Electric scooters and rickshaws bite first; cars and trucks keep oil rising for now."
    },
    {
      "market": "India",
      "fuel": "Solar",
      "up": [
        "Auctions",
        "Rooftop subsidy",
        "Cheap modules"
      ],
      "down": [
        "Transmission delays",
        "Unsigned power deals"
      ],
      "note": "From almost nothing to the third-largest adder in ten years. Grid connection, not panel cost, now sets the pace."
    },
    {
      "market": "India",
      "fuel": "Gas",
      "up": [
        "City gas networks",
        "15% gas-share goal for 2030",
        "Cheaper LNG in 2024"
      ],
      "down": [
        "LNG price spike in 2026",
        "Cheaper coal and solar"
      ],
      "note": "Jumped in 2024 on cheaper LNG. The 2026 Gulf disruption tests whether that growth holds."
    },
    {
      "market": "India",
      "fuel": "Wind",
      "up": [
        "Hybrid wind-solar auctions",
        "Repowering old sites"
      ],
      "down": [
        "Land and grid access",
        "Low-wind years"
      ],
      "note": "Growing far slower than solar, and output dipped in a weak wind year."
    },
    {
      "market": "India",
      "fuel": "Biofuels",
      "up": [
        "E20 blending mandate",
        "Grain ethanol"
      ],
      "down": [
        "Food and feedstock competition"
      ],
      "note": "Small, but the fastest-growing liquid fuel, driven by the ethanol blending mandate."
    },
    {
      "market": "India",
      "fuel": "Nuclear",
      "up": [
        "New 700 MW reactors",
        "SHANTI Act"
      ],
      "down": [
        "Long build times"
      ],
      "note": "New domestic reactors are coming online, and the prototype fast breeder reached criticality in April 2026."
    },
    {
      "market": "India",
      "fuel": "Hydro",
      "up": [
        "New dams and pumped storage"
      ],
      "down": [
        "Dry years"
      ],
      "note": "Swings with the monsoon more than with investment."
    },
    {
      "market": "World",
      "fuel": "Electricity",
      "up": [
        "Data centres",
        "Cooling",
        "Electric vehicles",
        "Industry"
      ],
      "down": [
        "Efficiency",
        "Weaker industry in Europe"
      ],
      "note": "Grew nearly 3% in 2025, more than twice as fast as energy demand overall.",
      "latest": {
        "direction": "Accelerating",
        "label": "2025: nearly 3%, above the 2.8% decade average",
        "source_name": "IEA Global Energy Review 2026",
        "source_url": "https://www.iea.org/reports/global-energy-review-2026/key-findings",
        "tier": 1
      }
    },
    {
      "market": "World",
      "fuel": "Gas",
      "up": [
        "Asian LNG imports",
        "US power for data centres",
        "Coal-to-gas switching"
      ],
      "down": [
        "Renewables in China and Europe",
        "Price spike in 2026"
      ],
      "note": "The largest absolute adder of the decade, but growth more than halved in 2025.",
      "latest": {
        "direction": "Slowing",
        "label": "2025: about 1%, down from 2.8%",
        "source_name": "IEA Global Energy Review 2026",
        "source_url": "https://www.iea.org/reports/global-energy-review-2026/key-findings",
        "tier": 1
      }
    },
    {
      "market": "World",
      "fuel": "Oil",
      "up": [
        "Petrochemicals",
        "Aviation",
        "India and emerging Asia"
      ],
      "down": [
        "Electric cars",
        "a quarter of sales",
        "Efficiency"
      ],
      "note": "Still growing, but each year adds less. Electric cars kept road fuel in check in 2025.",
      "latest": {
        "direction": "Slowing",
        "label": "2025: +0.65 mb/d, half the 2010s pace",
        "source_name": "IEA Global Energy Review 2026",
        "source_url": "https://www.iea.org/reports/global-energy-review-2026/key-findings",
        "tier": 1
      }
    },
    {
      "market": "World",
      "fuel": "Solar",
      "up": [
        "Falling costs",
        "China",
        "Fast build times"
      ],
      "down": [
        "Grid limits",
        "Trade barriers"
      ],
      "note": "The largest single source of demand growth in 2025, meeting over a quarter of it.",
      "latest": {
        "direction": "Accelerating",
        "label": "2025: record +600 TWh of power",
        "source_name": "IEA Global Energy Review 2026",
        "source_url": "https://www.iea.org/reports/global-energy-review-2026/key-findings",
        "tier": 1
      }
    },
    {
      "market": "World",
      "fuel": "Wind",
      "up": [
        "China onshore",
        "Offshore in Europe and China"
      ],
      "down": [
        "Supply-chain costs",
        "Permitting"
      ],
      "note": "Steady growth, now outpaced by solar."
    },
    {
      "market": "World",
      "fuel": "Hydro",
      "up": [
        "New dams in China and Africa"
      ],
      "down": [
        "Droughts"
      ],
      "note": "Swings with rainfall more than with investment."
    },
    {
      "market": "World",
      "fuel": "Coal",
      "up": [
        "India and Southeast Asia power",
        "US coal use"
      ],
      "down": [
        "China renewables",
        "Europe coal exits"
      ],
      "note": "A plateau at record levels: China flat, Europe falling, India and Southeast Asia growing. US coal use rose 10% in 2025.",
      "latest": {
        "direction": "Plateau",
        "label": "2025: about +0.4%, China flat",
        "source_name": "IEA Global Energy Review 2026",
        "source_url": "https://www.iea.org/reports/global-energy-review-2026/key-findings",
        "tier": 1
      }
    },
    {
      "market": "World",
      "fuel": "Nuclear",
      "up": [
        "Japan restarts",
        "New reactors in China",
        "Data-centre contracts"
      ],
      "down": [
        "Closures of older plants"
      ],
      "note": "Over 12 GW of new construction started in 2025."
    },
    {
      "market": "World",
      "fuel": "Biofuels",
      "up": [
        "Blending mandates in Brazil",
        "India and Indonesia"
      ],
      "down": [
        "Electric cars"
      ],
      "note": "Growing slowly with blending mandates."
    }
  ]
}