In March 2024, the average global electricity price stood at USD 0.162 per kilowatt-hour (kWh) for residential users and USD 0.181 per kWh for businesses. Europe reported the highest residential electricity prices at USD 0.228 per kWh, while Asia had the lowest at USD 0.082 per kWh.

The International Energy Agency (IEA) forecasts a 3.4% annual increase in global electricity demand through 2026, driven by economic growth and the electrification of residential and transport sectors. Emerging economies, particularly China and India, are expected to contribute significantly to this surge.

Technological advancements, notably in artificial intelligence and data centers, are projected to double electricity consumption by 2026. Data centers alone could consume over 1,000 terawatt-hours, equivalent to Japan’s current electricity usage.

Falling fossil fuel prices are anticipated to reduce electricity costs globally.

However, prices may remain above historical averages due to persistent inflationary pressures. Europe continues to experience some of the highest electricity prices worldwide.

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