Heriot-Watt economists contribute to landmark energy industry publication

A prestigious energy industry publication often referred to as the bible of energy statistics is being published today, with expert input from economists at Heriot-Watt University.

The Statistical Review of World Energy has been a go-to source of comprehensive energy industry data, from fossil fuels to renewables, since 1952 – and is being published today (26 June 2025) by the Energy Institute – the chartered professional membership body for people working across the world of energy – in partnership with global management consultancy, Kearney, and professional services multinational, KPMG.

Heriot-Watt University has compiled the data for publication since 2007 and two economists at the University’s Edinburgh Business School currently lead the work.

They are Dr Erkal Ersoy, an Assistant Professor of Economics whose specialisms include applied econometrics, machine learning and energy economics, and Professor Mark Schaffer, a Professor of Economics whose research areas include applied econometrics, labour markets, economic history, energy economics and evolutionary theory.

Dr Ersoy said compiling the data for the Statistical Review of World Energy was a “massive task,” over a short timeframe each year, which involved gathering and processing data from hundreds of data sources resulting in more than four million database entries.

He explained: “The data we compile for the publication covers fossil fuels, renewables and carbon emissions for every country in the world going as far back as 1965. So that’s oil, natural gas, coal production, consumption, and trade; wind, solar, hydro, biofuels, and other renewables production and consumption; production and reserves of key minerals used in the energy industry; electricity generation; primary energy consumption and carbon emissions.

“The Statistical Review is the first publication that comes out each year with such comprehensive coverage. Because of its quality, coverage, and timing, the publication is often referred to as the bible of energy statistics. We know that it’s used by policymakers, academics, industry, and the public around the world – it’s downloaded hundreds of thousands of times each year and is cited widely. Needless to say, the data inform discussions around the energy transition and climate change as well as forming the basis for forecasts and energy policy.”

Dr Ersoy said he had been the co-Principal Investigator and Project Manager of this key industry collaboration for the last 10 years and added: “During this period, the publication has expanded to include more data granularity and coverage, enabling deeper analysis of the energy system. I am proud to have led this effort in an institution that places such a high focus on practice and knowledge exchange.”

The 2025 Statistical Review of World Energy delves into key trends shaping the energy landscape, including:

· Global energy production and consumption trends

· Growth trajectories of renewables, such as wind and solar

· Fossil fuel usage patterns across different regions

· CO₂ emissions and their implications

· Critical minerals essential for energy transitions across the globe

Dr Nick Wayth, Chief Executive of the Energy Institute, said: “Our 74th edition of the Statistical Review of World Energy continues to be full, first and free: the fullest, most reliable account of energy production, consumption, trade and emissions; the first data source to provide a complete global picture of the previous year; and completely free to access for users.

“This landmark publication is now in its third year under the Energy Institute’s stewardship, and continues to serve as an essential resource for understanding the evolving energy landscape. I would like to extend our sincere thanks to Heriot-Watt University for their continued invaluable assistance with data compilation for the Statistical Review.”

The launch event for the 2025 Statistical Review of World Energy takes place from 2pm to 3.30pm UK time today. The event is free to attend and can be watched on YouTube here: Energy Institute Statistical Review of World Energy 2025.

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