Why you need to know how to think about electricity in 2020, and what you should be doing, by Scott Pemberton, FT (US)
By 2020, global electricity demand is expected to double from 2.5 terawatt hours to 8 terawatts per year.
By the time this happens, the global economy will need to increase electricity generation by 5% per year, a new report from the International Energy Agency says.
The IEA’s new report looks at electricity demand growth across all countries in 2020.
It’s based on a new survey of electricity producers, suppliers, utilities, and consumers, which will be released in April 2020.
“As we move towards a new decade, electricity demand will grow at a much faster pace than the electricity supply,” said IEA energy analyst Michael Osterholm.
“Demand is growing faster than supply.”
The key to growth is more efficient use of resources, Osterholms report notes.
For example, we could shift the focus from coal to renewable energy, but we don’t have the time to do that, he said.
The report also looks at how power generation will evolve in 2020 in countries around the world.
Countries that have already seen a significant increase in electricity demand in the past year are projected to increase their electricity generation in 2020 from just under 6% to around 8% of total demand.
This is because of improvements in efficiency, Oesterholm said.
That means more efficient and cleaner power generation.
The IEA expects the global electricity market to grow by more than a third by 2020.
The biggest challenge for energy companies is finding ways to get electricity prices to keep up with the increase in demand.
It means more expensive power, which means less money for customers, and more expensive bills, Oasterholm said, and that means fewer customers will be able to pay for the power they use.
The United States, Europe, and China will all see the greatest increases in electricity prices, according to the report.
And they’re not the only countries where this will be the case.
Australia and India will see electricity prices rise the most.
The United Kingdom will see a 2.9% increase in prices in 2020 compared to 2020, while Germany will see an increase of around 1.6%.
Osterholm said the IEA report does not include the changes that will happen to the supply side of the energy market as demand and supply are adjusted.
This includes things like natural gas, nuclear, and solar.
Osterhols report comes a few months after the World Bank said the world is on track to meet the 2020 energy targets for 2030.
That year, the world’s total energy demand will rise from 3.2 terawats per person to 6.5 trillion terawat hours.
The World Bank has said it will reach its energy target by 2030.
In the last decade, the growth of electricity generation has been more rapid than demand growth.
By 2020 the world will have nearly double the electricity generation capacity of the year before.
The report predicts that demand growth will be driven by a combination of technological advances, as well as the increased use of renewable energy.