For oil and gas energy usage, you should take into account that usable energy and energy consumption are two things. When electrifying, you typically end up needing less energy overall. The notion of replacing oil twh with solar twh is simply wrong. This is something the IEA gets wrong in most of its reports. Which is one reason why their estimates and predictions keep having to be corrected by them every few years.
A good example is ICE cars vs. EVs. A gallon of gas represents about 33.7 kwh of energy. A Tesla can do over 4 miles per kwh. Most ICE cars get nowhere near 120 miles per gallon. Anything over 1 mile per kwh of gas is actually pretty good. Especially for bigger cars. So, an ICE car wastes about 70-80% or more of its energy (heat, noise, vibrations, friction, etc.). You see the same pattern in other sectors where electrifying usually also means improved efficiencies. Most Teslas only have 2-3 gallons worth of kwh in the car. An ICE car with a tank that small would have a terrible range.
So, a doubling or tripling of electricity generation might actually be good enough to replace most fossil fuel usage.
They are sufficiently more efficient (roughly 4x) than even adding the 60% inefficiency of gas turbines and electricity transmission, charging losses etc. do not destroy their inherent efficiency advantage.
But with heat pumps (backed up by resistive heating since we get cold enough to need it), we can still get a win there. Natural gas and coal generation can be ~30% efficient, but heat pumps can readily have a 4:1 COP or better. Even factoring in the inefficient generation of electricity we can still heat our homes with net less energy and then focus on replacing our electricity generation with less polluting sources (eg a mix of nuclear baseload, wind+solar+battery, and natural gas as a fallback)
This obviously won't happen overnight. But it suggests a few long term trends for steel production to move close to where renewable power is cheapest and most plentiful. E.g. Australia is a renewables power house and exports a lot of mined but unrefined materials. Long term it makes more sense to produce aluminium, steel, etc. locally instead of exporting the ore to China, India, etc. and then re-importing it the upcycled materials.