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Analysis

Energy M&A Update: Q3 2024

At the end of Q3 2024, US crude oil production rose to 13.3 million barrels per day, up 0.1 million barrels per day from Q2 2024.

Energy and resources trends

  • Oil and gas
    In the US Energy Information Administration’s October 2024 Short Term Energy Outlook report, US natural gas prices averaged $2.28/MMBtu in Q3 2024, $0.21 more than the previous quarter.1
  • Renewable energy
    The Federal Energy Regulatory Commission (FERC) announced that renewables accounted for 90.0% of new generating capacity in the US through July 2024.2
  • Power and utilities
    Net electricity generation in the US increased 1.1% in July 2024 compared to July 2023.3
  • Nuclear energy
    As of July 2024, monthly nuclear utility generation was flat year-over-year at an annualized generation of 69,900.0GWh.4

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References

US Energy Information Administration (EIA), Short-term energy outlook, as of October 2024.
Solar Power World, “Solar could soon become the second-largest source of U.S. generating capacity”, September 2024.
EIA, “Electricity monthly update,” as of October 2024.
EIA, “Net generation for nuclear energy by state by sector,” as of October 2024.

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