In 2024, EIA Anticipates U.S. Solar and Wind Power Generation to Outpace Coal-fired Generation

The U.S. Energy Information Administration (EIA) projects a historic milestone in 2024 as combined electricity generation from wind and solar is set to surpass coal for the first time on record. Anticipating a 39% surge in solar generation, reaching 228 kilowatthours from 2023, this growth is fueled by expanding solar capacity. DeCarolis noted, “Renewables, especially solar photovoltaics, are rapidly expanding and significantly contributing to electricity generation.”

EIA forecasts winter natural gas prices at $2.77 per million British thermal units, a 23% reduction from prior estimates. Warmer-than-expected weather at the season’s onset has led to decreased natural gas consumption by U.S. households for heating purposes. This decline in usage has bolstered U.S. natural gas inventories, commonly leading to price drops. DeCarolis remarked, “Record domestic natural gas production, coupled with lower-than-projected demand, is poised to drive prices down this winter.”