The following is the Electricity market report 2020 From IEA recommended by recordtrend.com. And this article belongs to the classification: new energy, Consumer research, research report.
IEA (International Energy Agency) released the “2020 electricity market report”. In 2020, global electricity demand will drop by about 2%. This is the largest annual decline since the mid-20th century, much larger than the decline after the global financial crisis. This year’s contraction is due to the covid-19 pandemic and its impact on economic activity.
China is the only major economy with increasing electricity demand in 2020. However, China, which accounts for about 28% of global electricity consumption, is expected to see demand growth of about 2%, much lower than the average since 2015 (6.5%). China’s demand is growing after stringent health measures were implemented at the beginning of this year and a decline in electricity demand in the first quarter. Although demand picked up in many economies in the northern hemisphere in summer and autumn, major countries, including the United States, India, Europe, Japan, South Korea and Southeast Asia, declined throughout the year.
In 2020, renewable energy generation is expected to grow by nearly 7%, which will compress traditional generation. Coal fired power generation is estimated to decline by about 5% in 2020, the largest decline on record, bringing it back to 2012 levels. Nuclear power generation is expected to decline by about 4% in 2020, both of which are affected by the pandemic. China is the main exception: nuclear power production in China has increased by about 6% as new capacity is put into use.
Gas power generation is expected to decline by 2% and lower natural gas prices will ease its decline, enabling it to capture market share of coal, especially in the United States and Europe. Overall, CO2 emissions related to power generation are expected to decline by 5% in 2020, much larger than the decline in global electricity demand.
Wholesale electricity prices have plummeted in 2020. After a 12% decline in 2019, the average price will fall by another 28% in 2020.
Following the shock in 2020, a moderate rebound is expected in 2021. With the global economic recovery in 2021, global electricity demand is expected to grow by about 3%. Demand growth is expected to be driven by emerging and developing economies, particularly China and India.
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