We need energy to live…everything we see, feel, hear depends on energy. There are many forms of energy, chemical energy, chemical reaction, radiant energy, mechanical energy, electrical energy, static electricity and nuclear energy. The future of energy: more complex, resourceful technology and brilliant innovations. Global demand for affordable, reliable energy will continue to increase at a rapid rate. Technology plays a vital role for the increase demand of the transformation of new energy. How will the world satisfy its need for energy? Demand for energy continues to increase persistently. Great challenges materialize for the increased demand of energy; the long-term environmental sustainability of fossil fuels, vulnerabilities in the energy supply chain, and volatility in energy markets. As it relates to energy transformation, these challenges could have serious impact on how it is produced and used, and will be a critical factor in the future of the global economy, geopolitics, and the environment. According to the U.S. Energy Information Administration, in 2015 the U.S. produced 4 trillion kilowatt rows of electricity, of which 67% was from fossil fuels (coal, natural gas, and petroleum). What are some of the components which will affect the resolution for the U.S. energy markets through 2040? Energy market trends are analyzed and the forecasts of such analysis of trends are being utilized in order to examine if there is a need for changes in policies, rules and regulations. This analysis serves as an indicator to address the role energy will potentially play in the future of advanced technology. In August, 2016 the U.S. Energy Information Administration (EIA) devised “The Annual Energy Outlook 2016 (AE02016)” which discloses their long-term forecasts of energy supply, demand, and prices through 2040. This report is utilized to provide an analysis of energy market trends which will be the focal point for the determination of potential changes in policies, rules and regulations. In addition, it reviews the impact that advanced technologies might have on the demand of energy in the future. The report focuses on the revisions of rules and regulations.
In the 2016 AE02016 changed its Clean Power Plan to require different states for the reduction of carbon dioxide emissions from existing fossil fuel generators, and an extension of tax credits for wind and solar energy. Along with a decrease of natural gas prices, the changes will in the end affect the projected electricity generation fuel mix.
- It addresses the implications of the changing electricity generation fuel mix for overall coal demand and the coal production outlook across U.S. coal supply regions.
- It points to the fact that there is a decrease in usage from customers and an increase in onside production (Solar panels).
- Addresses the implication that resource and technology improvements and prices on the outlook for U.S. oil and natural gas production.
- Discusses the implications of medium- to heavy vehicle
- Addresses alternative economic, energy market, and policy scenarios for energy related emissions.
According to the AE02016 report, when the state implements its Clean Power Plan the results disclosed projections from the 2015 Net Electricity production from coal, natural gas, and renewable, reported levels of: natural gas-fired electricity production increases by 26% in 2030 and by 44% in 2040, and generation production for renewable increases by 99% in 2030 and by 152% in 2040. The projected changes are the effect in electricity production with both natural gas and renewable exceeding coal production in 2024 (natural gas) and in 2028 (renewable). Without the Clean Power Plan the levels of: coal-fired generation 436 million kWh lower than in 2015; natural gas-fired generation is 594 billion KWh higher than in 2015; and renewable generation is 828 billion kWh higher than in 2015. Based on this analysis it discloses that the coal-fired generation continues to decline even if there is no Clean Power Plan put in place, and the natural gas becomes the dominant fuel for the production of electricity.