IEA expects significant growth in global electricity demand

The International Energy Agency forecast in a report on Friday that global electricity demand will grow by about 4% annually by the end of 2027, but expanding reliance on low-emission energy sources would help keep pace with this trend.

The report indicated that the amount of increase is expected to exceed Japan’s total annual electricity consumption every year between now and 2027, according to Reuters.

The agency stated in the report that emerging and developing economies are expected to account for about 85% of the growth in global demand, with estimates indicating that China will account for more than half of the increase at a growth rate of 6% on an annual basis until 2027.

The report stated that China’s electricity demand has been growing faster than its economy since 2020, driven by an electricity-hungry industrial sector and the rapid expansion of electricity-intensive activity to manufacture solar panels, batteries, electric vehicles and related materials.