The global electricity demand is set to grow slowly this year, the International Energy Agency has predicted.
In its annual Electricity Market Report, the organisation expects electricity demand to grow by 2.4% in 2022.
While electricity demand is currently expected to continue on a similar growth path next year, the outlook seems to be gloomy because of market volatility and soaring energy prices, the analysis suggests.
The report finds that strong capacity additions will increase renewable energy generation by more than 10% this year.
Despite nuclear’s 3% decline, low carbon generation is also set to rise by 7%, leading to a 1% drop in total fossil fuel generation.
The IEA concludes that as a result, carbon dioxide emissions from the global electricity sector are set to decline this year from the all-time high they reached in 2021, albeit by less than 1%.
IEA Director of Energy Markets and Security Keisuke Sadamor said: “The world is in the midst of the first truly global energy crisis, triggered by Russia’s invasion of Ukraine, and the electricity sector is one of the most heavily affected.
“This is especially evident in Europe, which is experiencing severe energy market turmoil and in emerging and developing economies, where supply disruptions and soaring fuel prices are putting huge strains on fragile power systems and resulting in blackouts.”