US natural gas will be cheaper than coal in 2024 for the first time in history, the US Energy Information Administration (EIA) forecast in its Short-Term Energy Outlook on Tuesday.
According to the EIA, in 2024, spot gas prices at the US benchmark Henry Hub in Louisiana will average just $2.15 per million British thermal units (mmBTU) versus $2.45 for coal. .
If the estimates come true, it would be the first time in history that average annual gas prices are lower than coal prices, according to federal energy data dating back to 2001.
That compares with average prices of $2.54 per mmBtu for gas and $2.52 for coal in 2023, and averages of $3.62 for gas and $2.07 for coal over the previous five years (2018-2022).
Historical electricity consumption for this and next years
On the other hand, the EIA indicated that electricity consumption in the United States will reach historical highs in 2024 and 2025.
The EIA projects that electricity demand will increase to 4.96 trillion kilowatt-hours (kWh) in 2024 and 4.125 trillion kWh in 2025.
The figure compares to 4 billion kWh in 2023 and the record of 4,67 billion kWh in 2022.
As homes and businesses use more electricity instead of fossil fuels for heating and transportation, the EIA projects that electricity sales in 2024 will reach 1.506 trillion kWh for residential consumers, 1.389 trillion kWh for commercial customers and 1,47 billion kWh for industrial customers.
Compared to all-time highs of 1.509 trillion kWh for residential consumers in 2022, 1.391 trillion kWh in 2022 for commercial customers and 1.64 trillion kWh in 2000 for industrial customers.
#Gas #price #coal
– 2024-04-10 10:42:15
