United States Thermal Power Markets, 2020-2025 – Increasing Investments in Thermal Power to Drive the Market

Dublin, Nov. 05, 2020 (GLOBE NEWSWIRE) — The “United States Thermal Power Market – Growth, Trends, and Forecasts (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.In 2019, the Florida Public Service Commission approved a pair of new gas-fired power plants needed to serve the future power demand of cooperative electric customers. Regulators say the combined projects will save customers USD 363 million. Seminole Electric Cooperative is expected to construct a new 1.1 GW plant in Putnam County, expected in service in 2022. Shady Hills Energy Center is expected to build a new 573 MW natural gas facility in Pasco County, which is likely to be in service in late 2021.In 2018, Florida-based NTE Energy announced plans for a new 1 GW gas-fired power plant in South Carolina to be operational in 2024. The state of South Carolina is struggling with its generation supply and therefore looking for a cheaper supply of energy, which may be provided through the use of thermal power plants. The increase in investment is expected to aid the growth of the market.Primary energy consumption in the country decreased by 1%, to 94.65 exajoules, in 2019 from 95.60 exajoules, in 2018. The reduction in primary energy consumption in the country is expected to restrain the growth of the market.However, increasing investments in the country are expected to drive the growth in the coming years.Natural Gas to Dominate the MarketAmong the most significant drivers of the natural gas thermal power plants is its use as backup power for unreliability in renewable sources like wind and solar. Natural gas plants can start running in short notice, which can increase the utility grid’s reliability.Primary energy provided by Natural gas, in the country, increased by 3.39%, to 30.48 exajoules, in 2019 from 29.52 exajoules, in 2018.The country has seen a significant increase in shale oil and gas production, which has drastically reduced the United States’ dependence on the global energy supply chains. Reduction in natural gas prices has further aided the growth of the natural gas thermal power market.Hence, natural gas is expected to dominate the market in the forecast period due to rising investments in the field.Competitive LandscapeResearch and Markets also offers Custom Research services providing focused, comprehensive and tailored research.CONTACT: ResearchAndMarkets.com
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