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Power consumption in the U.S. is expected to decrease slightly in 2023 compared with a year ago, owing to economic slowdown and mild weather, according to the Short-Term Energy Outlook issued by Energy Information Administration (EIA) on June 6.
According to the report, the U.S. power consumption is forecast to be 4,010 TWh in 2023 compared to 4,048 TWh a year earlier, reflecting a slight drop year on year before increasing to 4,067 TWh in 2024 due to accelerated economic growth.
EIA predicted U.S. residential electricity consumption to decline 1.7% on the year to 1,496 TWh and industrial consumption down 1.79% from the preceding year to 990 TWh.
In 2024, U.S. residential power consumption is expected to go up again to 1,543 TWh and industrial electricity use to 1,003 TWh.
The report said natural gas share of the U.S. power generation is estimated to go up from 39% in 2022 to 41% in 2023 before sliding back to 39% in 2024. Coal's share will drop further from 20% in 2022 to 16% in 2023 and 2024 with growing output of natural gas and renewable energy.
The share of renewable generation is predicted to rise from 22% in 2022 to 23% in 2023 and 25% in 2024 but the share of nuclear power will be flat at 19% compared to the year-ago level.
EIA projected the average U.S. natural gas consumption will reach 88.64 billion cubic feet per day (bcfd) in 2023, an increase of 0.12% year on year. Of this, residential consumption is expected to be 12.96 bcfd, down 5.19% YoY; commercial use to 9.57 bcfd, a 0.93% decrease YoY; and industrial use to decline from 23.16 bcfd in 2022 to 22.71 bcfd in 2023.
(Writing by Riley Liang Editing by Harry Huo)
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