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‘Energy independent’ Uruguay runs on 100% renewables for four straight months
(theprogressplaybook.com)
This is a most excellent place for technology news and articles.
The reference to waste heat could include the heat from burning fossil fuels that isn't turned directly into work. Which is a lot.
So you're right, there will still be some waste heat and the reduction in production needs won't be that drastic. But it's still a significant chunk of the total!
Converting energy to power will always produce at least one of heat or light (also radiant heat) in the process.
There is no 100% efficient power.
But, electric is the closest you could get. Especially compared to any petroleum products