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News 31 January 2024

IEA's published its latest report on Electricity

Screenshot 2024 01 31 093625Global electricity demand is set to surge over the next three years, driven by the clean energy transition, as per the IEA's Electricity 2024 report, published in January 2024. Anticipating a 3.4% average growth from 2024 to 2026, the report notes 85% of the increase will be from emerging economies, notably China, India, and Southeast Asia. Low-emission sources, including renewables and nuclear power, are expected to cover the additional demand, making up nearly half of the world's electricity generation by 2026. Renewables are forecast to surpass coal in comprising one-third of total electricity generation by early 2025. The report highlights a structural decline in the power sector's CO2 emissions, predicting a 2.4% decrease in 2024, with further declines in 2025 and 2026. Electricity prices varied globally in 2023, with Europe experiencing a decline, while the United States saw a 15% increase compared to 2019. Despite declining demand in the European Union, emerging economies, particularly in Asia, are expected to experience robust growth in electricity demand through 2026, with China leading the way.