(Reuters) – The U.S. Energy Information Administration (EIA), Tuesday’s Short Term Energy Outlook (STEO), stated that power consumption is on the verge of reaching record levels in the 2022-2023 period as the economy expands.

EIA projects that power demand will increase to 4,010 billion megawatt-hours in 2022, 4,019 billion (kWh) 2023 and 4,019 trillion kWh (2023), from 3,930 million kWh in 2020.

It compares to a low of 3856 billion kWh for eight years in 2020 (depressed by pandemic), and a high of 4003 billion in 2018 (all-time highest of 4,003 trillion kWh).

EIA forecasts that 2022 electricity sales will be 1,477 billion for residential customers, and rise to 1,363 trillion kWh commercial customers. This is due to more workers returning to offices. Industrials would see 1,026 billionkWh.

It compares with the all-time record highs of 1,477 Billion kWh in 2021 (retail customers), 1,382 Billion kWh (2018) for commercial customers, 1064 Billion kWh in 2000 and 1,064Billion kWh in 2020 for industrials.

EIA predicted that power generation’s share will be 37% by 2022. This is the same percentage as in 2021. Then it will slide to 36% for 2023. As renewable output increases, coal’s share of power generation will fall from 23% to 21% in 2021 and 2023 respectively.

Renewable generation will increase from 20% to 22% by 2022, and then 24% in 2023. Nuclear power will fall from 20% in 2021 and 19% by 2022, before returning to 20% 2023.

According to the agency, natural gas sales in 2022 would increase by 13.46 billion cubic yards per day (bcfd), 9.12 for commercial customers and 22.80 for industrials.

It compares to the all-time highs: 14.32 BCFD in 1996 for residential users, 9.63 BCFD in 2019 for commercial clients, 23.80 BCFD in 1973 for industry customers and 31.75 BCFD in 2020 for power generator.