energy-tech
October 19, 2020
Energy Roundup: EIA 2021 Power Generation Forecast
EIA Forecasts Increased U.S. Coal Electric Power Generation in 2021
The U.S. Energy Information Administration (EIA) forecasts natural gas electric power generation share will decline to 34 percent in 2021 from 37 percent this year due to higher forecasted natural gas prices. Coal power generation is expected to return to its 2019 level of 24 percent in 2021, an increase from 20 percent in 2020. Renewable energy generation is expected to increase to 22 percent in 2021, a 2 percent rise from 2020.
GE Exits New-Build Coal Power Market
GE recently announced that it intends to exit the new-build coal power market while continuing to deliver turbine islands for the nuclear market and service existing nuclear and coal power plants. GE will continue to focus on and invest in renewable energy and power generation businesses. Utility Dive cited rising consumer concern about climate change eroding demand for fossil fuels and renewables becoming more cost-competitive as contributing factors to GE’s decision.
U.S. Winter Energy Bills Expected to Increase
The EIA Winter Fuels Outlook reports, on average, U.S. households can expect heating costs this winter to be slightly higher than last winter. Households that use propane are expected to pay 14 percent more, 6 percent more for natural gas, 7 percent more for electricity and heating oil is expected to be 10 percent less than last winter.
U.S. Electricity Consumption Expected to Decrease in 2020
The EIA forecasts the U.S. will consume 2.2 percent less electricity in 2020 compared with 2019. While the commercial sector is expected to decrease by 6.2 percent and industrial sector to decrease by 5.6 percent, the residential sector is expected to increase by 3.2 percent in 2020. The EIA 2021 forecast is similar to 2020 consumption with winter space heating increases being offset by fewer forecasted cooling degree days, according to the National Oceanic and Atmospheric Administration.
Global Energy Storage Capacity Expected to Reach 741 GWh by 2030
Global energy storage capacity could reach 741 gigawatt-hours (GWh) of cumulative capacity by 2030, a compound annual growth rate of 31 percent, even with a 17 percent reduction in global deployments in 2020 due to pandemic-related disruptions according to a recent Wood Mackenzie report. The U.S. could make up nearly half of the amount of deployments. The average cost of lithium-ion battery cells is expected to fall below $100 per kWh by 2023 and could reach $73 per kWh by 2030 according to Utility Dive.