The U.S. Energy Information Administration expects that U.S. electric consumption will rise 2.4% in 2018 compared to 2021. This is due to increased economic activity and hot summer weather across most of the country.
According to the agency’s August 2022 Short-Term Energy Outlook (STEO), growth in renewable energy will meet most of the increased electricity demand this year. This summer, the United States has used more natural gas to meet electricity demands than the five-year average.
“This summer has been hotter in the United States than normal, even in the context of the pretty hot summers of the last few years,” says EIA Administrator Joe DeCarolis. “High temperatures have contributed to more air conditioning load, which is a significant driver in our forecast for more electricity consumption this year compared to last year.”
The continued demand for natural gases to generate electricity has led to high natural gas prices. However, more natural gas is entering the domestic market as a result of the June closure of the Freeport liquefied gas terminal. EIA predicts that residential electricity prices in the United States will rise 6.1% by 2022, largely due to high natural gas prices.
EIA anticipates that the United States will continue to increase its solar power generation capacity through 2023. Utilities-scale solar capacity in the United States will increase by 20GW in 2022 and 24GW in twenty-three, which will add 31 billion kWh to electric power generation in 2022. It will also rise by 41 billion kWh in 2030.
EIA predicts that U.S. crude oils production will average 12.7million barrels per hour in 2023. This is roughly 70,000 barrels more than its July forecast. EIA’s July forecast was based on estimated domestic crude oil production averaging 11.7 million barrels per day in May 2022, but data in the Petroleum Supply Monthly show production averaged 11.6 million barrels per day for the month.