PJM publishes 2024 long-term load forecast

GO15 member PJM has released its 2024 Long-Term Load Forecast, forecasting a 1.7% annual growth in electricity demand for summer peaks in its market and emphasizing a 40% surge in total annual energy use by 2039.

The rise of electric vehicles is particularly striking in this trend. With a PJM footprint of about 500,000 light-duty EVs in 2024, S&P Global is forecasting about 23 million light-duty EVs by 2039, a growth rate of just under 30% annually during that period.

Kenneth S. Seiler, PJM Senior Vice President for Planning, underscores the need for safe and reliable energy transition initiatives to meet accelerated growth driven by electrification and technology demands.