Declining electricity consumption in advanced economies is weighing on global demand growth this year - News - IEA - IEA
Declining electricity consumption in advanced economies is weighing on global demand growth this year - News - IEA
July 2023
Fuel report
Electricity Market Report – Update 2023
Since the release of the IEA’s Electricity Market Report 2023 in February, the global energy crisis has continued to affect many parts of the world. Higher costs for energy commodities as well as economic slowdowns in various regions are still impacting electricity market trends across the globe. This report presents our latest data for 2022 as well as forecasts for global electricity demand, supply and emissions through 2024.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.