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Thursday, May 19, 2022

Electricity Demand Might Spike The Rates Drastically

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Electricity demand is rising with each day. The world is experiencing a rapid process of globalization. New industries are being set up at every moment. Technological advancements are also going leaps and bounds.

All these activities have one thing in common. They require a huge amount of electricity in their operation. Large-scale sectors require an insane amount of electricity to function properly. Apart from the industries, households also need electricity to function.

Overpopulation is a real threat to the world. Recently more and more housing complexes are being set up. An area that previously used electricity for four families now demands an electric supply for forty families.

Read: Pune Housing Complex Derives Electricity From Foods?

Such a drastic level of demand has impacted the production of electricity to a great extent. Electricity is predominantly obtained from fossil fuels. They are a nonrenewable source of energy. This means that using them as a source to suffice the electricity demand will eventually exhaust them.

A recent study has revealed some concerning facts about the growing electricity demand. It has been found that the prices of electricity might go up to an insane amount in the future. A large contributor to the rising prices is that fossil fuels are running out.

Various countries are working very hard towards harnessing electricity from renewable sources. Solar energy is one of the biggest sources when it comes to alternative energy. A lot of economies have already switched to solar power.

Read: Solar Park: The Mega Project Of India

However, the process of harnessing the sun’s energy is very much expensive. Recent news went viral about a solar park in Rajasthan. The Bhadla Solar Park is expected to cater a lot towards the benefit of the residents.

The agency of International Energy has come up with a staggering fact. They stated that a record number of increase in demand has been last year. Let us learn more about the story in detail below. 

Electricity Demand Can Be A Serious Threat 

The rising electricity demand resulted in a number of problems last year. Several accounts of power cuts and blackouts were recorded. All these affected the economies of the countries significantly.

The IEA has conducted a study on the trending requirement of electricity. They stated that such huge demands might continue for a long time. Such high demands will hurt the consumers.

The prices are feared to rise at insane proportions. This might make electricity the most expensive thing in the world. Consumers would have to do without electricity, which would be a nightmare of a situation.

The IEA has thus, issued a warning to look into the matter seriously. Countries have been warned about the grave consequences the high electricity demand might have. They have urged all the nations to come forward and work towards an alternative source of energy soon. 

Electricity Demand: Alternate Sources Should Be Given Emphasis

Fatih Birol works as the executive director of IEA. He stated that the rise in prices will make life difficult for many families. Birol said that many businesses will be forced to shut down. Thus, it is high time for everyone to think about an alternate source of energy.

The study conducted by IEA recorded a spike of six percent in the last year. China seems to be the most demanding nation. The electricity demand in China alone spiked by ten percent.

Despite the rising demands, China could not cope. The country suffered from frequent power cuts throughout the year. India followed just behind China. The huge population of India means they will be requiring more electricity to operate.

Countries like the UK have had electricity prices reaching a record high. Thus, it is high time to find the root cause of the problem and solve it. Otherwise, the whole world would be left in total darkness soon. 

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