In a new report published on Wednesday 19 July, the International Energy Agency (IEA) indicates that global growth in electricity demand is set to slow in 2023 (before picking up again in 2024). This is generally due to the continuing effects of the global energy crisis on advanced economies and the economic slowdown.
In the European Union, electricity demand is expected to fall by 3%, similar to the fall recorded in 2022.
“Following these two consecutive declines, which together amount to the region’s largest slump in demand on record, EU electricity demand is set to drop to levels last seen in 2002”, explains the report.
Furthermore, the IEA notes that the Union’s energy-intensive industries have not yet recovered from the collapse in production in 2022.
“Almost two-thirds of the net reduction in EU electricity demand in 2022 is estimated to be from energy-intensive industries grappling with elevated energy prices following Russia’s invasion of Ukraine”.
Worldwide, demand for electricity is expected to grow by just under 2% this year, compared with 2.3% in 2022. It could, however, rise again in 2024, assuming an improvement in the global economic outlook, to 3.3%.
At the same time, electricity generated from fossil fuels is set to decline over the next two years, and by 2024 the share of renewables in global electricity generation will exceed one-third, according to IEA forecasts.
Depending on weather conditions, 2024 could even be the first year in which more electricity is generated from renewables than from coal.
To see the IEA report: https://aeur.eu/f/86g (Original version in French by Pauline Denys)