The year 2022 saw power systems facing challenges in multiple regions due to extreme weather events such as heatwaves, droughts, and winter storms, resulting in power outages and low hydropower output. This has highlighted the urgent need to increase the flexibility of the power system and enhance the security of electricity supply to better cope with weather-related contingencies.
Additionally, the surge in fossil fuel prices following Russia’s invasion of Ukraine compounded the supply situation, leading to a fuel switching wave to coal for power generation. However, global coal-fired generation is forecast to plateau in 2023-2025, with renewable power generation set to increase more than all other sources combined, making up over one-third of the global generation mix by 2025.
Nuclear output is expected to grow by 3.6% per year on average, mainly due to the increase in Asia Pacific, plus French generation returning to normal. As a result, low-carbon generation sources – renewables and nuclear together – are expected to meet on average more than 90% of the additional electricity demand over the next three years, unless developments in the global economy and weather events change the trends in electricity demand and fossil-fired generation.
Read the full Electricity Market Report from the IEA here: Electricity Market Report 2023 – Analysis – IEA
Where to from here?
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- The RIPPL Effect reports are also available on interest.co.nz (announced here The RIPPL Effect – The future starts here – Research IP (research-ip.com)).
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Research IP delivers high quality investment fund research and consultancy services to financial advisers, charities & NFPs and the broader financial services industry. Our experience spans well over 20 years working directly across the multiple facets of finance, so we understand the key drivers and challenges for managers, as well as the impact for investors and the broader industry.
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Photo credit: International Energy Agency
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