According to the US EIA, wholesale electricity prices during 2024 were slightly lower and more stable than those seen in 2023 due to lower gas prices, higher lower-cost renewable power generation and new battery storage capacity.
Coal and natural gas had similar prices for most of 2024, although coal showed a less efficient generation making it a more expensive source in comparison to natural gas. Gas-fired power generation increased in most regions, except in California and the Southwest region where it was displaced by solar generation. Solar, wind and nuclear generation rose in 2024, due to their increase in capacity (25 GW of solar, 3.7 GW of wind and 2.2 GW of nuclear capacity were added over the January-November 2024 period), while power generation from hydro and other sources decreased during the year due to drought or a change in the classification of the other sources.
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