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Analysis

Energy M&A Update: Q2 2024

At the end of Q2 2024, US crude oil production rose to 13.2 million barrels per day, up by 0.3 million barrels per day from Q1 2024.

Energy and resources trends

  • Oil and gas
    In the US Energy Information Administration’s July 2024 Short-term energy outlook report, US natural gas prices in Q2 2024 averaged $2.09/MMBtu, $0.01 higher than June’s Q2 2024 forecast.1
  • Renewable energy
    Renewables accounted for 90.0% of new energy connected to the US grid through the start of June 2024, according to the FERC..2
  • Power and utilities
    US net electricity generation increased 3.4% in April 2024, compared to April 2023; average retail revenue per kWh grew 1.2% over the same period..3
  • Nuclear energy
    Monthly nuclear utility generation grew 3.7% year over year in April, totaling an annualized 57,300 GWh.4

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References

US Energy Information Administration (EIA), Short-term energy outlook, as of July 2024.
Kelsey Misbrener, “Renewables surpass 30% of U.S. electrical generation for the first time,” Solar Power World, June 27, 2024.
EIA, “Electricity monthly update,” as of July 24, 2024.
EIA, “Net generation for nuclear energy by state by sector,” as of July 24, 2024.

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