From February 3 to February 5, record-breaking cold temperatures and extreme wind chill in New England created strong electricity demand as homes and businesses turned up the heat to combat the frigid conditions. Despite the widespread and extreme cold, the region’s power grid avoided blackouts and met heightened electricity demand. […]
Category: Today in Energy
Coal and natural gas plants will account for 98% of U.S. capacity retirements in 2023
In 2023, operators plan to retire 15.6 gigawatts (GW) of electric-generating capacity in the United States, mostly natural gas-fired (6.2 GW) and coal-fired (8.9 GW) power plants, according to our Preliminary Monthly Electric Generator Inventory. […]
More than half of new U.S. electric-generating capacity in 2023 will be solar
Developers plan to add 54.5 gigawatts (GW) of new utility-scale electric-generating capacity to the U.S. power grid in 2023, according to our Preliminary Monthly Electric Generator Inventory. More than half of this capacity will be solar power (54%), followed by battery storage (17%). […]
Domestic renewable diesel capacity could more than double through 2025
U.S. production capacity for renewable diesel could more than double from current levels by the end of 2025, based on several announcements for projects that are either under construction or could start development soon. […]
U.S. proved reserves of crude oil increased significantly in 2021
In 2021, U.S. proved reserves of crude oil and lease condensate increased 16% from 2020, totaling 44.4 billion barrels, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. Proved reserves decreased 19% in 2020 because of pandemic-related constraints on crude oil demand and production. […]
U.S. natural gas consumption reached record daily high in late December 2022
On December 23, 2022, natural gas consumption in the U.S. Lower 48 states reached a daily record high of 141.0 billion cubic feet (Bcf), according to estimates from S&P Global Commodity Insights. The previous record was 137.4 Bcf, set on January 1, 2018. Below-normal temperatures in mid- to late December increased demand for natural gas […]
Proved reserves of natural gas increased 32% in the United States during 2021
Proved reserves of natural gas in the United States grew to a new record of 625.4 trillion cubic feet (Tcf) in 2021, a 32% increase from 2020, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. U.S. proved reserves had previously decreased 4% in […]
In the past 20 years, natural gas has displaced most coal-fired generation in Pennsylvania
Natural gas-fired power plants generated 2% of the electricity produced in Pennsylvania in 2001. Over the next 20 years, natural gas-fired generation in the state increased rapidly, reaching 52% in 2021. Natural gas displaced most coal-fired generation, which fell from 57% of the electricity generated in Pennsylvania in 2001 to 12% in 2021. […]
U.S. crude oil production will increase to new records in 2023 and 2024
In our January 2023 Short-Term Energy Outlook, we forecast that crude oil production in the United States will average 12.4 million barrels per day (b/d) in 2023 and 12.8 million b/d in 2024, surpassing the previous record of 12.3 million b/d set in 2019. In 2022, U.S. crude oil production averaged an estimated 11.9 million […]
Daily natural gas spot prices in western United States exceed $50.00/MMBtu in December
On December 21, 2022, daily natural gas spot prices at three major trading hubs in the western United States (Pacific Gas & Electric [PG&E] Citygate, Northwest Sumas on the Canada-Washington border, and Malin, Oregon) were higher than $50.00 per million British thermal units (MMBtu). These hub prices were higher than in any other market and […]
