I intuitively agree with you. However, the decoupling that's observed can partly be explained by lag. For example, a farm might have diesel powered equipment, t

I intuitively agree with you. However, the decoupling that's observed can partly be explained by lag. For example, a farm might have diesel powered equipment, tractors, etc. that last 10 years. Eventually they might switch to electric equipment. However, the innovation isn't stagnate, so its holding consumption constant. What the electricity is used for is actually changing as new uses become economically viable.