Monday, February 6 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Feb 06
Week of Jan 30
Week of Jan 23
Week of Jan 16
Week of Jan 09
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print


    December 6, 2022 - States News Service


      The following information was released by the Energy Information Administration (EIA):

      The U.S. Energy Information Administration (EIA) expects higher wholesale electricity prices this winter in every region of the country. According to EIA's December Short-Term Energy Outlook (STEO), the increase in wholesale winter electricity prices ranges from 31% higher in the Southwest to more than 60% higher in the mid-Atlantic and Central regions.

      "Although we expect that U.S. electricity customers will pay more for electricity, we do not expect retail electricity prices to increase as much wholesale prices this winter," said EIA Administrator Joe DeCarolis.

      EIA forecasts the U.S. residential electricity price this winter will average 14.5 cents per kilowatthour, a 6% increase from last winter.

      New England could have wholesale electricity price peaks as high as $215 per megawatthour in January, which would be more than three times higher than peak rates elsewhere in the United States. Limited natural gas pipeline capacity makes it likely that New England will need to import liquefied natural gas (LNG) or fuel oil to support electricity demand this winter. EIA expects significantly stronger global demand for LNG than average this winter, which contributes to its forecast of New England's disproportionately large increases in wholesale electricity prices.

      Other key takeaways from the December 2022 STEO forecast include:

      EIA revised its forecasts for U.S. natural gas production in 2023, expecting it to average more than 100 billion cubic feet per day for the first time. Growth in natural gas production has been limited in the Permian Basin of Texas and New Mexico because of pipeline constraints. EIA now forecasts that those constraints will be resolved more quickly than previously forecast.

      EIA expects a slight increase in crude oil production in Venezuela in the second half of 2023, following the United States' ruling that Chevron can resume oil production there. "Our oil production forecast has a lot of uncertainty for Venezuela, but we expect that production there will increase somewhat next year," DeCarolis said.

      EIA expects significant growth in electricity generation from wind and solar power in Texas during 2023. EIA forecasts that wind power will contribute 29% of the state's electricity generation in 2023, up from 25% in 2022. The share of electricity generation from solar will reach 8% in 2023, up from 5% in 2022. "Renewable sources will play a key role in meeting electricity demand in Texas during peak daytime hours," DeCarolis said.

      The full December 2022 STEO is available on the EIA website.

      The product described in this press release was prepared by the U.S. Energy Information Administration (EIA), the statistical and analytical agency within the U.S. Department of Energy. By law, EIA's data, analysis, and forecasts are independent of approval by any other officer or employee of the U.S. government. The views in the product and press release therefore should not be construed as representing those of the U.S. Department of Energy or other federal agencies.


    Other Articles - Utility Business / General


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.