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

The U.S. Energy Information Administration stated in its Wednesday Short Term Energy Outlook that the U.S. will reach record levels of power consumption in 2024-2025.

EIA projects that the demand for electricity will increase to 4,090 kilowatt hours in 2024, and 4,158 kWh in 2020.

This compares to 4,012 billion kWh by 2023, and a record of 4,067 in 2022.

EIA predicted that by 2024, residential customers would purchase 1,492 billions of kWh, commercial customers 1,426 billions kWh, and industrial customers 1,027 billions kWh.

This compares to all-time records of 1,509 kWh for residential customers in 2022, and 1,391 kWh for commercial customers in 2022.

EIA predicted that natural gas would continue to dominate power generation in 2024 at the same level as in 2023 before dropping to 40% in 2020. Coal's percentage will drop from 17% to 15% between 2024 and 25 as the renewables increase.

According to the Energy Outlook, renewable energy will increase from 22% to 23% by 2024, and then to 25% by 2025. Nuclear power will remain at 19% until 2025.

EIA predicted that by 2024, gas sales for residential customers would drop to 11.9 billion cubic foot per day and for industrial customers to 23.3 bcfd. Gas sales for commercial customers were expected to remain at 9.1 bcfd and for power generation, they are projected to rise to 36.7bcfd.

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 billion cubic feet per day in 1973 for industrial consumers and 35.5 million cubic foot in 2023 for electricity generation. Bill Berkrot edited the report by Scott DiSavino.

(source: Reuters)