Global hydropower generation up 10% in 2024

There is an increasing trend for pumped storage hydropower.

Hydropower remains the world’s largest renewable energy source, growing 10% to 4,578 terawatt-hours in 2024 in terms of generation.

In its latest World Hydropower Outlook, the International Hydropower Association (IHA) said this performance reflects a rebound from drought-affected lows the previous year.

The global hydropower capacity also added  24.6 gigawatts (GW) last year. It supplied 14.3% of global power and supports power system flexibility in more than 150 countries.

IHA said the global capacity additions included 8.4 GW of pumped storage hydropower (PSH), up 5% to 189GW, signalling an accelerating trend.

“Annual PSH additions have nearly doubled in the past two years, raising the five-year average to 6 GW per year, up from 2 GW to 4 GW across the previous two decades,” the study noted.

The development pipeline increased 8% to 1,075 GW by the end of 2024. This includes 600 GW of PSH and 475 GW of conventional projects, with most of the under-construction capacity expected to be commissioned by 2030.  

Despite this development, IHA warned of a potential shortfall of 60 GW to 70 GW by 2030 against the International Renewable Energy Agency’s hydropower target in its “tripling renewables” scenario.

“Continued momentum will require bold policy action, including reforms to reward hydropower’s multiple benefits, and faster permitting,” IHA President Malcolm Turnbull said.