Rising current: America’s growing electricity demand
In a sudden shift from nearly two decades of low U.S. load growth, Americans are now demanding more electricity. The rapid growth of data centers to support AI technology, along with a wave of new manufacturing and oil and gas production, is causing a surge in industrial electricity demand. Electric vehicles, heat pumps, and other electricity-hungry products are further adding to the demand growth.
Our analysis shows that U.S. electricity demand is expected to grow by 25% by 2030 and by 78% by 2050, compared to 2023. All of this demand growth has significant implications for the reliability and affordability of electricity. For residential customers, electricity rates could increase by 15% to 40% by 2030, depending on the market. By 2050, some rates might even double.
Read this report to:
- Explore regions with the highest forecasted electricity demand growth and discover the key drivers behind the increases in each area.
- Determine the changes in generation technologies required to meet the rising electricity demand.
- Learn key recommendations for utilities and other energy system stakeholders to meet rising demand in the years ahead.