Global demand for electricity is predicted to rise by 4.5% in 2021 – equivalent to 1,000TWh – following heavy reductions as a result of COVID-19.
Electricity demand in Great Britain returned to pre-COVID-19 levels in Q1 2021, with tight margins being a common feature of the quarter.
National Grid ESO has agreed to pay £1.5 million to Ofgem’s voluntary redress fund after it failed to provide unbiased and accurate seven-day ahead electricity demand forecasts in 2017.
Demand is forecast to continue to be low this summer, although some resurgence is expected in comparison to levels seen in 2020.
Power consumption is set to more than double by 2050 as electrification increases, according to new research from McKinsey.
Global electricity demand is on track to drop 5% over 2020, eight times the reduction seen in 2009 as a result of the financial crisis.