IEA sees rising electricity demand due to switch from fossil fuels

The International Energy Agency (IEA) expects global demand for electricity to increase by just under 2% this year, it said in its latest electricity market report on Wednesday.
The reasons are the continuing economic slowdown and the effects of the energy crisis in many industrialized countries, the Paris-based organization said as it updated the findings of its February report.
In the United States, Japan and Europe, electricity demand is expected to fall in 2023.
Electricity consumption in the European Union is expected to drop to levels last seen in 2002. Energy-intensive industries in the EU had not yet recovered from last year's production slump, the agency said.
However, with an improved outlook for the global economy, demand for electricity is expected to rise again next year by 3.3%.
According to the IEA report, the increase in electricity demand is being driven by electrification in an effort to reduce climate-damaging emissions.
In addition, more air conditioning systems are being used due to rising temperatures, which is driving up electricity consumption.
This comes on top of robust growth in demand in emerging and developing countries.
Despite growing demand in many regions, the strong global use of renewables meant they were on track to meet all of the additional growth in global electricity demand over the next two years, the IEA analysis found.
By 2024, renewables are to account for more than a third of global electricity generation, according to the agency. Depending on the weather, 2024 could be the first year in which more electricity is generated globally from renewables than from coal.