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The US Energy Information Administration (EIA) has released its latest forecast, predicting that electricity consumption in the US will surge to record highs in 2024 and 2025.
This increase is attributed to growing demand across various sectors, including residential, commercial and industrial users.
According to the EIA’s projections, the electricity demand will rise significantly, driven partly by economic growth and increased activity in sectors such as data centres and manufacturing.
This surge in demand comes despite efforts to improve energy efficiency across many industries.
According to the latest Short-Term Energy Outlook from the EIA, natural gas prices are set to rise by about 36% in the latter half of 2024 compared to the first half, leading to a decrease in natural gas-fired electricity generation, which is the primary source of electricity in the US.
The EIA forecasts a 2% increase in electricity demand in the latter half of 2024 compared to the same period last year.
In response, the agency anticipates a significant increase in electricity generation from renewable sources, particularly solar power, alongside a heightened reliance on coal.
Solar electricity generation is expected to surge by 42%, with wind power increasing by 6%, hydropower by 3%, and coal by 3% over the same period.
The forecast also takes into account expected changes in weather patterns and economic conditions, which could further influence electricity consumption trends in the coming years.
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