Electricity Market Report – Update 2023

Outlook for 2023 and 2024

Photo depicts an High power electricity poles in urban area.

About this report

Since the release of the IEA’s Electricity Market Report 2023 in February, the global energy crisis has continued to affect many parts of the world. Higher costs for energy commodities as well as economic slowdowns in various regions are still impacting electricity market trends across the globe.

This report presents our latest data for 2022 as well as forecasts for global electricity demand, supply and emissions through 2024. The latest developments in China, United States, European Union, and India are explored. Wholesale electricity prices, which remain above pre-2021 levels in many regions, are also discussed in detail.

The update includes a special focus on the recent evolution of electricity demand in Europe and its drivers. The impact of weather on electricity demand and supply, which is increasingly evident globally, is also covered in a dedicated analysis.