The world is on the cusp of an „age of electricity,“ as the International Energy Agency (IEA) shows in its World Energy Outlook presented on Wednesday. It predicts that demand for fossil fuels will peak by the end of the decade and then fall. After that, an oversupply of fossil fuels will probably lead to lower prices, which will allow countries to invest more in the expansion of clean energies, predicts IEA Chairman Fatih Birol. According to the IEA, investment in electricity grids and energy storage systems must increase if renewables are to continue to grow at such a rapid pace.