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US EIA forecasts record highs in power consumption during 2024-2025

The US Energy Information Administration (EIA) has published its latest Short-Term Energy Outlook (STEO) in which it expects that the US power consumption will rise by 2.5% in 2024 and by 0.7% in 2025. The forecasted levels compare to those seen in 2023, when power demand reached 4,000 TWh and the last record high power consumption level was of 4,003 TWh in 2018. The EIA also expects 2024 power sales to rise by 3.8% for residential consumers, by 1.5% for commercial customers and by 1.7% for industrial customers.

Natural gas’ share of power generation in 2024 is expected to stay at 2023 level (42%), with a slight decrease to 41% in 2025. Coal’s share is forecast to fall from 17% in 2023 to 15% in 2024 and 14% in 2025 with the increase of renewable energy output from 21% in 2023 to 24% in 2024 and 25% in 2025. The share of solar generation should increase from 4% in 2023 to nearly 6% in 2024 and 7% in 2025, while that of wind should remain stable at 11% (+9% increase in wind power generation between 2023 and 2025).

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