Global Electric Demand Slowed in 2022, but Future Trends Depend on China, India

February 10, 2023--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Despite the economic and energy tumult stemming from Russia's invasion of Ukraine a year ago, worldwide electric demand growth declined only slightly last year, rising 2% compared to a 2.4% annual growth rate for the pre-pandemic years, according to a new report from the International Energy Agency (IEA) (Paris, France).

The global average growth rate included a wide range of electric demand patterns on a national and regional basis. U.S. electric demand rose 2.6% in 2022 compared to 2021, said the IEA report, "Electricity Market Report 2023," which was released February 8. U.S. electric use last year grew slightly over its 2021 demand growth rate. Going forward, the U.S. electric demand is expected to increase by a compound annual growth rate (CAGR) of 0.6% per year over the 2023-2025 period.