We expect natural gas consumption in the electric power sector to decline in the fourth quarter of 2022 and in 2023, in part, due to more renewable electricity generation capacity coming online. During both a cold January and a hot summer, natural gas was key to meeting electricity demand peaks throughout the country. Coal-fired power plants have been limited in their ability to increase power generation due to historically low on-site inventories, constraints in fuel delivery to coal plants, and continued coal capacity retirements. consumption of natural gas in the electric power sector has increased in 2022 due to limitations at coal-fired power plants and weather-driven demand. benchmark Henry Hub in Louisiana averaged $6.56 per million British thermal units (MMBtu) in 2022, compared with $3.43/MMBtu in 2021 and $1.86/MMBtu in 2020. Over the same eight-month period, the natural gas price at the U.S. consumption of natural gas in the electric power sector increased in the first eight months of 2022, averaging 33.2 Bcf/d, which is 2.0 Bcf/d higher than the same time in 2021 and 0.4 Bcf/d higher than in 2020. However, despite a large increase in natural gas prices this year, U.S. Many power providers typically offset their use of natural gas with coal for electricity generation when natural gas prices are relatively high. This sector has, historically, been sensitive to changes in natural gas prices relative to coal prices. consumption of natural gas increases by 1.2 Bcf/d in 2022 to average 32.1 Bcf/d, which is 0.3 Bcf/d greater than the previous annual record high of 31.8 Bcf/d set in 2020. In the electric power sector-the sector that consumes the most natural gas-annual U.S. natural gas consumption will increase in all end-use sectors in 2022, led by the electric power sector and the residential and commercial sectors. natural gas consumption in 2022 to increase by 3.6 billion cubic feet per day (Bcf/d) from 2021 levels to average 86.6 Bcf/d for the year, the highest annual natural gas consumption on record. In our September Short-Term Energy Outlook (STEO), we expect U.S. natural gas consumption forecast to increase in all sectors in 2022
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