Power consumption in the U.S. is expected to see a 1.24% year-on-year fall to 3,998 TWh in 2023 from 4,048 TWh in 2022 as more temperate climate curbs electricity demand, according to the Short-Term Energy Outlook issued by the Energy Information Administration (EIA) on October 11.

This figure is slightly higher than the prediction of 3,997 TWh last month.

According to the report, the U.S. power consumption is forecast to further increase to 4,074 TWh in 2024 compared to 4,077 TWh of last month's projection due to accelerated economic growth.

EIA predicted U.S. residential electricity consumption to decline 2.76% on the year to 1,480 TWh and industrial consumption down 1% from the preceding year to 998 TWh in 2023.

In 2024, U.S. residential power consumption is expected to go up again to 1,538 TWh and industrial electricity use to 1,013 TWh.

The report said natural gas share of the U.S. power generation is estimated to go up from 39% in 2022 to 42% in 2023 before sliding back to 41% in 2024. Coal's share will drop further from 20% in 2022 to 16% and 15% in 2023 and 2024 with growing output of natural gas and renewable energy.

The share of renewable generation is predicted to be unchanged at 22% in 2023 compared to 2022 and rise to 25% in 2024, while the share of nuclear power will rise from 19% in 2022 to 20% in 2023 before dropping back to 19% in 2024.

EIA projected the average U.S. natural gas consumption will reach 89.17 billion cubic feet per day (bcfd) in 2023, an increase of 0.8% year on year. Of this, residential consumption is expected to be 12.6 bcfd, down 7.35% YoY; commercial use to 9.2 bcfd, a 4.27% decrease YoY; and industrial use to decline from 23.36 bcfd in 2022 to 23.13 bcfd in 2023.

(Writing by Riley Liang  Editing by Emma Yang)
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