From 2013 to 2023, electricity generation in the US displayed moderate fluctuations with values generally hovering around 4.33 to 4.55 thousand Terawatt-hours, showing a year-on-year variation ranging from -2.87% to 3.73%. The CAGR over this decade indicates an improved but slightly fluctuating energy generation trend, reaching 4.50 thousand Terawatt-hours in 2023.
Over the last two years, 2022 saw a significant increase with a year-on-year growth of 3.33%, while 2023 observed a slight decline of 0.95%. The 5-year CAGR forecast from 2024 to 2028 projects a steady average growth rate of 0.43%, with an overall forecasted growth rate of 2.17%, reaching an estimated 4.63 thousand Terawatt-hours by 2028.
Future trends to watch for:
- Increasing adoption of renewable energy sources
- Advancements in energy storage technology
- Impact of energy policies and regulations on generation capacity
- Technology-driven efficiencies in power generation.