Energy M&A update: Q2 2025

At the end of Q2 2025, US crude oil production increased to 13.4 million barrels per day, up 0.1 million barrels per day from Q1 2025.

Energy and resources trends

  • Oil and gas
    In the US Energy Information Administration’s (EIA) July 2025 short-term energy outlook, US natural gas prices averaged $3.30/MMBtu in Q2 2025, which is $1.10 higher than Q2 2024.1
  • Renewable energy
    According to the US Office of Energy, 9,451 MW of new solar generation came online through April 2025, making up 77.7% of all new energy generation.2
  • Power and utilities
    Net utility-scale electricity generation in the United States increased 3.9% in April 2025 compared to April 2024. Year-over-year revenue per kWh grew in commercial (3.8%), residential (2.5%), and industrial (2.7%) end-use sectors.3
  • Nuclear energy
    As of April 2025, monthly nuclear utility generation increased 0.5% year over year at an annualized rate of 57,893 GWh. In March 2025, the US Department of Energy released $56.8 million of a $1.5 billion loan guarantee to Holtec International to restart the Palisades Nuclear Plant.4

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References

1. US Energy Information Administration (EIA), “Short-term energy outlook,” as of July 2025.
2. Gavin Maguire, “Record US clean power run rolls on through May,” Reuters, May 29, 2025.
3. EIA, “Electricity monthly update,” as of June 2025.
4. EIA, “Net generation for nuclear energy by state by sector,” as of April 2025.

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