EIA: US power consumption will reach new highs by 2024 and 25.

The U.S. Energy Information Administration's (EIA) Short Term Energy Outlook, released on Tuesday, predicted that the U.S. electricity consumption would reach record levels in 2024-2025.

EIA projects that the demand for electricity will increase to 4,101 billion Kilowatt Hours (kWh) by 2024, and 4,185 billion in 2025.

This compares to 4,000 billion kWh by 2023, and a record setting 4,067 trillion kWh by 2022.

EIA predicted that by 2024, the number of residential customers would increase to 1,503 billions kWh, while commercial customers will see 1,413 billions kWh and industrial customers 1,039 billions kWh.

This compares to all-time records of 1,509 kWh for residential customers in 2022, 1391 kWh in 2020 for commercial customers, and 1,064 kWh in 2000 industrial customers.

EIA predicted that natural gas would continue to dominate power generation in 2024 at the same level as in 2023 before dropping to 39% by 2025. Coal's percentage will drop from 17% to 16% by 2024 and 25 as the renewables output increases.

Nuclear power will remain at 19% by 2024 and 2025.

EIA predicted that gas sales for residential customers would remain at 12,3 billion cubic foot per day (bcfd), but for commercial customers, they will increase to 9,3 bcfd, while power generation will reach 36,1 bcfd. Industrial customers, however, are expected to drop to 23,2 bcfd.

This compares to all-time records of 14.3 billion cubic feet per day (bcfd) in 1996 for residential customers, 9.6 billion cubic feet per day in 2019 for commercial clients, 23.8 million cubic feet per day in 1973 for industrial consumers and 35.4 billion cubic foot in 2023 for electricity generation. (Reporting and editing by Aurora Ellis; Scott DiSavino)

(source: Reuters)