Input Stories

 
Energy demand rose at a significantly quicker pace worldwide in 2024 than it did on average annually from 2013 to 2023, “with electricity leading the way,” according to the International Energy Agency. 
 
What’s going on: “Global energy demand grew by 2.2% in 2024, a notably faster rate than the annual average of 1.3% seen between 2013 and 2023”—and “[t]he absolute increase in demand [in electricity] was the largest ever recorded.” 

• Though robust, the rise in appetite for energy—due in part to extreme weather events—grew more slowly than the worldwide economy, which expanded by 3.2% last year, near the long-term average.  
• Electricity demand grew 4.3%, faster than overall energy demand and GDP, reflecting “structural trends such as growing access to electricity-intensive appliances like air conditioning and a shift toward electricity-intensive manufacturing as well as increasing power demand from digitalization, data centers and AI.” 

Advanced economies lead: The rise in energy demand was led by advanced economies, “where demand grew by almost 1% … after declining 2% in 2023.”    

• In the U.S., demand rose by 1.7%. 
• In the European Union, it returned to growth for the first time since 2017. 
• Demand growth slowed in China and India.