The Michigan Public Service Commission (MPSC) released its projections for energy supply and demand in Michigan this summer. They are projecting residents can expect slightly lower costs for gasoline, natural gas, diesel fuel, and home heating oil, but some customers have seen an increase in electricity costs.
Electricity:
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- If typical weather patterns hold, total electric sales are expected to increase 1% to 98.5 terawatt hours (TWh), up from 97.5 TWh in 2023, driven primarily by a 2.8% increase in residential demand and a 0.8% increase in the industrial sector, with a 0.5% decrease anticipated for the commercial sector.
- Median residential electric rates increased 3.9% for customers of investor-owned utilities between May 2023 and May 2024.
Natural Gas:
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- Natural gas demand in Michigan is expected to rise 7.3% in 2024, fueled by growing demand from the electric generation sector and a projected 5.5% increase in residential demand.
- Natural gas storage levels in Michigan are projected to be about 576 billion cubic feet at the end of 2024, a 2.8% increase from the previous year.
Gasoline:
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- Gasoline sales are expected to decline 1.1% in Michigan in 2024.
- The U.S. Energy Information Administration projects Midwest regular-grade gasoline prices will average $3.48 per gallon during the April-September driving season, down from $3.54/gallon in 2023.
To read the full energy outlook, please click here.
