The US Energy Information Administration (EIA) has published its latest Short-Term Energy Outlook (STEO), where it estimates that the demand for electricity will increase by 2.3% and by 1.7% in 2024 and 2025, respectively, compared to 2023 levels. Electricity demand in residential homes is expected to increase by 3% in 2024 over hot summer temperatures and by another 1% in 2025, while electricity demand in the commercial and industrial sectors is expected to grow with a combined 2% in both 2024 and 2025.
The EIA expects the share of natural gas in the US’ power mix to remain stable at 42% in 2024 and to decline to 39% in 2025, while the share of coal should slightly decline from 17% in 2023 to 16% in 2024 and 2025. The share of renewable should continue to increase, from 21% in 2023 to 23% in 2024 and 25% in 2025. Nuclear power is expected to remain stable at 19% of the power mix between 2023 and 2025.
At a global scale, the EIA reduced its forecasts for world oil demand, expecting an increase from 102.1 mb/d in 2023 to 103.1 mb/d in 2024 and 104.3 mb/d in 2025. The US crude oil production should continue to increase, from 12.9 mb/d in 2023 to 13.2 mb/d in 2024 and 13.5 mb/d in 2025.
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