Demand for electricity is predicted to increase significantly.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Global electricity demand is expected to rise sharply in 2024 and 2025, says a new report from the International Energy Agency (IEA).

Demand is forecast to grow by around 4%, up from 2.5% in 2023 – the highest annual growth rate in the past two decades, excluding the rebounds seen after the global financial crisis and the COVID-19 pandemic.

The growth is driven by factors including strong economic activity, increased use of air conditioning amid intense heatwaves, and increasing uptake of technologies like electric vehicles and heat pumps.

Source: newsthemegh.com