Slowing economy, milder weather to cut U.S. power use by 1.2% in 2023, EIA

sxcoal.com Production & Sales,  International 2023-03-09 11:08:46

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)
For any questions, please contact us by inquiry@fwenergy.com or +86-351-7219322.

Share this article
Connect with us

Editor's Pick

1 China's portside thermal coal prices remain flat; Indonesian prices in upside potential 2023-03-14

Spot thermal coal prices moved sideways on March 14 across major transfer ports in northern China, as sellers and buyers waited for hints amid uncertainties to make next moves, adding to the trading s

2 China's state planner approves a 30-Mtpa mining area in Shaanxi 2023-03-14

China's state economic planner greenlit the Yonglong mining area in Baoji, Shaanxi Province, which has about 4.5 billion tonnes of coal in reserves. The area belongs to Huanglong coalfiel

3 China's coking coal, coke futures slump as supply to recover yet demand still weak 2023-03-14

China's coking coal and coke futures prices slumped on March 14, partly as supply was on track to recover with the conclusion of the "Two Sessions" while no significant support has been seen so far on

4 Thermal coal price extends drops in N China on retreated buys 2023-03-14

More widespread price declines were seen in thermal coal market at China's production areas on March 14, as purchases from the whole downstream slackened. Among the 20 thermal coal mines

5 Indonesia officially lunches new formula for coal reference price 2023-03-14

Indonesia's Ministry of Energy and Mineral Resources (ESDM) has officially revised the formula for coal reference price (HBA) as stated in the Decree of the Minister of Energy and Mineral Resources co

6 Shaanxi 2023 coal supply to Chongqing expected at 16.15 Mt 2023-03-14

Northwestern China's Shaanxi, one of the country's top three coal-producing provinces, is expected to supply 16.15 million tonnes of coal to southwestern China's Chongqing municipality in 2023, which

7 China Coal Daily Track (Mar 14) 2023-03-14

Thermal coal Production area Prices were roughly stable as downstream users maintained on-demand purchases. Most participants were on the sidelines amid cooling sentiment and ahead of price a

8 Weekly: China coastal coal freight rises as available capacity shrinks 2023-03-14

China's coastal coal freight rates moved higher last week, mainly due to bad weather that delayed ship loading at northern ports, leaving a large number of ships idle at ports and lower ship capacity

9 Weekly: China's anthracite prices soften more amid stock buildup 2023-03-14

China's anthracite prices weakened more compared with the week prior, as both lump and slack anthracite prices declined. Coal miners maintained high capacity utilization rate last week. B

10 "Two Sessions" members call for stable coal supply, quicker capacity approval 2023-03-14

Two members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, have called for reliable coal supply and streamlined

Most Read Articles

1 Indonesian thermal coal prices stabilize as Chinese demand improves 2023-03-08

Indonesian thermal coal prices stabilized from the previous weeklong downward trend as Chinese utilities issued fresh tenders for seaborne import cargoes. On March 8, several trades were

2 Mongolia Feb coal exports up 21.7% MoM 2023-03-10

Mongolia's coal exports totaled 7.83 million tonnes during January-February 2023, up 6.54 million tonnes or 504.01% year on year, showed data from the Mongolian Customs General Administration (MCGA).

3 Indonesian thermal coal prices move higher amid solid Chinese demand 2023-03-10

Indonesian thermal coal prices increased as Chinese buyers cranked up purchases to boost inventories before a potential supply shortage in the fasting month of Ramadan that starts in late March.

4 Indonesia Feb coal exports up nearly 40% on yr, Kpler 2023-03-08

Indonesia's coal exports in February jumped nearly 40% from a year earlier to a new high for the same month since 2018, Kpler's cargo-tracking data showed. In February, Indonesia exported

5 Russian seaborne coal exports down for 4th mth in Feb, Kpler 2023-03-09

Russia's seaborne coal exports totaled 11.83 million tonnes in February 2023, retreating 8.42% from the preceding month and marking the fourth straight month of decline, according to Kpler's cargo-tra

6 China's thermal coal pithead market trends up again on bullish sentiment 2023-03-09

The thermal coal market at China's main production heartlands witnessed uptrend this week, after mine-mouth prices posted two rounds of declines since the Chinese New Year holidays ended in late Ja

7 China's portside thermal coal market see offers up but trading stagnant 2023-03-09

China's portside thermal coal market registered higher selling prices but sluggish trading activity, underscoring the perception that sentiment was the main driver to recent rebound rather than change

8 Russia plans Siberia coal delivery to Asia via Arctic river 2023-03-09

Russia plans to export coal mined from the deep in the heart of Siberia via the Yenisei River and Russia's Northern Sea Route (NSR) to the demand-growing Asia market, with the initial shipment expecte

9 China's portside thermal coal prices continue to rise despite weak trading 2023-03-08

Spot thermal coal prices continued to move higher at northern China ports, with participants citing bullish sentiment as the main driver, while the downstream began to adopt a wait-and-see mode again

10 Chinese coking coal miners' inventory fall, yet prices still under pressure 2023-03-10

Coking coal inventories held by Chinese mining firms extended decline into the second week, yet this seems not enough to reverse the downtrend of prices against growing prudence among buyers.