In-brief analysis
October 8, 2024
On the scorching day of August 2, 2024, a staggering 7.1 million megawatt-hours (MWh) of electricity emanated from U.S. natural gas-fired power plants. This impressive output accounted for nearly half of the total electricity produced across the contiguous United States on that sweltering summer day, according to our meticulous Hourly Electric Grid Monitor.
In a remarkable surge, this figure represents a 6.8% increase over the prior summer’s high-water mark, which was established on July 28, 2023. Interestingly, the annals of U.S. electricity generation records now reveal that summer 2024 was a bonanza for natural gas, with nine out of the ten most prolific days for generation occurring in this heated season. Six of these record-breaking instances fell squarely in August, painting a vivid picture of the pivotal role that natural gas played. Overall, the summer electricity generation figures for 2024 reflect a 3% rise compared to the previous year, with the daily average for natural gas peaking at 5.9 million MWh, also up by 3%.
What catalyzed this uptick in natural gas-fired electricity generation? A confluence of factors emerged: a relentless wave of heat enveloping the nation, the plummeting prices of natural gas, the infusion of new combined-cycle generating facilities into the grid, and a notable increase in generator capacity factors. Each element played a crucial part in this energized narrative.
Over the past few years, the landscape of electricity generation in the United States has undergone a profound transformation, particularly during the sweltering summer months. The balance has inexorably shifted toward renewables and natural gas, while coal’s share continues to dwindle. As renewable energy sources burgeon, natural gas has become the essential ally, stepping in to stabilize the often erratic flow of electricity from wind and solar. Since 2014, the contribution of natural gas to summer electricity generation has risen year after year—barring a lone exception in 2021—expanding dramatically from 29% in 2014 to a striking 45% by 2024.
Principal contributors: Grace Wheaton, Corrina Ricker