According to Reuters article published on March 7, 2023, U.S. power consumption will ease in 2023 as slower economic growth and milder weather depress usage from the record high hit in 2022, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday.
EIA projected power demand will slide from a record 4,048 billion kilowatt-hours (kWh) in 2022 to 3,999 billion kWh in 2023, before rising to 4,065 billion kWh in 2024 as economic growth ramps up.
That compares with an eight-year low of 3,856 billion kWh in 2020 when the coronavirus pandemic depressed demand.
EIA projected 2023 power sales would ease to 1,476 billion kWh for residential consumers, 1,378 billion kWh for commercial customers, and 998 billion kWh for the industrial sector.
That compares with all-time highs of 1,521 billion kWh for residential consumers in 2022, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers.
The EIA said natural gas' share of power generation would hold at 39% in 2023, the same as 2022, before sliding to 37% in 2024. Coal's share will drop from 20% in 2022 to 17% in 2023 and 2024 as renewable output rises.
The percentage of renewable generation will jump from 22% in 2022 to 24% in 2023 and 26% in 2024. Nuclear power's share will rise from 19% in 2022 to 20% in 2023 before sliding to 19% in 2024.
The EIA projected 2023 gas sales would slide to 13.06 billion cubic feet per day (bcfd) for residential consumers, 9.41 bcfd for commercial customers, 22.56 bcfd for industrial customers and 32.51 bcfd for power generation.
That compares with all-time highs of 14.32 bcfd in 1996 for residential consumers, 9.66 bcfd in 2022 for commercial customers, 23.80 bcfd in 1973 for industrial customers and 33.20 bcfd in 2022 for power generation.
