In its latest Short-Term Energy Outlook (STEO), released on January 14, the U.S. Energy Information Administration (EIA) forecasts that generation from natural gas-fired power plants in the electric power sector will grow by 1.3% in 2020. This growth rate would…
Month: January 2020 (page 2)
EIA expects lower natural gas prices in 2020 as production outpaces demand
In its January 2020 Short-Term Energy Outlook (STEO), the U.S. Energy Information Administration (EIA) forecasts that average U.S. natural gas prices will be 9% lower in 2020 than in 2019. EIA expects lower natural gas prices will be the result…
New electric generating capacity in 2020 will come primarily from wind and solar
According to the U.S. Energy Information Administration’s (EIA) latest inventory of electric generators, EIA expects 42 gigawatts (GW) of new capacity additions to start commercial operation in 2020. Solar and wind represent almost 32 GW, or 76%, of these additions.…
U.S. oil and natural gas proved reserves and production set new records in 2018
U.S. oil and natural gas proved reserves had another record-breaking year, according to the U.S. Energy Information Administration’s (EIA) U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2018 report, released in December 2019. U.S. proved reserves of crude oil…
Wholesale electricity prices were generally lower in 2019, except in Texas
Wholesale electricity prices at several major hubs were generally lower in 2019 than in 2018, except in Texas. Record-high electricity demand in the summer led to much higher 2019 wholesale electricity prices in the Electric Reliability Council of Texas (ERCOT)…
Natural gas prices in 2019 were the lowest in the past three years
In 2019, natural gas spot prices at the national benchmark Henry Hub in Louisiana averaged $2.57 per million British thermal units (MMBtu), about 60 cents per MMBtu lower than in 2018 and the lowest annual average price since 2016. Lower…
U.S. average retail gasoline prices in 2019 were slightly lower than in 2018
U.S. regular retail gasoline prices averaged $2.60 per gallon (gal) in 2019, 11 cents/gal (4%) lower than in 2018. Gasoline prices rose steadily during the first quarter of the year, rising from $2.24 on January 7 to $2.90/gal on May…
Crude oil prices were generally lower in 2019 than in 2018
The price of Brent crude oil, the international benchmark, averaged $64 per barrel (b) in 2019, $7/b lower than its 2018 average. The price of West Texas Intermediate (WTI) crude oil, the U.S. benchmark, averaged $57/b in 2019, $7/b lower…
Energy commodity prices rose more than other goods in 2019
The energy portion of the S&P Goldman Sachs Commodity Index (GSCI) ended 2019 22% higher than it began the year. Price indexes for other commodity types also increased in 2019, but not as much as the energy commodity index. …read…
EIA projects nearly 50% increase in world energy usage by 2050, led by growth in Asia
In its newly released International Energy Outlook 2019 (IEO2019) Reference case, the U.S. Energy Information Administration (EIA) projects that world energy consumption will grow by nearly 50% between 2018 and 2050. Most of this growth comes from countries that are…
