The Energy Information Administration has forecasted electricity growth in the U.S., an increase in Canadian liquid fuel production and decline in global oil prices in 2025.
EIA’s May short-term energy outlook also forecasts steady fuel prices through the third quarter of 2024.
In its electricity forecast, EIA said it expects U.S. electric generation to grow by 3% in 2024 and 1% in 2025. Renewable energy sources will supply most of that growth, EIA said.
“In 2025, we expect generation from solar to exceed the contribution from hydroelectricity for the first year in history,” EIA Administrator Joe DeCarolis said.
We expect that in 2024:
▶️ #Solar will provide 41% more electricity than in 2023
▶️ #Wind generation will grow by 5%
▶️ #Hydropower will grow by 6%https://t.co/omAfuxyJUU #STEO— EIA (@EIAgov) May 7, 2024
Liquid fuels
OPEC+ crude oil production cuts and ongoing geopolitical risks will result in a Brent…
