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In 2025, global coal capacity grew by 3.5% while generation fell by 0.6%, as coal plants increasingly serve as 'system insurance' rather than primary power sources. This trend is most prominent in China and India, where record-high new capacity is being offset by the rapid expansion of wind and solar energy. While the number of countries proposing new coal plants decreased from 38 in 2024 to 32 in 2025, significant expansion continues in China and India, which together account for 95% of global coal capacity under construction. In the US and EU, energy security concerns and government interventions have delayed planned retirements of coal units.

The report argues that while the EU aims to triple data centre capacity within five to seven years, grid congestion in traditional hubs like Dublin, Frankfurt, and Amsterdam is creating a primary barrier to growth. This is shifting investment toward markets with better grid preparedness, such as the Nordics and Belgium. Data centres are identified as unique grid challenges due to their large, localised, and continuous loads. Despite their economic benefits—including GDP growth and job creation—forecasts suggest the EU will likely only double its capacity by 2030, falling short of its target.

Global gas pipeline construction has increased by 18% over the previous year, with approximately 69,700 km under construction at a cost of US$193.9 billion. Asia accounts for 82% of this construction, led by China and India. Other significant activities include the U.S. expanding export capacity from the Permian Basin and Haynesville Shale, and Argentina developing infrastructure for the Vaca Muerta shale gas reserve.

The report finds that while the global coal fleet grew by 34.1 GW in 2019, this was primarily driven by China, as the rest of the world saw a net decrease in capacity. It highlights a continuing decline in new project starts and a significant increase in retirements in the US and EU, though it warns that current trends are insufficient to meet the IPCC's 1.5°C goal, which requires an 80% reduction in coal-fired power by 2030.