CURRENT AFFAIRS

Detailed explanation-1: -Global electricity demand is seen rising 2.4 per cent in 2022, lower than the 3 per cent forecast in January, and is expected to maintain a similar growth rate in 2023, down from a 6 per cent rise in 2021 and in line with the five-year average prior to the COVID-19 pandemic.

Detailed explanation-2: -Forecasting power demand plays an essential role in the electric industry, as it provides the basis for making decisions in power system planning and operation. Electrical companies use various methods for predicting electricity demand. These are applied to short-term, medium-term, or long-term forecasting.

Detailed explanation-3: -Despite greater access to power in developing countries, over 789 million people across the globe remain in the dark. COVID-19 has had an impact on the sector, particularly by leading to a reduction of demand, financial stress, and disruptions to the power supply chain.

Detailed explanation-4: -The peak in fossil-fuels demand continues to move forward; oil is projected to peak in the next 5 years while gas remains the most resilient fossil fuel. Even if all countries deliver on their current net-zero commitments, global emissions remain far away from a 1.5ºC pathway.