Wednesday 10 January 2024

Solar power leads US electricity growth

US solar power is set to rise, with 36GW and 43GW of new solar capacity expected in 2024 and 2025, boosting its share of total electricity from 4% in 2023 to 6% in 2024 and 7% in 2025.

That's according to the US Energy Information Administration's Short Term Energy Outlook, which suggests overall, electricity generation is projected to grow by 3% in 2024 and stay steady in 2025.

Coal-fired capacity is on a decline, expected to drop by 9% in 2024 and an additional 10% in 2025 due to higher costs and the retirement of 12GW of coal-fired capacity.

Natural gas generation, however, is expected to stay the same in 2024 and 2025, maintaining a stable presence in the US energy mix.

According to the report, crude oil production, records are in sight.

Forecasts show it reaching 13.2 million b/d in 2024 and over 13.4 million b/d in 2025, driven by more efficient wells.