EIA: economic growth will contribute to the increase in energy consumption until 2050
U.S. energy use is expected to increase over the next 30 years as population and economic growth outpace benefits from energy efficiency improvements, according to the U.S. Energy Information Administration (EIA) .
The EIA released the 2022 Annual Energy Outlook on Thursday (3 March) which shows that renewables are expected to be the fastest growing source of energy through 2050, but oil and liquid fuels will remain the source of energy. most consumed energy.
“Our base case predicts that, without changes to laws and regulations, improvements in energy efficiency will slow the rate of growth of energy consumption in the United States, and that technological advances and increased resource development will increase energy supply,” said Steve Nalley, EIA Acting Administrator. “We examine a variety of cases and compare them to the reference case to illustrate how the availability of energy resources, the pace of technological advancement, and other factors could shape future U.S. energy markets.”
Here are some of the other highlights from the Annual Energy Outlook:
- Natural gas and renewables are expected to continue growing through 2050, with renewables seeing the fastest growth.
- Wind and solar incentives as well as falling technology costs are expected to compete with natural gas for power generation, while the shares of coal and nuclear power decline in the US electricity mix.
- S. crude oil production is expected to reach record highs, while natural gas exports will contribute to an increase in natural gas production. Global demand is expected to partially boost oil and gas production. A continued increase in liquefied natural gas export capacity should support increased natural gas production and exports.
Link here for the 2022 annual energy outlook which will be released after a virtual event on Thursday afternoon.