Not accurate, actually.

We throw away about two-thirds of energy right now as waste heat. Any energy value chain which includes burning things introduces massive inefficiencies.

Electrification of everything possible with renewable energy powering it cuts total primary energy demand in half while delivering all the energy the economy needs to deliver the same economic value, comforts and conveniences.

https://cleantechnica.com/2023/03/14/with-heat-from-heat-pumps-us-energy-requirements-could-plummet-by-50/