North Dakota leads electricity consumption growth
North Dakota has seen the highest year-over-year (or YoY) electricity consumption growth in October 2014. Electricity demand in the state grew by 13.1% in October 2014 compared to October 2013. Xcel Energy (XEL) and MDU Resources Group (MDU) operate in North Dakota and should benefit from a rise in electricity demand in the state.
US states with highest consumption growth
With 50 states, the United States is an expansive country with a variety of climates during each season. Consumption trends in states and regions across the US helps to identify electricity demand centers within the country.
The top five states with highest YoY electricity consumption growth for October were:
- North Dakota – 13.1%
- Arizona – 12.0%
- California – 8.9%
- Oklahoma – 4.7%
- Nevada – 4.6%
After North Dakota, Arizona registered the second highest growth YoY growth in October. Electricity consumption in the state grew by 12.0% in October 2014 compared to the same month last year.
Texas consumes the most electricity among all the states in the US. It grew by a healthy 2.1% in October compared to the same month last year. American Electric Power Company (AEP) and CenterPoint Energy (CNP) are major power companies operating in Texas. They are part of the Utilities Select Sector SPDR (XLU).
Consumption growth by division
The Pacific Contiguous region had the highest growth in electricity consumption by division, growing by 2.8% YoY in October 2014 compared to October 2013. Consumption in the region increased mainly due to increased demand in California. The Pacific Contiguous division had the highest YoY electricity consumption growth for the second consecutive month in a row.