Electricity demand across Eurasia saw a strong 4% increase in 2024, driven by economic expansion and population growth, according to the latest report from the International Energy Agency (IEA). Among the region’s key contributors, Uzbekistan and Turkmenistan led the surge in electricity production and exports.
Uzbekistan’s electricity generation grew by 4.7% in 2024, reflecting the country’s ongoing efforts to meet rising domestic demand. Although Uzbekistan’s power sector remains heavily reliant on gas, the government is advancing its renewable energy strategy. By 2030, the country aims to expand its wind and solar power capacity to 20 GW.
Turkmenistan, rich in natural gas reserves, continued to expand its electricity exports in 2024. The country supplied power to Afghanistan, Iran, Kyrgyzstan, and Uzbekistan, reinforcing its role as a key regional energy provider. Electricity exports to Kyrgyzstan, which began in 2021, reached 1.6 TWh in 2023 and were expected to grow to 1.7-2 TWh in 2024. Additionally, Turkmenistan agreed to supply Uzbekistan with up to 4 TWh of electricity per year, though exact trade volumes were undisclosed.
Kazakhstan, while not included in the core Eurasian projection, also reported a 4.8% year-on-year increase in power generation for January–November 2024. Fossil-based thermal generation accounted for approximately 85% of its energy mix, with coal providing 60% and gas-fired power contributing around 25%. Hydropower output surged by nearly 30% due to improved weather conditions, while wind power generation exceeded 4 TWh during the same period.
Looking ahead, the IEA forecasts continued growth in electricity demand across Eurasia, excluding Kazakhstan and Russia, at an annual rate of 3.7% between 2025 and 2027. The agency attributes this trend to increasing industrial activity, urbanization, and rising electricity consumption in residential and commercial sectors.
Globally, electricity demand surged by 4.3% in 2024 and is projected to maintain a similar trajectory through 2027. The acceleration is fueled by rapid industrialization, rising air conditioning use, and the expansion of data centers worldwide. Over the next three years, global electricity consumption is expected to increase by an unprecedented 3,500 TWh—equivalent to adding Japan’s entire electricity consumption annually.
