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. […]
Category: Today in Energy
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 […]
U.S. residential heating oil prices decline from record-highs in November
At the start of the winter heating season (October–March), the retail price of home heating oil in the United States climbed rapidly, establishing a new record in early November, according to data from our State Heating Oil and Propane Program (SHOPP). Since then, the price has decreased because of declining prices for crude oil, warmer-than-normal […]
New England’s power grid weathers last weekend’s record-breaking cold and wind
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. […]
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. […]
