The Energy Information Administration on Tuesday said it expects natural-gas demand to generate U.S. electricity this summer to reach its second-highest...
The Energy Information Administration expects natural-gas demand to generate U.S. electricity this summer to reach its second-highest level on record, according to the government agency’s monthly Short-term Energy Outlook report issued Tuesday.
“A decline in coal-fired electricity generation, relatively low natural-gas prices, and more overall electricity generation due to warmer-than-normal temperatures in our forecast,” is expected to lead to high natural gas-fired electric power generation this summer, the EIA said. The forecast share of electricity generation from renewable sources is expected to rise from 22% in 2022 to 23% in 2023 and to 26% in 2024, the EIA said. That will reduce generation from fossil fuel-fired power plants because renewable generators such as wind and solar have “an advantage in dispatch due to their low operating costs,” it said.
— Joe DeCarolis, EIA “The increasing share of renewables in the U.S. generation mix is a major feature of our electricity forecast this summer and through 2024,” EIA Administrator Joe DeCarolis said in a statement. “As electricity providers generate more electricity from renewable sources, we see electricity generated from coal decline over the next year and a half. We expect that the United States will generate less electricity from coal this year than in any year this century.
That followed a spike in crude-oil prices shortly after the Organization of the Petroleum Exporting Countries and their allies, together known as OPEC+, announced a surprise production cut that would run from May through the end of this year.
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