EIA Expects US Power demand To Hit Record In 2022

US power consumption is expected to hit a new record high this year as a logical result of the expanding economic activity and a particularly hot summer according to estimates by the US Energy Information Administration.

On Tuesday, the EIA forecast that 2022 power demand in the United States will touch 4.044 trillion kWh, versus 3.941 trillion kWh last year and up from an 8-year Covid-induced low of 3.856 trillion kWh in 2020.

The EIA also expects power demand to slide slightly next year to 4.004 trillion kWh. The record for power consumption started in 2018, when power consumption reached 4.003 trillion kWh—but 2022 figures, the EIA says, should break that record.

The breakdown of this year’s power consumption is forecast to be 1.514 trillion kWh from residential customers, 1.376 trillion kWh from commercial customers, and 1.011 trillion kWh from industry.

As for the mix of this power, natural gas’ share power generation pie rose to 39% this year, up from 37% last year, although the EIA sees this dropping back to 37% in 2-2023. Coal’s share of the total is forecast to finish out the year, accounting for 20% of the total, from 23% last year, with the EIA seeing even more slackening next year, to 19%.

Renewables are expected to finish out this year at the 22% level, before rising to 24% next year, while nuclear power is expected to drop to 19% of the total this year, from 20% last year. Nuclear power is expected to resume its 20% share of the total power mix in 2023.