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

The U.S. Energy Information Administration's (EIA's) 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 4,093 kilowatt hours (kWh) by 2024, and 4,163 kWh by 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 power sales for residential customers would increase to 1,503 billions kWh, while commercial customers will see 1,412 billions kWh and industrial customers 1,033 billions kWh.

This compares to all-time records of 1,509 billions kWh for residential customers in 2022; 1,391 billions kWh for commercial customers in 2022 and 1,064 trillions kWh for industrial customers in 2000.

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 by 2024, gas sales for residential customers would drop to 12.2 billion cubic foot per day (bcfd), and industrial customers to 23.3 bcfd. However, commercial customers will see a rise to 9.2 Bcfd and power generation to 36.4 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 Bcfd for industrial customers in 1973 and 35.4 Bcfd for power generation in 2023. Scott DiSavino is reporting.

(source: Reuters)