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A development that may explain what is happening in Iraq.. Global electricity demand growth doubled last year
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Baghdad Today - Follow-up
The International Energy Agency expects global electricity demand to grow in 2024 and 2025 at the highest rate in the past two decades, with renewable energy (solar and wind) expected to account for three-quarters of this growth.
According to a recent report, which Baghdad Today reviewed today, Friday (July 19, 2024), the demand for electricity is expected to grow globally by about 4% in both 2024 and 2025, compared to 2.5% during the past year 2023, which means double the rate, which is something that may be consistent with what is happening in Iraq.
This would be the fastest annual growth rate in electricity demand since 2007, excluding the record recovery following the global financial crisis and the COVID-19 pandemic.
Global electricity demand is growing at its fastest pace in years, driven by strong economic growth, extreme heat waves and the continued electrification of the transport and heating sectors.
Solar photovoltaic (PV) alone is expected to meet nearly half of global electricity demand growth in 2024 and 2025, with solar and wind together accounting for up to 75% of growth, according to the International Energy Agency’s (IEA) Electricity Market Report released on Friday, July 19, 2024.
It seems that what is happening in Iraq in terms of increased demand and decreased supply is linked to the global context, as demand for energy jumped this year to more than 48 thousand megawatts, compared to 37 thousand megawatts last year.
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