The International Energy Agency said Wednesday that Global demand for electricity is slowing sharply in 2022 due to sluggish economic growth and runaway energy prices, adding that the trend will likely continue in 2023.
“Electricity demand growth is slowing significantly in 2022,” the IEA wrote in its new Electricity Market Report.
“After global electricity demand grew by a strong six percent in 2021, propelled by rapid economic recovery as Covid-19 lockdowns eased, we expect growth to slow to 2.4 percent in 2022 — about the same as the average from 2015 to 2019,” it said.
“This reflects slower global economic growth, higher energy prices following Russia’s invasion of Ukraine, and renewed public health restrictions, particularly in China.”
The electricity sector’s carbon emissions were set to decline slightly this year, the report revealed.
“After having risen to an all-time high in 2021, CO2 emissions from the global electricity sector are set to decline in 2022, albeit by less than one percent,” it said.