After the 2011 Fukushima Daiichi accident, Japan suspended operations at all of its remaining 48 nuclear power reactors by 2013 and relied almost exclusively on imported natural gas to replace the lost electricity generation. In 2015, Japan allowed its first nuclear power reactor to resume operations. As of December 2022, 11 … [continued]
Electricity demand associated with U.S. cryptocurrency mining operations in the United States has grown very rapidly over the last several years. Our preliminary estimates suggest that annual electricity use from cryptocurrency mining probably represents from 0.6% to 2.3% of U.S. electricity consumption. 1 This additional electricity use has drawn the attention … [continued]
Combined sales of hybrid vehicles, plug-in hybrid electric vehicles, and battery electric vehicles (BEV) in the United States rose to 16.3% of total new light-duty vehicle (LDV) sales in 2023, according to data from Wards Intelligence. In 2022, hybrid, plug-in hybrid, and BEV sales were 12.9% of total sales. The full-year … [continued]
We project low zero-carbon technology costs will drive substantial growth in zero-carbon electricity capacity and generation and limit growth in fossil fuel-fired generation in parts of Asia between 2030 and 2050 in our International Energy Outlook 2023 (IEO2023). In the region we call Other Asia-Pacific (OAS), we project the electric power sector’s CO2 emission … [continued]
Russia’s reliance on four, mainly Asian, countries to import its coal has increased since some countries implemented sanctions against Russia after it invaded Ukraine, according to Global Trade Tracker data. This trade shift corresponds with increased coal exports from the United States to Europe and EU sanctions that went into full effect … [continued]
We expect average wholesale electricity prices for 2024 in most areas of the country to be close to or slightly lower than in 2023 because of relatively stable generation fuel costs. However, periods of high demand or power market supply constraints could lead to temporary spikes in wholesale prices. We … [continued]
In our latest Short-Term Energy Outlook, we forecast that wind and solar energy will lead growth in U.S. power generation for the next two years. As a result of new solar projects coming on line this year, we forecast that U.S. solar power generation will grow 75% from 163 billion kilowatthours … [continued]
We forecast average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because we expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years. We expect the Brent crude oil price will average $82 per barrel (b) … [continued]
We expect solar electric generation will be the leading source of growth in the U.S. electric power sector. In our January Short-Term Energy Outlook (STEO), which contains new forecast data through December 2025, we forecast new capacity will boost the solar share of total generation to 5.6% in 2024 and 7.0% in … [continued]
Two states with rapidly growing wind and solar generating fleets account for the bulk of the capacity additions. California has the most installed battery storage capacity of any state, with 7.3 GW, followed by Texas with 3.2 GW. The rapid growth of variable solar and wind capacity in states such as California … [continued]
