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Analysis

Energy M&A Update: Q1 2024

At the end of Q1 2024, US crude oil output fell to 12.8 million barrels per day, down 0.4 million barrels per day from Q4 2023.

Energy and resources trends

  • Oil and gas
    In the US Energy Information Administration’s March 2024 Short Term Energy Outlook report, US natural gas prices closed at $2.13/MMBtu, $0.54 below February’s forecast.1
  • Renewable energy
    Oceantic Network reports installed offshore wind capacity in the United States grew to 242 MW in Q1 2024, up 200 MW from Q1 2023 and showing a recovery in a previously volatile industry.2
  • Power and utilities
    US net electricity generation increased 3.6% in February 2024 compared to February 2023, primarily driven by increased coal and natural gas power generation.3
  • Nuclear energy
    Monthly nuclear utility generation grew 6.2% year over year, totaling an annualized 64,600 GWh, primarily due to lower rates of nuclear power plant outages.4

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References

US Energy Information Administration (EIA), Short-term energy outlook, as of March 2024.
Matthew Wright, “Oceantic Network forecasts record growth: US offshore wind market expected to reach 15.5GW in 2024,” EnergyMagz, February 21, 2024.
EIA, “Electricity monthly update,” as of April 2024.
EIA, “Net generation for nuclear energy by state by sector,” as of April 2024.

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