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Electricity Demand Grows Fastest In China, India But Plummets In The United States And European Countries In 2023
By Manish Kumar/ Updated On Mon, Jan 29th, 2024
A latest report from the International Energy Agency (IEA) said that electricity demand in 2023 plummeted in the United States and European countries. It, however, said that the power demand in India, China, and some South Asian countries grew rapidly. The global energy think tank attributed several reasons for the same.
The report said that while China, India and numerous Southeast Asian countries experienced robust growth in electricity demand in 2023, advanced economies posted substantial declines due to a lackluster macroeconomic environment and high inflation, reducing manufacturing and industrial output.
“In 2023, China’s electricity demand rose by 6.4%, driven by the services and industrial sectors. With the country’s economic growth expected to slow and become less reliant on heavy industry, the pace of Chinese electricity demand growth eases to 5.1% in 2024, 4.9% in 2025 and 4.7% in 2026 in our forecasts,” the report said.
The IEA report said that over the next three years, India will add electricity demand roughly equivalent to the current consumption of the United Kingdom by 2026.
“China provides the largest share of global electricity demand growth in terms of volume, but India posts the fastest growth rate among major economies through 2026. Following a 7% increase in India’s electricity demand in 2023, we expect growth above 6% on average annually until 2026, supported by strong economic activity and expanding ownership of air conditioners,” the report said.
The report said that in the last few years, electricity use per capita in India and Southeast Asia rapidly rose while remaining stagnant in Africa for over three decades. The report also said that, unlike India and China, the electricity demand in the United States (US) fell by 1.6 percent in 2023. The IEA report said this was mainly due to milder weather in 2023 and a slowdown in the manufacturing sector.
However, the report also said that increased power generation from coal-fired plants in India and China caused increased emissions in these countries. “The strong growth in coal-fired power generation in 2023 – especially in China and India amid reduced hydropower output – was responsible for the rise in the global electricity sector’s CO2 emissions,” the report said.
www.saurenergy.com
By Manish Kumar/ Updated On Mon, Jan 29th, 2024
A latest report from the International Energy Agency (IEA) said that electricity demand in 2023 plummeted in the United States and European countries. It, however, said that the power demand in India, China, and some South Asian countries grew rapidly. The global energy think tank attributed several reasons for the same.
The report said that while China, India and numerous Southeast Asian countries experienced robust growth in electricity demand in 2023, advanced economies posted substantial declines due to a lackluster macroeconomic environment and high inflation, reducing manufacturing and industrial output.
“In 2023, China’s electricity demand rose by 6.4%, driven by the services and industrial sectors. With the country’s economic growth expected to slow and become less reliant on heavy industry, the pace of Chinese electricity demand growth eases to 5.1% in 2024, 4.9% in 2025 and 4.7% in 2026 in our forecasts,” the report said.
The IEA report said that over the next three years, India will add electricity demand roughly equivalent to the current consumption of the United Kingdom by 2026.
“China provides the largest share of global electricity demand growth in terms of volume, but India posts the fastest growth rate among major economies through 2026. Following a 7% increase in India’s electricity demand in 2023, we expect growth above 6% on average annually until 2026, supported by strong economic activity and expanding ownership of air conditioners,” the report said.
The report said that in the last few years, electricity use per capita in India and Southeast Asia rapidly rose while remaining stagnant in Africa for over three decades. The report also said that, unlike India and China, the electricity demand in the United States (US) fell by 1.6 percent in 2023. The IEA report said this was mainly due to milder weather in 2023 and a slowdown in the manufacturing sector.
However, the report also said that increased power generation from coal-fired plants in India and China caused increased emissions in these countries. “The strong growth in coal-fired power generation in 2023 – especially in China and India amid reduced hydropower output – was responsible for the rise in the global electricity sector’s CO2 emissions,” the report said.
Electricity Demand Growth Grew Fastest In India, China: IEA Report
A latest IEA report said that electricity demand in 2023 plummeted in the United States and European countries but rose in India and China.
