Industry news

The International Energy Agency (IEA) expects global electricity demand to grow by about 4% in 2024. This is stated in the new IEA Electricity Mid-Year Update report, informs the industry media resource E2nergy.

«Economic growth, increased demand for heat wave cooling, rapid development of data centers and ongoing electrification will lead to the fact that the growth rate of global electricity demand in 2024 and 2025 will be among the highest in the last 20 years. Worldwide electricity demand is expected to grow by about 4% this year, which is higher than last year's growth of 2.5%», – the report says.

According to the Agency's estimates, strong growth in global electricity consumption is expected to continue in 2025, and will also amount to about 4%.

The IEA predicts that demand growth in 2024 and 2025 will be one of the highest in the last two decades, with half of the increase expected to be covered by solar energy.

«Renewable energy sources (RES) should also expand rapidly this year and next, and their share in the global electricity supply is projected to grow from 30% in 2023 to 35% in 2025. It is predicted that the volume of electricity generated by RES  worldwide in 2025 will surpass the volume generated by coal for the first time», – the report says.

The IEA notes that in many parts of the world, the increasing use of air conditioning will remain a significant factor in electricity demand.

According to the report, in the first half of 2024, several regions faced strong heat waves, which increased demand and put a strain on electrical systems.