EIA says that US power consumption will reach new highs by 2024 and 25.
The U.S. Energy Information Administration stated in its Tuesday Short Term Energy Outlook that the U.S. will reach record levels of power consumption in 2024-2025.
EIA projects that the power demand in 2024 will reach 4,086 kilowatt hours and 4,165 kWh. This compares to 4,012 billion in 2023, and a record of 4,067 in 2022.
EIA predicts that by 2024, residential customers will purchase 1,494 billion kWh of electricity, commercial customers 1,420 billion and industrial customers 1,026 billion.
These forecasts are compared to the all-time records of 1,509 billions kWh for residential customers in 2022; 1,408 trillions kWh for commercial customers in 2023 and 1,064 trillions kWh for industrial consumers in 2000.
EIA predicted that natural gas would increase its share in power generation from 42% to 43% by 2024, before slipping to 40% by 2025. 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% in 2025. Nuclear power will remain at 19% until 2025.
EIA predicted that by 2024, gas sales for residential customers would drop to 12.1 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 to rise to 37.0bcfd.
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 35.5 Bcfd by 2023 for electricity generation. (Reporting and editing by Leslie Adler; Scott DiSavino)
(source: Reuters)
