IEA - Electricity Market Report, 2023-2024

The International Energy Agency's Electricity Market Report Update provides valuable insights into the outlook for 2023 and 2024, covering a wide range of energy issues. Since the release of the IEA’s Electricity Market Report 2023 in February, the global energy crisis has continued to affect many parts of the world. Higher costs for energy commodities as well as economic slowdowns in various regions are still impacting electricity market trends across the globe. The report presents the latest data for 2022 as well as forecasts for global electricity demand, supply, and emissions through 2024. It explores the latest developments in China, the United States, the European Union, and India, and discusses wholesale electricity prices, which remain above pre-2021 levels in many regions. The report also includes a special focus on the recent evolution of electricity demand in Europe and its drivers, as well as the impact of weather on electricity demand and supply, which is increasingly evident globally. Overall, the report highlights the ongoing impact of the global energy crisis on electricity market trends across the globe. Falling electricity consumption in advanced economies weighs on global growth in power demand. Global electricity demand growth is expected to ease in 2023 before accelerating in 2024. Demand is expected to grow by slightly less than 2% in 2023, down from a rate of 2.3% in 2022 and the average annual growth rate of 2.4% observed over the 2015-2019 period. The report also advocates for policies that enhance the reliability, affordability, and sustainability of energy.