Electricity Market Report 2023

Electricity Market Report 2023

Despite the energy crisis of 2022, the growth of global electricity demand in 2023–2025 will continue and amount to 3%, follows from the new forecast of the International Energy Agency (IEA).

Growth dynamics will vary by region. At the same time, more than 70% of the increase in world demand for electricity over the next three years will come from China, India and Southeast Asia.

The share of renewables in the global energy mix is expected to grow from 29% in 2022 to 35% in 2025. The renewable energy sector will develop most actively in China. According to forecasts, 45% of new capacity will come from China, 15% from the European Union.

Experts note that in 2022, along with the high cost of electricity generation, global energy systems also faced the problem of the impact of extreme weather conditions. To mitigate the effects of climate change, the IEA recommends accelerating the decarbonization of the economy and the introduction of clean energy technologies.

 Given the increased demand for electricity in the coming years, it is critical will have an increase in the flexibility of power systems while ensuring the security of supply.

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