Energy: EIA Sees Growth in US Solar Power Generation
Solar power is expected to account for 7% of the country’s total electricity generation in 2025, up from 4% in 2023, the US Energy Information Administration (EIA) said in its January Short-Term Energy Outlook released Tuesday.
Developers have reported that almost 80 gigawatts of solar will come online over the next two years, boosting solar generating capacity by 84% and making solar the leading source of growth in US electricity generation through 2025, the EIA said.
“We are experiencing a significant shift in US electric generation, as solar generation grows rapidly, taking market share from coal and tempering the growth in natural gas usage,” said EIA Administrator Joe DeCarolis.
The EIA also noted in the STEO that US crude will hit new records of 13.2 million barrels per day in 2024 and over 13.4 million b/d in 2025.
Gasoline prices are expected to drop in the next two years but crude prices will remain relatively unchanged in 2024 as OPEC+ continues to limit production, the EIA reported. Naira Devaluation Deepens Economic Crisis in Nigeria
Meanwhile, natural gas prices will rise to US$3 per million British thermal units in 2025, up from US$2.54/MMBtu in 2023.
