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Analysis

Energy M&A Update: Q4 2024

At the end of Q4 2024, US crude oil production rose to 13.5 million barrels per day, up 0.2 million barrels per day from Q3 2024.

Energy and resources trends

  • Oil and gas
    In the US Energy Information Administration’s December 2024 short-term energy outlook, US natural gas prices closed at $2.45/MMBtu in Q4 2024, an increase of $0.31 from the previous quarter.1
  • Renewable energy
    The Federal Energy Regulatory Commission (FERC) announced that renewables accounted for 90.5% of new generating capacity in the United States through October 2024.2
  • Power and utilities
    Net electricity generation in the United States increased 2.2% in October 2024, compared to October 2023.3
  • Nuclear energy
    In December 2024, the Biden administration announced a program allowing six companies to procure low enriched uranium to expand nuclear capacity.4

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References

1 US Energy Information Administration (EIA), “Short-term energy outlook,” as of December 2024.
2 Kelsey Misbrener, “Renewables produced 24% of US’s energy in first 10 months of 2024,” Solar Power World, December 27, 2024.
3 EIA, “Electricity monthly update,” as of December 2024.
4 US Department of Energy, Office of Nuclear Energy, “Biden-Harris administration announces contracts to buy U.S.-sourced low enriched uranium,” press release, December 10, 2024.

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