IEA Electricity Market Report 2023 Released
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The International Energy Agency (IEA) recently published its Electricity Market Report 2023, which predicts that nuclear generation and renewable energy will play critical roles when it comes to the future of the global energy supply. According to the report, global electricity demand is expected to increase 3% per year through 2025, and 90% of this additional demand will be met by renewables and nuclear energy.
Key Points from the Electricity Market Report 2023
Globally, renewable energy is set to increase more than all other sources combined over the 2023-2025 period, predicted to grow by 9% annually. This will bring clean energy’s share of the global power generation mix to 35% in 2025, up from 29% in 2022.
In terms of nuclear generation capacity, it declined by 4.3% in 2022 due to outages as well as the decommissioning of nuclear plants in France, Belgium, Germany and Ukraine. However, nuclear output is expected to grow an average of 3.6% per year from 2023 to 2025, more than half of which will originate from China, India, Japan and Korea.
Nuclear energy, along with clean energy, will play a key role in the achievement of renewable energy goals and emissions targets. It is cleaner than gas and oil, and extremely reliable to boot. Unfortunately, a couple of historical nuclear events have clouded the perception of this fuel source’s benefits, but based on the IEA report, this bias is starting to fade.
Aside from the predicted growth in global demand as well as the increasing influence of renewable energy sources, other trends noted by the Electricity Market Report 2023 include, but are not limited to, the continued pattern of extreme weather, the acceleration in the development of clean energy technologies, and the ever-growing need to fortify cybersecurity strategies and tactics.
Overall, the Electricity Market Report 2023 is a great read and has a ton of insights and statistics. I recommend giving it a read. Enjoy!
