As gas slows down, renewables show continued growth.
An Update on Natural Gas
It’s no surprise that the cost of natural gas fluctuates as supply and demand changes. In recent years, the U.S. has successfully developed new supplies for oil and gas, which can be a positive for consumers and drive prices lower, but difficult for producers to manage as they try and grow their businesses.
After the lowest U.S. summer gas prices in 20 years, the standard winter increase in prices hasn’t happened. Most of the country has experienced a mild winter, and these warmer temperatures haven’t created the usual demand for home heating.
While natural gas has outpaced coal to have a larger percentage share of electrical generation, this growth is projected to plateau within the next year, as shown in the graph below from the EIA.
Conversely, renewable energy (particuarly solar and wind) are projected by the EIA to continue their growth. Based on EIA projections shown in the graph below, renewables (mainly solar and wind) will constitute 15% of electrical generation in the United States.
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