Both the supply and demand of electricity is becoming more and more affected by the climate crisis. In 2022, Europe saw its worst drought in 500 years, China and India were hit by severe heatwaves and the US experienced damaging winter storms.

“The impact of weather events on electricity demand will intensify due to the increased electrification of heating, while the share of weather-dependent renewables will continue to grow in the generation mix. In such a world, increasing the flexibility of the power systems while ensuring security of supply and resilience will be crucial,” the IEA warns.

This view is reflected in the World Economic Forum’s Fostering Effective Energy Transition 2022 Edition report, which explains that diversifying the energy mix with a range of low-carbon sources can strengthen energy security.

“Renewable sources are mature and available for accelerated deployment, allowing countries to build more diversified, reliable and sustainable energy systems,” it says.