BY LIZ ZABEL | IOWA ENERGY CENTER
In the recently released Annual Energy Outlook 2014 (PDF), the U.S. Energy Information Administration (EIA) predicts residential energy will decline overall while the industry grows with fossil fuel production and increased renewable energy use.
They expect wind power generation capacity to reach 8.8 percent this year and grow another 15 percent in 2014 while utility-scale solar power generation capacity rises to 40 percent. Natural gas production is expected to grow 2.1 percent this year and another 1.3 percent in 2015. Crude oil production may set a record high in 2015, with a projected increase from 1 million to 8.5 million barrels per day. In 2015, that number is expected to rise to 9.3 million barrels per day. That being said, gasoline prices will likely have a downward trend over the next two years. Coal output is expected to rise 4 percent this year and electricity generated by coal may increase from 39.1 percent to 40.2 percent this year. However, as more coal-fired power plants retire, that generation will likely fall to 38.6 percent in 2015. Improvements in energy efficiency have led to the decline of residential energy use by 1.1 percent this year and a predicted 0.4 percent in 2015. Though, a boost in the economy may cause electricity use in the industrial sector to rise 2.2. percent this year and an additional 2.5 percent in 2015.
Read more about the Annual Energy Outlook 2014 or download your own copy here.
Source: Energy use projections for 2014 show increase in renewable power, industrial electricity demand, Dayton Daily News