forthcoming will depend on a range of factors, including macroeconomic and population trends, prices, government policies, technology, and availability of capital. In a Reference Scenario, in which no new government policies are assumed, global electricity demand is projected to grow at an average annual rate of 2.5% through to 2030. The world consumes twice as much electricity in 2030 as it does today. Developing countries account for much of the increase in global demand, their electricity use more than tripling by 2030. OECD electricity consumption grows less rapidly. Even so, in 2030 the 1.3 billion people in the OECD area still consume more electricity than the 6.5 billion people in the developing world. Moreover, some 1.4 billion in the developing regions still lack any access to electricity - a mere 200 million less than today. Total cumulative electricity investment needs worldwide in the Reference Scenario amount to close to USD 10 trillion in year-2000 dollars over 2003-2030, equal to about USD 350 billion per year. More than half of this investment goes to transmission and distribution, with distribution taking the lion's share of overall network investment. Developing countries account for more than half of world electricity investment needs. China's needs will be the largest, exceeding USD 2 trillion. New investment is also substantial in North America and Europe. Attracting all this investment in a timely manner - especially in developing countries - may not be easy. In an Alternative Policy Scenario, which considers the impact of new government policies to curb demand growth and promote switching to cleaner fuels, world electricity demand and investment needs grow less rapidly in almost every region. World demand grows by 0.5 percentage points more slowly than in the Reference Scenario as a result of end-use energy-efficiency improvements. Total cumulative investment needs over 2003-30, at USD 8.3 trillion, are USD 1.5 trillion - or 16% - lower. Lower supply capacity requirements more than outweigh