New Energy
Global Power Demand Is Surging on AI and Aircon, IEA Says
- AI plays a big role in demand, but future forecasts are tricky
- Scorching heat waves are pushing up sales of air conditioners
Heat waves will continue to push electricity demand, with May 2024 the Earth’s 12th consecutive month of record-breaking temperatures.
Photographer: Prashanth Vishwanathan/BloombergThis article is for subscribers only.
The world’s demand for electricity in 2024 is set to grow at its fastest pace in years, but clean energy sources will also soar through 2025, the International Energy Agency forecasts.
“The 4% growth expected for 2024 is the highest since 2007, with the exceptions of the sharp rebounds in 2010 after the global financial crisis and in 2021 following the Covid-induced demand collapse,” the report states, citing hotter weather, economic growth and strong demand, especially in China, India and the US.