U.S. Power Market Monthly

Highlights:

• EnerWrap utilizes daily EIA power generation to provide early insights into monthly power metrics

• During September natural gas was 46% of the power generation stack, the third month in a row gas represented greater than 45% of power generation which is the first time that has happened

• August 2024 remains the highest share for natural gas in U.S. history at 46.25%

• August 2, 2024 is the highest daily generation for natural gas ever; solar set at record on June 14, 2024 and wind on February 27, 2024 - records have been falling this year

• Solar was 5.4% of the power generation stack in September; wind came in at 7.8%

• Nuclear increased its share in September to 18%, up 1.2%

• Total power generation in September was 345 TWh, down 16% from August as weather cooled and down 1% versus last year

For the first time in U.S. history natural gas represented greater than 45% of the power generation stack for three months in a row.

The relative size of natural gas compared to other fuel sources is easy to visualize.

Solar generation was down 16% month-over-month as summer and maximum solar exposure came to an end.

The share of the power generation stack for solar continues to move up and to the right.

Wind power share has flat-lined in recent years despite continued capacity additions.

April 2024 is the highest combined solar and wind share at nearly 22%.

The growth in natural gas generation continues to be an under-reported story, in our opinion.