May 1, 2025 (Salt Lake City) – Utah’s energy sector continues to evolve as the forces of supply, demand, and technological change influence production and competition. The state benefits from abundant and diverse energy resources, including large reserves of conventional fossil fuels and several areas suitable for renewable resource development. A new research brief documents Utah’s record crude oil production in 2024, an exponential increase in utility-scale PV solar capacity, a return as a net energy exporter, and other details of Utah’s evolving energy landscape.

“Many people are calling the next ten years the ‘energy decade,’” said Natalie Gochnour, director of the Gardner Institute. “The Utah economy benefits from abundant energy sources and supplies that fuel economic opportunity. In a very real way, energy development is economic development, and the data affirm Utah’s privileged position as an energy state.”

The lead author of the report summarized the report’s findings in this way: “Crude oil and natural gas still feature prominently in Utah’s energy mix, but coal’s role diminishes each year,” said Michael Vanden Berg, energy and minerals program manager for the Utah Geological Survey. “The electricity market continues to adjust to decarbonization pressures, balanced with grid reliability and affordability. This energy evolution will continue with ongoing emphasis on renewable and carbon-neutral energy sources (in particular, baseload geothermal and nuclear electric generation), innovations in the hydrogen economy, and electrification of the transportation system.”

Major recent highlights include the following:

Net Energy Exporter – Utah flipped back to a net energy exporter in 2023 and further expanded this designation in 2024.

Record High Oil Production – Initial estimates indicate Utah’s total crude oil production for 2024 reached a record high of 65.1 million barrels.

Net Natural Gas Exporter – Historically, Utah was a net exporter of natural gas, but from 2019 through 2023 as natural gas production declined, Utah became a net natural gas importer. In 2024, natural gas production in Utah outpaced consumption again, returning Utah to net exporter status.

Coal Operations Decline – Five active coal mines operated in 2024, the fewest since Utah mining operations began nearly 150 years ago.

Electricity Generation and Consumption – Electricity generation in Utah hit a 27-year low in 2023 (33,497 GWh). Preliminary data suggest an increase of 3.5% in 2024 (to 34,684 GWh). Solar now contributes about 14% of Utah’s total electric generation. Initial estimates indicate electricity consumption increased 3.5% in 2024, to a new record high of 34,505 GWh.

Cheapest Electricity – According to preliminary 2024 data, Utah benefits from the cheapest average residential electricity prices nationwide.

Solar Residential Growth – Total installed residential photovoltaic capacity increased from 7 MW in 2013 to 429 MW in 2023.

The full research brief is available online.