U.S. drives global natural gas demand to new highs in 2024
10/8/2024
Power producers in the United States have lifted natural gas-fired generation to new highs over the first nine months of 2024, sustaining the country's position as the leading driver of global natural gas consumption.
Natural gas's share in the U.S. generation system also climbed to new highs this year. Gas supplied a record 46% of total power since June, LSEG data shows, as power firms boosted output from all sources to meet rising power demand.
The fast growth pace of gas use in the U.S. undermines the country's credibility as a potential leader in energy transition efforts, and is at odds with stated ambitions to lower fossil fuel use in power generation by 2030. Yet most key power systems within the U.S. - which is also the world's largest natural gas producer - show no signs of reducing gas use over the near term, and look more likely to continue lifting gas-fired output for years to come.
This widening discrepancy between international climate pledges and national-level power generation trends leaves the U.S. open to fresh criticism from climate advocates, who may attempt to ratchet up pressure on the U.S. to curb gas use.
LEADING THE CHARGE
Through the first nine months of the year, total power generation from gas-fired power plants in the United States was 55.6 million megawatt hours (MWh), according to LSEG. That total was up nearly 5% from the same months in 2023, and the highest since at least 2021. And that growth pace was well above several other major gas-consuming nations, including China, South Korea, Japan, Iran, Italy and Russia, data from energy think tank Ember shows.
Indeed, of the 10 largest gas-fired electricity producers, only Mexico, Qatar and Thailand grew gas consumption faster than the U.S. over the first half of 2024, Ember data shows.
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