Argentina's geothermal and biomass energy consumption demonstrated significant fluctuations over the past decade. From 2013 to 2016, consumption varied, peaking at 1.53 TWh in 2013 and dipping to 1.18 TWh in 2016. Post-2016, the trend reversed with gradual increases, notably marking a sharp rise in 2020 with a 49.05% year-on-year spike, reaching 2.2 TWh. The subsequent years maintained this upward trajectory, culminating at 2.43 TWh in 2023, a 3.84% increment from 2022.
Short-term growth was robust, with a remarkable compound annual growth rate (CAGR) of 11.4% over the last five years. Looking forward, forecasts indicate continued growth in consumption, projecting to hit 2.87 TWh by 2028. However, the annual growth rate is expected to moderate to an average of 2.66%, reflecting a cumulative growth rate of 14.05% over the next five years.
Future trends to watch for include advancements in technology efficiency, government policy impacts, and potential shifts in energy mix strategies favoring renewable sources. Monitoring these factors will be crucial for accurate future projections and strategic planning.