U.S. EIA Short Term Energy Outlook Sees Continued High Energy Costs Into 2022, Decreases Later; Growth Of Renewables; Carbon Dioxide Still Short Of 2019 Levels

On November 9, the U.S. Energy Information Administration released its November Short Term Energy Outlook which forecasts continued high energy costs going into 2022, but finds decreases into 2022.

The cost of natural gas is forecast to drop in 2022 as will its share of electric generation.

EIA also forecasts a slight increase in carbon dioxide emissions from energy sources in 2022, but still short of 2019 levels.

Here are some highlights from the report--

-- Crude Oil: Short term drop from $84/barrel in October to $82 the remainder of this year and $72/barrel in 2022;

-- Gasoline: Slight decrease from $3.29/gallon in October to $3.16/gallon in December;

-- Natural Gas: Slight increase from $5.51 per MMBtu in October to $5.53 in last quarter and into next year averaging $3.93 in 2022;

-- Electric Generation Natural Gas: Natural gas drops slightly from 36% in 2021 to 35% in 2022, down from 39 percent in 2020, due to higher cost;

-- Electric Generation Coal: 23 percent in 2021 to 22 percent in 2022, up from 20 percent in 2020;

-- Electric Generation Renewables: 20 percent in 2021 up slightly to 22 percent in 2022;

-- Electric Generation Nuclear: down slightly from 21 percent in 2020 to 20 percent in 2021 and 2022.

-- Renewable Capacity - Wind: 14.6 gigawatts of new wind in 2020, 17 gigawatts of new wind in 2021 and 6.9 gigawatts in 2022

-- Renewable Capacity - Solar: 10.5 gigawatts of new solar in 2020, 15.7 gigawatts of new solar in 2021 and 18.2 gigawatts for 2022.

-- Carbon Dioxide Emissions: Energy-related emissions decreased 11 percent in 2020, will increase 7 percent in 2021 and there will be a 1 percent increase in 2022.

-- Carbon Dioxide Emissions - Coal: Declined by 19 percent in 2020, rise by 18 percent in 2021 and then fall by 5 percent in 2022

Click Here for the complete report.

[Posted: November 9, 2021]  PA Environment Digest