BAKU, Azerbaijan, November 11. Anticipated electricity sales to US customers are poised to rise by over 2 percent in 2024, rebounding from an estimated 1 percent decline in 2023, Trend reports.
The US Energy Information Administration Agency (EIA) projects a modest growth in electricity consumption across most sectors in the coming year, with a notable increase in the residential sector. Residential electricity usage, influenced by weather patterns, is expected to be particularly responsive.
Forecasts indicate that winter temperatures in 2024, measured by heating degree days (HDDs), will be 2 percent colder than those in 2023. Concurrently, summer temperatures, gauged by cooling degree days, are forecasted to be 6 percent hotter than the preceding year, the agency noted. Both a colder winter and a warmer summer contribute to heightened electricity consumption by households.
Beyond weather conditions, macroeconomic factors play a role in electricity demand within the commercial and industrial sectors. Nationwide, retail sales of electricity to these sectors are expected to experience slight growth in 2024, following a marginal decline in 2023, the EIA added. Significantly, over 40 percent of the projected growth in 2024 is concentrated in the West South Central Census Division, where the forecasted GDP is set to expand by 1.9 percent next year, outpacing the overall US GDP growth of 1.5 percent.