The U.S. Energy Information Administration (EIA) anticipates a 3% increase in electricity generation in 2024 and a further 1% rise in 2025, with renewable energy sources, particularly solar, driving the majority of this growth.
According to the EIA, solar, wind, and hydropower combined are projected to contribute 22% of total U.S. generation in 2024, rising to 24% in 2025, up from 21% in 2023.
In specific, solar energy is forecasted to supply 41% more electricity in 2024 compared to 2023, while wind generation is expected to grow by 5%. However, variations in wind speeds could impact these figures. Additionally, hydropower generation is estimated to increase by 6% in 2024, particularly in the Southeast region.
EIA Administrator Joe DeCarolis noted, “In 2025, we expect generation from solar to exceed the contribution from hydroelectricity for the first year in history.”
Other key highlights from the May Short-Term Energy Outlook (STEO) include stable U.S. retail gasoline prices, increased forecasts for U.S. coal production and exports following the closure of the Port of Baltimore, and expectations for the Trans Mountain Pipeline startup to support increased liquid fuels production in Canada.
The May 2024 STEO, featuring new global oil data tables, is accessible on the EIA website.
Please note that the views expressed in this release represent those of the U.S. Energy Information Administration and do not necessarily reflect those of the U.S. Department of Energy or other federal agencies.
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