Global Electricity Demand Set For ‘Strong Rise’

Renewable electricity sources are expected to expand rapidly, with their share of global supply forecast to rise from 30% in 2023 to 35% in 2025. Solar PV alone is expected to meet about half of the growth in demand.

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Global electricity demand is expected to rise sharply in 2024 and 2025, says a new report from the International Energy Agency (IEA).

Demand is forecast to grow by around 4%, up from 2.5% in 2023 – the highest annual growth rate in the past two decades, excluding the rebounds seen after the global financial crisis and the COVID-19 pandemic. The growth is driven by factors including strong economic activity, increased use of air conditioning amid intense heatwaves, and increasing uptake of technologies like electric vehicles and heat pumps.

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Renewable electricity sources are expected to expand rapidly, with their share of global supply forecast to rise from 30% in 2023 to 35% in 2025. Solar PV alone is expected to meet about half of the growth in demand.

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However, despite this rise in renewables, coal power generation is unlikely to decline this year due to high demand, the IEA says. This will result in a slight increase in power sector emissions in 2024 before a decline in 2025.

“It’s encouraging to see clean energy’s share of the electricity mix continuing to rise, but this needs to happen at a much faster rate to meet international energy and climate goals,” Keisuke Sadamori, IEA Director of Energy Markets and Security, said in a release accompanying the report. A reliable and secure electricity supply and measures to implement higher energy efficiency will be crucial, he added.

Source:norvanreports.com

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