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In its first Electricity Market Report, the International Energy Agency said that in 2020, China will be the only major economy
in the world to show positive electricity demand.
And by 2021, China and India will lead the growth in global electricity demand, although consumption will recover at a slower pace than after
the 2008 global financial crisis.
The Paris-based International Energy Agency reiterated the green shoots of India's economic recovery in its latest forecast, predicting in its World Oil Market Report 2020 in October that India would be the driving force
behind the recovery in global oil demand.
However, the report expects global electricity demand to fall by a historic level of about 2% in 2020 due to the impact of the Covid-19 pandemic
.
"This is the largest annual decline since the mid-20th century, and this decline is much larger than the level after the global financial crisis, which led to a 0.
6%
drop in electricity demand in 2009.
National and regional lockdowns due to Covid-19 have brought almost all economic activity to a difficult
point.
India's electricity demand, for example, fell by more than
a quarter in April.
With the easing of lockdowns starting in June, demand is growing
at an average rate of 4-5% per month.
As the recovery takes root and the economy returns to growth, India's electricity consumption will also rise
, driven by the electrification of 100% of households and the recovery of industrial activity.
But despite this growth, India will still lag behind China
.
The IEA reports that China will be the only major economy
with increased electricity demand in 2020.
Demand is expected to grow by about 2 percent, or about 28 percent of global electricity consumption, but still well below the average since 2015 (6.
5 percent
).
Notably, the report expects renewable generation to grow by 7% by 2020, which will compress conventional generation
.
Long-term contracts, priority access to the grid, and the continued installation of new power plants have all laid the foundation
for strong growth in renewable electricity production.
"Falling demand for electricity, combined with an increased supply of renewable energy, has accelerated the decline in the
use of coal, natural gas and nuclear power.
"
Coal-fired power generation is estimated to fall by around 5 percent in 2020, the largest decline on record, bringing it back to 2012 levels
.
Nuclear power generation is expected to decline by about 4% in 2020, both of which have been affected by the pandemic and lower capacity availability, especially in the first half of the
year.
China is an exception: its nuclear power production has increased by about 6%
due to the commissioning of new capacity.
In its first Electricity Market Report, the International Energy Agency said that in 2020, China will be the only major economy
in the world to show positive electricity demand.
And by 2021, China and India will lead the growth in global electricity demand, although consumption will recover at a slower pace than after
the 2008 global financial crisis.
The Paris-based International Energy Agency reiterated the green shoots of India's economic recovery in its latest forecast, predicting in its World Oil Market Report 2020 in October that India would be the driving force
behind the recovery in global oil demand.
However, the report expects global electricity demand to fall by a historic level of about 2% in 2020 due to the impact of the Covid-19 pandemic
.
"This is the largest annual decline since the mid-20th century, and this decline is much larger than the level after the global financial crisis, which led to a 0.
6%
drop in electricity demand in 2009.
National and regional lockdowns due to Covid-19 have brought almost all economic activity to a difficult
point.
India's electricity demand, for example, fell by more than
a quarter in April.
With the easing of lockdowns starting in June, demand is growing
at an average rate of 4-5% per month.
As the recovery takes root and the economy returns to growth, India's electricity consumption will also rise
, driven by the electrification of 100% of households and the recovery of industrial activity.
But despite this growth, India will still lag behind China
.
The IEA reports that China will be the only major economy
with increased electricity demand in 2020.
Demand is expected to grow by about 2 percent, or about 28 percent of global electricity consumption, but still well below the average since 2015 (6.
5 percent
).
Notably, the report expects renewable generation to grow by 7% by 2020, which will compress conventional generation
.
Long-term contracts, priority access to the grid, and the continued installation of new power plants have all laid the foundation
for strong growth in renewable electricity production.
"Falling demand for electricity, combined with an increased supply of renewable energy, has accelerated the decline in the
use of coal, natural gas and nuclear power.
"
Coal-fired power generation is estimated to fall by around 5 percent in 2020, the largest decline on record, bringing it back to 2012 levels
.
Nuclear power generation is expected to decline by about 4% in 2020, both of which have been affected by the pandemic and lower capacity availability, especially in the first half of the
year.
China is an exception: its nuclear power production has increased by about 6%
due to the commissioning of new capacity.
