Record Highs in US Power Consumption Expected in 2024 and 2025
US Power Consumption Projection
The U.S. Energy Information Administration (EIA) has projected that power consumption in the United States will reach record highs in 2024 and 2025, according to its Short Term Energy Outlook (STEO) released on Tuesday.
Projected Increase in Power Demand
The EIA anticipates a surge in power demand to 4,112 billion kilowatt-hours (kWh) in 2024 and 4,123 billion kWh in 2025, compared to 3,994 billion kWh in 2023 and a previous record of 4,070 billion kWh in 2022.
Shift in Energy Usage
The rise in power consumption is attributed to the increasing use of electricity for heating and transportation, as opposed to traditional fossil fuels. The EIA forecasts residential power sales to reach 1,530 billion kWh in 2024, commercial power sales to hit 1,396 billion kWh, and industrial power sales to amount to 1,035 billion kWh.
These figures mark a significant increase from previous highs, reflecting a notable shift in energy consumption patterns across different sectors.
Renewable Energy on the Rise
The EIA’s projections also indicate a rise in renewable energy generation, with the percentage of renewable generation expected to increase from 22% in 2023 to 24% in 2024 and 26% in 2025. This growth is set to impact the share of power generated from different sources, with renewables playing a more significant role in the overall energy mix.
Impact on Gas Sales
Furthermore, the EIA forecasts a rise in gas sales for residential and commercial consumers, as well as power generation, in 2024. However, industrial gas sales are expected to decrease, reflecting the evolving landscape of energy usage and demand across various sectors.
These projections shed light on the changing dynamics of energy consumption and generation in the United States, pointing towards a future where renewable energy plays a more prominent role in meeting the nation’s power needs.
