IEA: Growth in global demand for electricity will rebound in ‎‎2024 after a slowdown‎

International Energy Agency said today, Wednesday, that it expects a slowdown in global electricity demand growth in 2023 due to an ongoing crisis in the energy sector and an economic downturn, but a possible recovery in 2024 means the need for more renewable energy facilities.

According to “Reuters”, expectations indicate that the global growth rate of energy consumption will slow down to just under two percent in 2023, down from 2.3 percent in 2022, which also witnessed a decline from the average of the five years preceding the Covid-19 pandemic of 2.4 percent. %.

The agency’s data for the year 2024 showed that it expects the rate to rise to 3.3%, with the improvement of the economic outlook.

The Paris-based agency expected that renewable energy would cover the expected growth this year and next, and that electricity from renewable sources would exceed a third of the total global electricity supply for the first time next year.

However, there is a decline in hydroelectric power, as it fell by about two percent in the period from 2020 to 2022 compared to figures between 1990 and 2016, which represent about 240 terawatt-hours.