Economic downturn means lower demand for energy

At the recent G8 Energy Ministerial Meeting in Rome, the International Energy Agency (IEA) predicted that global electricity consumption will fall this year for the first time since 1945.

IEA projected a drop of as much as 3.5% in global electricity demand in 2009. Three-quarters of the decline is attributed to reduced industrial use, with reduced manufacturing in China and India having significant impact. IEA also told the energy ministers that global investment in renewable energy could drop as much as 38% in 2009, compared to its peak investment year of 2007.

Long-term growth in global electricity demand and increasing investment in renewable energy technologies are both expected to pick up following the current recession and continue recent, rapid growth patterns.

Check out the IEA slides from the meeting here:

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