S P Global Report: US Electricity Demand to Surge 35-50% by 2040, Requiring Massive Renewables, Storage, Gas, and Nuclear Expansion

A new report by S&P Global Commodity Insights projects a 35-50% surge in U.S. electricity demand between 2024 and 2040. This growth is driven by AI data centers, new manufacturing, electric vehicles, and space-heating electrification. The report emphasizes the need for an "all-of-the-above" energy strategy to bridge the gap between supply and demand. To maintain grid reliability, an additional 730-765 GW of renewables, 160-175 GW of storage, 60-100 GW of gas, and 10-25 GW of nuclear and geothermal capacity will be required by 2040. The study highlights the importance of accelerating renewable resources, energy storage, natural gas generation, and new electricity transmission infrastructure. It also calls for faster development and deployment of new nuclear generation capacity and fossil generation with carbon capture. The report was commissioned by several organizations, including the Alliance to Save Energy, American Clean Power Association, and the U.S. Chamber of Commerce.