An analysis projects that robust economic growth will propel a 4 percent increase in global electricity demand this year, up from 2.5 percent in 2023.
The International Energy Agency noted in its most recent report that the world’s electricity demand is rising as a result of extreme heatwaves and the expanding use of electricity-powered devices like heat pumps and electric cars.
In the first half of 2024, severe heat waves hit many areas, increasing demand for electricity and straining power systems. May was the warmest month of the year, with temperatures hitting record highs for the 12th straight month.
India, Mexico, Pakistan, the US, Vietnam, and several other countries experienced severe heatwaves in the first half of the year, leading to surging peak loads due to increased cooling needs.
“Growth in global electricity demand this year and next is set to be among the fastest in the past two decades, highlighting the growing role of electricity in our economies as well as the impacts of severe heatwaves,” said Keisuke Sadamori, director of Energy Markets and Security at IEA.
The energy agency added that more households, especially in emerging economies, have started to purchase air conditioners, further driving electricity demand in these regions.
The IEA also emphasized that adopting higher efficiency standards for air conditioning is crucial to mitigate the impact of increased cooling demand on power systems.
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