According to the IEA, electricity consumption from data centres, artificial intelligence (AI) and the cryptocurrency sector could double by 2026. Factor in the global push to EVs.
Please consider the International Energy Agency IEA Electricity Analysis Report 2024-2026.
IEA Notable Points
- Global electricity demand rose moderately in 2023 but is set to grow faster through 2026
- Global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026.
- Electricity consumption from data centres, artificial intelligence (AI) and the cryptocurrency sector could double by 2026.
- About 85% of additional electricity demand through 2026 is set to come from outside advanced economies
- China provides the largest share of global electricity demand growth in terms of volume, but India posts the fastest growth rate through 2026 among major economies.
- EU electricity consumption is not expected to return to 2021 levels until 2026 at the earliest. Electricity prices for energy-intensive industries in the European Union in 2023 were almost double those in the United States and China.
- Despite energy prices falling from their previous record highs, EU electricity demand further declined in 2023. Lower industrial electricity demand was the most important factor, as in the previous year.
- Renewables are set to provide more than one-third of total electricity generation globally by early 2025, overtaking coal. The share of renewables in electricity generation is forecast to rise from 30% in 2023 to 37% in 2026, with the growth largely supported by the expansion of ever cheaper solar PV.
- By 2025, global nuclear generation is forecast to exceed its previous record set in 2021.
- Global CO2 emissions from electricity generation are expected to fall by more than 2% in 2024 after increasing by 1% in 2023.
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