Some remaining programmes, particularly those aimed at connecting projects with US companies, may be retained under other U.S. agencies, the report added.
The Power Africa initiative, which was launched in 2013 by then president Barack Obama, aims to bring electricity to tens of millions of households in Africa.
"Each programme is undergoing a review with the goal of restructuring assistance to serve US interests," Bloomberg reported, quoting a US State Department spokesperson.
"Programmes that serve our nation's interests will continue. However, programs that aren't aligned with our national interest will not," an official from the department told Bloomberg in a reply to questions.
An email sent to the US State Department's office requesting comment was not immediately answered.
Power Africa was operated under the US government's relief provider, USAID, the first high-profile target of the effort to slash federal government spending led by billionaire Elon Musk's Department of Government Efficiency.
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