EIA expects a 2.4% improve in whole US electrical energy consumption in 2022

The US Power Info Administration (EIA) expects US electrical energy consumption this yr to extend 2.4% over 2021, ensuing primarily from elevated financial exercise but in addition from sizzling summer time climate all through a lot of the nation.

In accordance with the company’s August 2022 Quick-Time period Power Outlook (STEO), development in renewable power will meet a lot of the elevated electrical energy demand this yr. The USA has additionally consumed extra pure gasoline to fulfill electrical energy demand to date this summer time than the earlier five-year common.

Continued demand for pure gasoline to generate electrical energy has contributed to comparatively excessive costs for pure gasoline, whilst extra pure gasoline enters the home market as a result of June shutdown of the Freeport liquefied pure gasoline terminal. EIA expects US residential electrical energy costs shall be 6.1% larger in 2022, largely on account of excessive pure gasoline costs.

Different key takeaways from the August 2022 STEO forecast embrace:

• EIA expects US crude oil manufacturing to common 12.7 million barrels per day in 2023, which is about 70,000 barrels per day lower than its July forecast. EIA’s July forecast was primarily based on estimated home crude oil manufacturing averaging 11.7 million barrels per day in Might 2022, however information within the Petroleum Provide Month-to-month present manufacturing averaged 11.6 million barrels per day for the month.

• EIA expects the USA to proceed to extend its capability to generate electrical energy from solar energy via 2023. US utility-scale photo voltaic capability will improve by 20 gigawatts (GW) in 2022 and 24 GW in 2023, representing an addition of 31 billion kilowatt hours (kWh) of electrical energy technology in 2022 and 41 billion kWh in 2023.