Electricity market report update: outlook for 2023 and 2024

Overall growth in electricity demand worldwide is expected to ease in 2023 as advanced economies grapple with the ongoing effects of the global energy crisis and an economic slowdown, according to this IEA’s latest Electricity Market Report. The report’s July update, finds that electricity demand in the United States is expected to decline by almost 2% this year while demand in Japan is forecast to fall by 3%. Electricity demand in the European Union is set to drop by 3%, similar to the decrease recorded in 2022. Following these two consecutive declines, which together amount to the EU’s largest slump in demand on record, EU electricity consumption is poised to drop to levels last seen in 2002.