The most recent Regional Greenhouse Gas Initiative (RGGI) quarterly auction (held on December 1, 2021) resulted in a clearing price of $13.00 per allowance, surpassing the previous auction’s record price of $9.30 per allowance. Each allowance represents a limited authorization…
ENERGY & UTILITIES NEWS
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EIA expects U.S. fossil fuel production to reach new highs in 2023
After declining in 2020, the combined production of U.S. fossil fuels (including natural gas, crude oil, and coal) increased by 2% in 2021 to 77.14 quadrillion British thermal units. Based on forecasts in our latest Short-Term Energy Outlook (STEO), we…
EIA expects U.S. energy-related carbon dioxide emissions to increase in 2022 and 2023
In our latest Short-Term Energy Outlook, we forecast that U.S. energy-related carbon dioxide (CO2) emissions will increase in both 2022 and 2023 but remain below 2019 levels. In 2020, U.S. energy-related CO2 emissions decreased by 11% as energy use declined…
In 2021, 14 petroleum liquids pipeline projects were completed in the United States
In 2021, pipeline companies completed 14 petroleum liquids pipelines projects in the United States, according to our recently updated Liquids Pipeline Projects Database. This total includes seven crude oil pipeline projects and seven hydrocarbon gas liquids pipeline projects; no petroleum…
New renewable power plants are reducing U.S. electricity generation from natural gas
In our January Short-Term Energy Outlook (STEO), we forecast that increasing electricity generation from renewable energy resources such as solar and wind will reduce generation from fossil fuel-fired power plants over the next two years. The forecast share of generation…
EIA forecasts natural gas prices to remain near $4/MMBtu in 2022, slightly lower in 2023
In our January Short-Term Energy Outlook (STEO), we forecast that the natural gas spot price at the U.S. benchmark Henry Hub will average $3.79 per million British thermal units (MMBtu) in 2022, slightly less than its 2021 average of $3.91/MMBtu.…
EIA forecasts crude oil prices will fall in 2022 and 2023
In our January 2022 Short-Term Energy Outlook (STEO), we forecast that crude oil prices will fall from 2021 levels. In the fourth quarter of 2021, the price of Brent crude oil, the international pricing benchmark, averaged $79 per barrel (b).…
Coal will account for 85% of U.S. electric generating capacity retirements in 2022
Operators have scheduled 14.9 gigawatts (GW) of electric generating capacity to retire in the United States during 2022, according to our latest inventory of electric generators. The majority of the scheduled retirements are coal-fired power plants (85%), followed by natural…
Solar power will account for nearly half of new U.S. electric generating capacity in 2022
In 2022, we expect 46.1 gigawatts (GW) of new utility-scale electric generating capacity to be added to the U.S. power grid, according to our Preliminary Monthly Electric Generator Inventory. Almost half of the planned 2022 capacity additions are solar, followed…
Wholesale electricity prices trended higher in 2021 due to increasing natural gas prices
Average wholesale prices for electricity at major trading hubs in the United States were higher in 2021 than in 2020 as increasing costs for power generation fuels, especially natural gas, pushed electricity prices higher in the second half of 2021.…
