It's good things are getting efficient up to a point however those kind of savings are unsustainable and in the longterm our energy use will continue to grow exponentially, including for environmental management. Thus it doesn't make sense to research power sources that aren't potentially 100s of times greater than our current usage.

Does this account for things beyond electricity such as fossil fuels?

For example, the shift from using gasoline cars to electric cars would reduce the amount of electricity we use, but would increase the amount of gas. This could be a net good, if we assume that the electricity was produced in a cleaner way.