In 2023, operators plan to retire 15.6 gigawatts (GW) of electric-generating capacity in the United States, mostly natural gas-fired (6.2 GW) and coal-fired (8.9 GW) power plants, according to our Preliminary Monthly Electric Generator Inventory.
Developers plan to add 54.5 gigawatts (GW) of new utility-scale electric-generating capacity to the U.S. power grid in 2023, according to our Preliminary Monthly Electric Generator Inventory. More than half of this capacity will be solar power (54%), followed by battery storage (17%).
U.S. production capacity for renewable diesel could more than double from current levels by the end of 2025, based on several announcements for projects that are either under construction or could start development soon.
In 2021, U.S. proved reserves of crude oil and lease condensate increased 16% from 2020, totaling 44.4 billion barrels, according to our recently released Proved Reserves of Crude Oil and Natural Gas in the United States, Year-End 2021 report. Proved reserves decreased 19% in 2020 because of pandemic-related constraints on crude oil demand and production. In 2021, however, demand for petroleum and natural gas returned, prices rose, and proved reserves increased.
On December 23, 2022, natural gas consumption in the U.S. Lower 48 states reached a daily record high of 141.0 billion cubic feet (Bcf), according to estimates from S&P Global Commodity Insights. The previous record was 137.4 Bcf, set on January 1, 2018. Below-normal temperatures in mid- to late December increased demand for natural gas used for residential and commercial space heating and electric power generation. At the same time, natural gas production quickly fell because of mechanical issues caused by the cold temperatures.
Algeria hopes to conclude negotiations with Chevron Corp this year.
'The world wants and needs energy that is secure and affordable as well as lower carbon'.
The US microgrid market is developing at a rapid pace by reaching 10GW in the third quarter of 2022, with more than 7GW in operation.
Even though the EU lead the energy transition, it is now in the position of catch-up to secure sustainable energy to its citizens.
'Many of the long-term structural changes to the global oil and LNG market will continue'.
