Electricity Market Report 2023 released.

• It is released by International Energy Agency (IEA).
• Observations
  • World electricity demand remained resilient in 2022 amid global energy crisis triggered by Russia’s invasion of Ukraine.
  • Renewables and nuclear energy will dominate growth of global electricity supply over next three years, meeting more than 90% of additional demand.
  • India Specific findings
    • Demand growth to rise close to 5.6% on average per year during 2023-2025.
    • Gas-fired output fell by 36% in 2022 due to higher imported gas prices.
    • Because of higher coal-fired generation, total power generation CO2 emissions rise by 8% from 2022 levels by 2025, despite falling CO2 intensity.

About International Energy Agency

• It is an autonomous Intergovernmental Organisation established in 1974 in Paris, France.
• It mainly focuses on its energy policies which include economic development, energy security and environmental protection. These policies are also known as the 3 E’s of IEA.
• Established in the wake of the oil crisis of 1973-1974, to help its members respond to major disruptions in oil supply.
• Mission: Ensure reliable, affordable and clean energy for its member countries and beyond.
• Focus Areas:
  • Energy Security
  • Economic Development
  • Environmental Awareness
  • Engagement Worldwide
• Major Reports:
  • World Energy Outlook Report.
  • World Energy Investment Report.
  • World Energy Statistics.
  • World Energy Balances.
  • Energy Technology Perspectives.
  • India Energy Outlook Report.