According to the International Energy Agency (IEA), the ongoing economic downturn and energy crisis will slow global power demand growth in 2023 and then rebound in 2024.

Energy consumption is expected to grow by less than 2% globally in 2023, from 2.3% in 2022 and 2.4% on average over the previous five years before COVID-19.

According to the IEA data, the global growth rate is projected to rise to 3.3% in 2024 as the economic outlook improves.

The agency, based in Paris, predicted renewable energy would cover the expected amount in 2023 and 2024, and power from renewable sources would exceed 33% of the total global power supply for the first time in 2024.

Nonetheless, hydropower declined by 2% in 2020–2022, compared to 1990–2016 figures, which represent about 240 terawatt-hours.

According to the IEA, predicting hydropower challenges related to climate change and planning accordingly will be critical for the efficient and sustainable use of hydro resources.

According to the IEA, the increase in renewable energy deployment should help reduce global emissions because emissions growth in China and India is anticipated to be partially offset by declines in other nations where natural gas is replacing coal and renewable energy deployment is increasing.

According to IEA data, the European Union is responsible for 40% of the overall reduction in emissions from power generation.

Despite the disruption brought on by Russia's invasion of Ukraine, wholesale electricity prices are still significantly higher than they were in 2019. In India, prices are up 80%, and in Japan, prices are up more than 30%.