IEA: New energy generation will account for 35% of global power generation by 2025, and energy storage demand will explode.

  On February 8, the International Energy Agency (IEA) released its 2023 Global Electricity Market report. Global electricity demand grew by nearly 2%, spurred by the electrification of transport energy and record sales of electric vehicles, according to the report.

It forecasts that electricity demand in the Middle East will grow by 2% annually over the next three years

  The IEA expects electricity consumption in the region to grow by 2.6% in 2022 and continue to grow at a similar but slightly reduced rate during the 2023-2025 forecast period. Natural gas remains the dominant fuel for electricity production in the region, and its share in total electricity generation is set to increase from 72 per cent in 2022 to 77 per cent in 2025. The share of oil in the generation mix will fall from 21 per cent to 14 per cent between 2022 and 2025.

----- from The Paper