U.S. Energy Debt Soars as Renewable Generation Increases

US (Transatlantic Today) – The Low Income Home Energy Assistance Program (LIHEAP) reports that U.S. energy debt reached $16.1 billion by August 2023—double the amount recorded in December 2019. The average overdue balance per household also rose to $788, up from $629.

Energy Consumption Trends

According to the Energy Information Administration (EIA):

• Retail electricity sales are expected to decline in 2023 due to a milder summer and fewer cooling degree days.
• Overall U.S. electricity generation will decrease in 2023 but rebound in 2024.
• Renewable energy will drive future electricity generation, with its share projected to increase from 21% (2022) to 26% (2024).

Natural Gas and Record Demand

• U.S. natural gas consumption, production, and exports hit record highs in 2022 as real average prices reached their highest level in 14 years.
• Increased demand from the electric power sector contributed to this surge.