An ongoing energy crisis and an economic downturn is expected to slow global power demand growth in 2023, but a probable rebound in 2024 means more renewable capacity needs to be developed, the International Energy Agency (IEA) said on Wednesday.
The global growth rate for energy consumption is set to slow to slightly less than 2% in 2023, down from 2.3% in 2022, which was also down from the five-year pre-COVID 19 average of 2.4%.
However, hydropower has declined, falling about 2% in 2020-2022 compared to 1990-2016 figures, which represents about 240 terawatt-hours, or the annual consumption of Spain. The European Union alone accounts for 40% of the total decline in emissions from power generation, the IEA data showed. Prices in the United States, however, have retreated almost to 2019 levels. The country's demand is expected to decline by 1.7% in 2023 due to slowing economic growth, and to rebound in 2024 to 2%, down from the 2.6% recorded in 2022.
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