U.S. power consumption to slip in 2023, EIA

sxcoal.com Production & Sales, International 2023-11-10 08:59:07

Power consumption in the U.S. is expected to fall from 4,070 TWh in 2022 to 4,022 TWh in 2023 as warmer-than-average winter weather may curb electricity demand, according to the Short-Term Energy Outlook issued by the Energy Information Administration (EIA) on November 7.

This figure is higher than the prediction of 3,998 TWh last month.

According to the report, the U.S. power consumption is forecast to increase to 4,116 TWh in 2024, compared to 4,074 TWh of last month's projection due to accelerated economic growth.

EIA predicted U.S. residential electricity consumption to decline 2.72% on the year to 1,468 TWh and industrial consumption to rise from 1,020 TWh last year to 1,021 TWh in 2023.

In 2024, U.S. residential power consumption is expected to go up again to 1,528 TWh and industrial electricity use to 1,039 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 go up from 21% in 2022 to 22% in 2023 and further rise to 24% in 2024, while the share of nuclear power will remain steady at 19% in 2023 and 2024 compared to 2022.

EIA projected the average U.S. natural gas consumption will reach 89.42 billion cubic feet per day (bcfd) in 2023, an increase of 1.18% year on year. Of this, residential consumption is expected to be 12.6 bcfd, down 7.35% YoY; commercial use to 9.24 bcfd, a 3.85% decrease YoY; and industrial use to decline from 23.39 bcfd in 2022 to 23.35 bcfd in 2023.

(Writing by Riley Liang Editing by Emma Yang)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

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