Global electricity demand slowed in 2022 - Economic Policy

Global electricity demand slowed in 2022 – Economic Policy

The decrease in economic activity as well as soaring prices explain this phenomenon. On the other hand, the growth of renewable capacities (solar and wind) should thus exceed that of electricity consumption.

Global electricity demand slowed sharply in 2022, under the effect of the decline in economic activity and soaring priceswhich should allow a slight reduction in greenhouse gas emissions of the sector despite maintaining coal, the International Energy Agency (IEA) said on Wednesday.

This year growth in renewable capacity (solar and wind) should therefore exceed that of electricity consumption. Carbon dioxide (CO2) emissions from electricity production should therefore fall from the peak reached in 2021, despite the return of coal in some countries, estimates the IEA in a report on energy markets. electricity.

However, this decline in emissions should be less than 1%, she tempers. This year, electricity demand is expected to grow by 2.4%, compared to a 6% increase in 2021, the year of post-pandemic recovery, the analysis estimates. This figure brings the world back to growth roughly similar to pre-Covid. Regarding the sources of this electricity, production from renewable sources should grow by more than 10% in 2022, thanks to a record level of new installations.

The volume of electricity from fossil fuels is expected to decline by 1% overall. As for nuclear, its production should decline by 3%. But due to high gas prices and supply difficulties linked to the Ukrainian context, coal is making a comeback in certain regions, particularly Europe.

The share of coal in electricity production should therefore increase slightly worldwide in 2022, even if it is declining in China thanks to renewable energies. Gas-fired electricity, on the other hand, is expected to decline by 2.6% worldwide.

. In the first half of 2022, the gas prices in Europe were four times higher than in the 1st half of 2021coal prices three times higher, in turn boosting electricity prices.

Global demand for electricity has slowed sharply in 2022, under the effect of the reduction in economic activity and the surge in prices, which should allow a slight decline in the sector’s greenhouse gas emissions despite of maintaining coal, the International Energy Agency (IEA) said on Wednesday. This year, the growth of renewable capacities (solar and wind) should thus exceed that of electricity consumption. Carbon dioxide (CO2) emissions from electricity production should therefore fall from the peak reached in 2021, despite the return of coal in some countries, estimates the IEA in a report on energy markets. electricity. However, this decline in emissions should be less than 1%, she tempers. This year, electricity demand is expected to grow by 2.4%, compared to a 6% increase in 2021, the year of post-pandemic recovery, the analysis estimates. This figure brings the world back to growth roughly similar to pre-Covid. Regarding the sources of this electricity, production from renewable sources should grow by more than 10% in 2022, thanks to a record level of new installations. The volume of electricity from fossil fuels is expected to decline by 1% overall. As for nuclear, its production should decline by 3%. But due to high gas prices and supply difficulties linked to the Ukrainian context, coal is making a comeback in certain regions, particularly Europe. The share of coal in electricity production should therefore increase slightly worldwide in 2022, even if it is declining in China thanks to renewable energies. Gas-based electricity, on the other hand, is expected to decline by 2.6% worldwide. In the first half of 2022, gas prices in Europe were four times higher than in the first half of 2021, coal prices three times higher, in turn boosting electricity prices.

.

Comments

0 comments

Leave a Comment

Your email address will not be published.