Despite a 2 percent decline in global electricity demand in 2020, power demand in Bangldesh surged by 15 precent amid the pandemic, according to official data.
Bangladesh’s Power sector is back on track with a 15 per cent year-on-year rise in demand as industrial production resumed on a full scale despite the coronavirus pandemic. “We have noticed a 15 per cent increase in electricity demand in October this year compared to the same period last year. It proves that we have already begun our normal life and doing great in overcoming the impact of COVID-19 crisis,” said Former Power Division Secretary Dr Sultan Ahmed.Coronavirus pandemic crisis has caused a 2 percent decline in global electricity demand in 2020, according to the International Energy Agency (IEA).
The report published titled: "'Electricity Market Report" on Monday pointed out that falling demand, lower fuel prices and the increase in renewable generation have dragged down wholesale electricity prices in 2020.
According to the report, electricity demand is set to grow by around 3 percent with the recovery of the world economy in 2021.
Electricity generation from renewable energy – such as hydropower, wind and solar – is forecast to grow by almost 7 percent in 2020, squeezing conventional power sources.
China, India and other emerging economies set to lead growth next year, though the recovery in demand will be less strong than after the global financial crisis, new IEA report says
The IEA’s wholesale electricity market price index, which tracks price movements in major advanced economies, shows an average price decline of 28 percent this year, after having already fallen by 12 percent in 2019, says the report.The report also revealed that the growth of renewable power generation is forecast to continue in 2021 with an increase of more than 6 percent, expanding the share of renewables in the power mix to 29 percent from 28 percent in 2020.
“Electricity has a central role in today’s energy world – a role that will only increase in importance as clean energy transitions accelerate,” said Dr Fatih Birol, the IEA’s Executive Director.
The expected net result globally is that coal-fired generation increases by around 3 percent in 2021, while gas-fired plants increase output by roughly 1 percent.