International Energy Agency: Global electricity demand will continue to grow rapidly this year and next year

The International Energy Agency released a report on the 23rd stating that despite recent conflicts in the Middle East disrupting the global natural gas market and driving up power generation costs in many regions, global electricity demand is expected to continue growing rapidly over the next two years due to sustained increases in electricity usage from industries, household appliances, cooling, electric vehicles, and data centers. The report projects that global electricity demand will increase by 3.6% in 2026 and 3.8% in 2027, both higher than the 3% growth rate expected in 2025. By 2027, global electricity consumption is forecast to reach 30,700 terawatt-hours. The report anticipates that renewables will surpass coal to become the world’s largest power source by 2026. Solar photovoltaic generation is expected to increase by around 600 terawatt-hours in 2026, and could surpass wind to become the world’s second largest renewable energy source after hydropower. The report notes that weather changes remain a key uncertainty for the outlook of global electricity demand. If the El Niño phenomenon in 2026 is stronger than expected, increased cooling demand could further boost global power consumption. (Xinhua News Agency)