U.S. electricity consumption in 2023 may decline from a record high a year earlier, impacted by slowing economic activity and milder temperatures, said Energy Information Administration (EIA) in its Short-Term Energy Outlook released on March 7.
The report predicted the country's electricity demand to fall from a record 4,048 TWh in 2022 to 3,999 TWh this year, while the demand was expected to increase again to 4,065 TWh in 2024 amid economic rebound.
U.S. power demand fell to an 8-year low of 3,856 TWh in 2020 due to the COVID pandemic.
EIA expected that in 2023, the residential consumption to decline by 2.96% to 1,476 TWh, commercial demand to fall 0.36% to 1,378 TWh and industrial demand to fall 1% to 998 TWh.
In 2024, the residential use is forecast to increase to 1,515 TWh, while the commercial and industrial consumptions would recover to 1,384 TWh and 1,018 TWh, according to the report.
Natural gas is expected to account for 39% of the country's electricity mix in 2023, flat year on year, but the share would fall to 37% in 2024. Coal' share would fall to 17% in 2023 from 20% a year ago, due to growing renewable capacity, and keep flat at 17% in 2024.
In 2023, the share of renewable energy generation is expected to increase from 2022's 22% to 24% and gain further to 26% in 2024; nuclear generation rose from 19% to 20% and down to 19% in 2024.
The report projected U.S. natural gas consumption to decline 2.42% to 86.04 billion cubic feet per day in 2023. Of this, residential consumption is expected to decline to 13.06 Bcf/d, commercial consumption to 22.56 Bcf/d, and natural gas consumption in the electric power sector to 32.51 Bcf/d.
(Writing by Alex Guo Editing by Harry Huo)
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