On October 12, the U.S. Energy Information Administration released its Winter Fuels Outlook forecasting heating costs for homes that heat with natural gas will rise by 28%, heating oil by 27%, electricity by 10%, and propane 5% from October–March.

EIA said the Henry Hub natural gas spot price to average about $7.40 per million British thermal units (MMBtu) in 4Q22 and then fall below $6.00/MMBtu in 2023 as U.S. natural gas production rises.

EIA forecasts electric generation fueled by natural gas will drop from 38% of generation to 36% in 2023.  Coal-fired generation will drop from 23% to 19% in 2023.

EIA noted growing generation from renewable sources limits growth in natural gas-fired generation, and coal’s generation share declines because of the expected retirement of some coal-fired capacity.

Increases in U.S. electricity generation in our forecast come almost entirely from solar and wind.

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Related Articles This Week:

-- PUC: Severe Weather Drove Record High Number Of Power Outage Events In 2021 [PaEN]

-- DEP, Local Officials Kick Off 2022-23 Local Climate Action Program, 62 Municipalities Participating [PaEN]

-- Penn State Oct. 17 EarthTalk Webinar To Discuss Large-Scale Solar Trends, Impacts And Implications  [PaEN]

-- PennDOT Invites Businesses To Learn About New National Electric Vehicle Infrastructure Grant Program In Nov. 1 Webinar, 8 In-Person Stakeholder Sessions Beginning Oct. 13  [PaEN]

-- Penn State Electric Vehicle Battery Tech Breakthrough Paves Way For Charging In Just 10 Minutes, Smaller Batteries  [PaEN]

[Posted: October 13, 2022]

10/17/2022