BAKU, Azerbaijan, July 20. For 2022, the International Energy Agency (IEA) expects renewables to reclaim the title of, in absolute terms, fastest-growing source of electricity supply, after having held it from 2018 to 2020 already but losing to coal in 2021, Trend reports.
IEA says in its latest report that boosted by record new capacity installations in 2021 and another expected record in 2022, and after being hampered by unfavourable weather in 2021, output could grow by over 10 percent in 2022.
This is the highest value on record and elevates the share of renewables in the supply mix to 30 percent (plus two percentage points).
“As nuclear generation is down 3 percent (induced by lower capacity availability and retirements in Europe), low-carbon generation grows in total by 7 percent, exceeding demand growth and pushing down global fossil fuel use by 1 percent. Despite high gas prices causing gas-to-coal switching and coalfuelled electricity demand growth in India, we expect global coalbased output to increase only slightly in 2022, mainly due to weak electricity demand in China and coal-supply restrictions in the United States. Global gas-based generation declines by 2.6 percent, as moderate growth in North America and the Middle East partly compensates losses in Europe, Eurasia and the Asia Pacific region. For 2023, we expect global renewables growth (plus 8 percent) to again exceed additional electricity demand. Along with rebounding nuclear (plus 3 percent), this results in a further decline of fossil fuel-fired power generation. Continued high gas prices could push down gas-fired generation by another 0.5 percent, while coal use declines by 1 percent,” reads the report.
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