Natural gas was the leading source of electricity generation in the state of New York in 2021, accounting for almost half of the annual output. Nuclear power ranked second, representing some 25 percent of New York's electricity production that year.

The size of the US Power Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.60">> 5.60% during the forecast period. The U.S. power market is experiencing a significant transformation, influenced by a blend of technological innovations, policy changes, and shifting consumer demands. Historically reliant on fossil fuels, the market is progressively moving towards cleaner and more sustainable energy alternatives. This shift is propelled by federal and state policies designed to lower greenhouse gas emissions, improve energy efficiency, and encourage the adoption of renewable energy technologies. The sectors of solar and wind power are expanding rapidly, bolstered by decreasing costs and technological advancements that enhance their competitiveness against conventional energy sources. Moreover, substantial investments are being made to modernize the electrical grid in order to support the increasing integration of variable renewable energy sources. The implementation of smart grid technologies, energy storage systems, and sophisticated grid management solutions is aimed at improving reliability, efficiency, and resilience. The emergence of distributed energy resources, including residential solar installations and electric vehicle charging stations, is further transforming the conventional energy framework. Regulatory initiatives, such as the Inflation Reduction Act and various state-level renewable energy requirements, are catalyzing these developments by offering incentives for the adoption of clean energy and establishing ambitious climate objectives. As the U.S. power market continues to progress, it embodies broader movements towards sustainability, technological advancement, and the creation of a more resilient and efficient energy infrastructure. Recent developments include: In October 2020, Equinor has announced its Empire wind project with an installed capacity of 816MW is scheduled to commission by 2024. The project is expected to meet the power needs of more than half a million households in New York. Equinor is currently the sole owner of the Empire wind project and is likely to remain the operator throughout the development, construction, and operations phases., In April 2020, Seminole Electric planned to build a new natural gas-fired power plant at its Palatka plant in Florida. The project has an investment cost of USD 727 million and is scheduled for commissioning by the end of 2023.. Key drivers for this market are: 4., Supportive Government Policies and Incentives4.; Environmental Concerns. Potential restraints include: 4., Fossil Fuel Subsidies. Notable trends are: Thermal Power to Dominate the Market.