The Strategist

IEA: Global electricity demand to grow by 3% from 2023 to 2025

02/09/2023 - 02:22

According to a report by the International Energy Agency, the world's electricity demand will increase by 3% yearly between 2023 and 2025. The energy crisis, according to experts, will cause the demand for power to increase by 2% in 2022.

The growth will differ from one place to another. China, which accounts for around 31% of global consumption, will have a 5.2% growth between 2023 and 2025, followed by India with a 5.6% increase and Africa with a 4.1% increase, the IEA forecasts. According to estimates, the demand for energy would rise by 1.4% in Europe and by 1.2% and 1.3%, respectively, in the US between 2024 and 2025 after declining to 0.6% in 2023.

According to the research, regional variations in electricity demand will continue beyond 2022. Due to the COVID-19 pandemic, China's growth in electricity consumption was not as strong as it was in India. In the USA, steady increase was observed. Due to mild winter weather and lower industrial electricity consumption, demand decreased in the European Union.

According to estimates, renewable energy will expand from 29% of total generation in 2022 to 35% in 2025. This will result in additional decreases in carbon dioxide emissions, according to IEA researchers.