This is thought provoking:

 

https://en.wikisource.org/wiki/On_the_Transfer_of_Energy_in_the_Electromagnetic_Field

I have therefore given several cases in considerable detail of the application of the mode of transfer of energy in current-bearing circuits according to the law given above, as I think it is necessary that we should realise thoroughly that if we accept Maxwell's theory of energy residing in the medium, we must no longer consider a current as something conveying energy along the conductor. A current in a conductor is rather to be regarded as consisting essentially of a convergence of electric and magnetic energy from the medium upon the conductor and its transformation there into other forms. The current through a seat of so-called electromotive force consists essentially of a divergence of energy from the conductor into the medium. The magnetic lines of force are related to the circuit in the same way throughout, while the lines of electric force are in opposite directions in the two parts of the circuit,—with the so-called current in the conductor, against it in the seat of electromotive force. It follows that the total E.M.I. round the circuit with a steady current is zero, or the work done in carrying a unit of positive electricity round the circuit with the current is zero. For work is required to move it against the E.M.I. in the seat of energy, this work sending energy out into the medium, while an equal amount of energy comes in in the rest of the circuit where it is moving with the E.M.I. This mode of regarding the relations of the various parts of the circuit is, I am aware, very different from that usually given, but it seems to me to give us a better account of the known facts.

It's been talked about several times here already.
https://forum.allaboutcircuits.com/threads/the-big-misconception-about-electricity.183285/