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.
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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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