Global electricity demand is anticipated to grow rapidly on account of economic growth, heat waves, and the rise of electric-powered technologies reminiscent of electric vehicles (EVs) and warmth pumps. Solar energy is anticipated to proceed to set recent records, contributing to the expansion of renewable energy.
The International Energy Agency (IEA) predicted in its ‘Electricity Mid-12 months Update’ report released on the twenty third (local time) that global electricity demand will increase by roughly 4% in 2024.
That’s up from 2.5% in 2023, and represents the best annual growth rate since 2007, excluding the exceptional rebound following the worldwide financial crisis and pandemic.
Power consumption is anticipated to proceed its strong growth in 2025, with a growth rate of roughly 4%.
The share of electricity supply from renewable energy is anticipated to extend rapidly from 30% in 2023 to 35% in 2025.
Particularly, it forecasts that global renewable energy power generation will exceed coal power generation for the primary time in 2025. Solar energy alone is anticipated to fulfill half of the rise in global electricity demand in 2024 and 2025, and when combined with wind power, it’s forecast to account for as much as 75% of the rise in electricity demand.
Nonetheless, global coal-fired power generation just isn’t expected to say no this 12 months on account of strong demand growth from China and India. Consequently, global power sector carbon dioxide (CO2) emissions are expected to extend barely in 2024 after which decline in 2025.
Nonetheless, it also predicted that China’s hydropower generation will get well from its 2023 low in the primary half of 2024, which could curb coal-fired power generation.
It also analyzed that the world’s major economies are leading the rise in electricity consumption. India’s electricity demand is anticipated to surge by greater than 8% this 12 months on account of strong economic activity and warmth waves. China can be expected to record a requirement increase of greater than 6% on account of lively activities within the service industry, industry, and manufacturing sectors.
U.S. electricity demand, which had declined on account of relatively mild temperatures in 2023, is anticipated to rebound by 3% this 12 months, driven by stable economic growth, increased demand for cooling, and the expansion of information centers on account of the substitute intelligence (AI) boom.
In contrast, the European Union (EU) is anticipated to point out a comparatively gradual recovery, with electricity demand increasing by 1.7% after two consecutive years of contraction on account of the impact of the energy crisis.
Particularly, the demand for power in data centers is increasing on account of the boom in AI, and reliable data and inventory measurements are required accordingly, he said. There’s a scarcity of information on the uncertainty related to the demand for power in data centers, the speed of deployment, the varied uses of AI, and the potential for energy efficiency improvements. The uncertainty in predicting future demand was cited as an issue.
“Global electricity demand growth this 12 months and next will probably be the fastest in 20 years,” said Keisuke Sadamori, IEA’s director of Energy Markets and Security. “Clean energy continues to make up a growing share of the electricity mix, but it surely must be deployed much faster to fulfill international energy and climate goals.”
Reporter Kim Tae-yong future@aitimes.com
