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New solar plants expected to support most U.S. electric generation growth

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In our latest Short-Term Energy Outlook (STEO), we expect that U.S. renewable capacity additions—especially solar—will continue to drive the growth of U.S. power generation over the next two years. We expect U.S. utilities and independent power producers will add 26 gigawatts (GW) of solar capacity to the U.S. ...

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EIA expects higher wholesale U.S. natural gas prices as demand increases

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We expect increases in the Henry Hub natural gas price in 2025 and 2026 as demand for natural gas grows faster than supply, driven mainly by more demand from U.S. liquefied natural gas (LNG) export facilities, reducing the natural gas in storage compared with the last two years. In our January Short-Term Energy ...

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U.S. retail gasoline prices to decrease in 2025 and 2026 with lower crude oil price

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In our January Short-Term Energy Outlook, we now forecast U.S. retail gasoline prices through the end of 2026. We estimate U.S. average gasoline prices in 2025 will decrease by 11 cents per gallon (gal), or about 3%, compared with 2024. In 2026, we forecast a further decrease of about 18 cents/gal, or an additional ...

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EIA forecasts lower oil price in 2025 amid significant market uncertainties

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We forecast benchmark Brent crude oil prices will fall from an average of $81 per barrel (b) in 2024 to $74/b in 2025 and $66/b in 2026, as strong global growth in production of petroleum and other liquids and slower demand growth put downward pressure on prices and help offset heightened geopolitical risks and ...

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A look back at our forecast for global crude oil prices in 2024

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Benchmark Brent crude oil prices averaged $81 per barrel (b) in 2024, in line with the $82/b for the year that we had forecast in our January 2024 Short-Term Energy Outlook (STEO) and more in-depth analysis. In the January 2024 STEO, we forecast that markets would be relatively balanced in 2024, changing little from ...

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U.S. wholesale electricity prices were lower and less volatile in 2024

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Average wholesale electricity prices at major trading hubs in the Lower 48 states were lower in 2024 than in 2023. In addition, prices were much less volatile than they have been over the last few years. Lower and more stable electricity prices in 2024 were mostly driven by low natural gas prices, as well as increases ...

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EIA extends five key energy forecasts through December 2026

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In our January 2024 Short-Term Energy Outlook, which includes data and forecasts through December 2026, we forecast five key energy trends that we expect will help shape markets over the next two years.

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Natural gas vehicle fuel prices rose in 2022 and 2023 after a decade of relative stability

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After a decade of nearly flat prices from 2011 to 2021, inflation-adjusted fuel prices for natural gas vehicles increased in 37 states from 2021 to 2023, according to new estimates in our State Energy Data System (SEDS). Real U.S. natural gas prices for vehicle fuel remained 25% below their peak in 2008.

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The eighth U.S. liquefied natural gas export terminal, Plaquemines LNG, ships first cargo

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On December 26, 2024, Plaquemines LNG—the eighth liquefied natural gas (LNG) export terminal in the United States—shipped its first cargo after achieving first LNG production in mid-December. Plaquemines LNG is one of two U.S. LNG export terminals that started LNG production in 2024. Corpus Christi Stage 3 (an ...

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Since the 2011 Fukushima accident, Japan has restarted 14 nuclear reactors

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Japanese utilities restarted two additional nuclear reactors in 2024 that had been suspended from operations in response to the 2011 Fukushima Daiichi accident, taking the total number of restarted reactors to 14 since the accident. In November, Tohoku Electric Power Co. restarted its 796-megawatt (MW) Onagawa Unit 2 ...

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Spot Henry Hub natural gas prices hit a historic low in 2024

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In 2024, the U.S. benchmark Henry Hub natural gas spot price averaged $2.21 per million British thermal units (MMBtu), the lowest average annual price in inflation-adjusted dollars ever reported. The annual average Henry Hub natural gas spot price in 2024 decreased by 16% from its 2023 average and 68% from its 2022 ...

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In 2024, U.S. retail gasoline prices averaged about 20 cents less than in 2023

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The U.S. retail price for regular grade gasoline averaged $3.30 per gallon (gal) in 2024, $0.21/gal less than in 2023. Lower crude oil prices and narrower refinery margins in 2024 than in 2023 both contributed to the decrease in U.S. retail gasoline prices, according to data from our Gasoline and Diesel Fuel Update. ...

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