Electricity 2024: Analysis and Forecast to 2026
Type: White Paper
Categories: Energy Procurement, Regulation, Sourcing Renewables
Date Published: 2/2/2024
Source: International Energy Agency (IEA)
Global electricity demand is expected to grow at a faster rate over the next three years as the clean energy transition gathers speed, with all the additional demand forecast to be covered by technologies that produce low-emissions electricity, according to a new report from the IEA.
Electricity 2024 is the latest edition of the IEA’s annual analysis of electricity market developments and policies, providing forecasts for demand, supply and carbon dioxide (CO2) emissions from the sector through 2026. Renewables are set to make up more than one-third of total electricity generation by early 2025, overtaking coal. By 2025, nuclear power generation is also forecast to reach an all-time high globally.
“The power sector currently produces more CO2 emissions than any other in the world economy, so it’s encouraging that the rapid growth of renewables and a steady expansion of nuclear power are together on course to match all the increase in global electricity demand over the next three years,” said IEA Executive Director Fatih Birol. “This is largely thanks to the huge momentum behind renewables, with ever cheaper solar leading the way, and support from the important comeback of nuclear power, whose generation is set to reach a historic high by 2025. While more progress is needed, and fast, these are very promising trends.”
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