US Power Use to Slide in 2023 as Growth Slows

US power consumption will ease in 2023 from last year's record high, as slower economic growth and milder weather depress usage, the US Energy Information Administration said in its Short-Term Energy Outlook on Tuesday.
EIA projected that power demand will slide from a record 4,048 billion kilowatt-hours (kWh) in 2022 to 4,010 billion kWh in 2023, before rising to 4,067 billion kWh in 2024 as economic growth ramps up, XM.com reported.
EIA projected 2023 power sales would ease to 1,496 billion kWh for residential consumers and 990 billion kWh for the industrial sector, but rise to 1,374 billion kWh for commercial customers.
That compares with all-time highs of 1,522 billion kWh for residential consumers in 2022, 1,382 billion kWh in 2018 for commercial customers and 1,064 billion kWh in 2000 for industrial customers.
EIA said the natural gas share of power generation would rise from 39% in 2022 to 41% in 2023 before sliding back to 39% in 2024. 
Coal's share will drop from 20% in 2022 to 16% in 2023 and 2024, as gas and renewable output rises, it said.
The percentage of renewable generation will jump from 22% in 2022 to 23% in 2023 and 25% in 2024, it said.