The average monthly capacity factor for simple-cycle, natural gas turbine (SCGT) power plants in the United States has grown annually since 2020. Average capacity factors surpassed 20% for two consecutive summer months in 2022—the first time on record—to meet peak electricity demand, based on data from our Electric Power Monthly. […]
Category: Today in Energy
Colorado refinery outage is causing higher gasoline prices in Rocky Mountain region
The only petroleum refinery in Colorado shut down in late December after sustaining damage from extremely cold weather, and it is expected to remain offline for months to repair, the refinery owner and operator, Calgary-based Suncor, stated. The refinery outage may tighten the supply of gasoline and diesel in Colorado and, more broadly, the Rocky […]
Electricity production costs rose with fuel costs in 2021, delivery cost remained elevated
After adjusting for inflation, costs for major U.S. utilities to produce electricity rose 6% in 2021 as a result of rising fuel costs. For a number of years, electricity production costs had declined as natural gas prices fell and new low-cost renewable generators came online. The cost to deliver electricity across transmission and distribution lines […]
State tax rates for retail gasoline and diesel increased in 13 states in 2023
In January 2023, state taxes and fees on gasoline and diesel fuel averaged $0.3163 per gallon (gal) of gasoline and $0.3388/gal of diesel fuel, according to our federal and state motor fuels taxes table. These taxes have increased in 13 states since July 2022. […]
After dropping to a 20-year low, western U.S. hydropower generation rose 13% last year
After decreasing to a 20-year low for the 2020-21 water year, hydropower production in the western United States increased slightly during last year’s water year, rising 13% to reach 161 million megawatthours (MWh). Western hydro generation can vary significantly from year to year because it follows rain and snowpack patterns. […]
Domestic policy and geopolitics reduced China’s refinery activity in 2022
In 2022, refiners in China processed less crude oil than they did in 2021, which was the first year-over-year decrease in processing according to data going back to 2000. Reduced refinery activity in China resulted from numerous factors, including mobility restrictions related to the COVID-19 pandemic and low petroleum product export quotas. […]
Germany extends the life of its last three operating nuclear power plants until April
In October 2022, German Chancellor Olaf Scholz ordered his government ministers to prepare a plan to keep the country’s last three operating nuclear power plants, which were originally scheduled to close at the end of 2022, operating until April 2023. […]
The Henry Hub natural gas spot price declined 41% in January
The natural gas price at the U.S. benchmark Henry Hub declined by 41%, or $2.26 per million British thermal units (MMBtu), in January 2023 compared with December 2022, based on data from Refinitiv Eikon. The price decline was driven by warmer-than-average temperatures across the United States that reduced natural gas consumption for space heating and […]
Spending by U.S. natural gas consumers rose 37% in 2021, especially in Oklahoma and Texas
In 2021, expenditures by U.S. natural gas consumers totaled $192 billion, a 37% increase from 2020 after adjusting for inflation, according to our State Energy Data System. The increased spending followed rising U.S. natural gas prices, particularly in the electric power sector across the southern United States. Total U.S. natural gas consumption remained virtually unchanged […]
EIA forecasts U.S. refinery utilization to average more than 90% in 2023 and 2024
In our February Short-Term Energy Outlook (STEO), we forecast that U.S. refinery utilization will remain similar to 2022 at above 90% over the next two years. The industry is returning to more typical rates after low refinery utilization in 2020 and 2021. We forecast U.S. refinery utilization will average 90.8% in 2023 and then decrease […]
