The cost of fossil fuels in the United States electric power industry varies depending on the source that is used. In general, fossil fuels cost about 5.22 U.S. dollars per million British thermal units (Btu) in 2022, ranging from 2.36 U.S. dollars per million Btu for coal to 16.53 U.S. dollars per million Btu for petroleum.
Coal and petroleum costs
In general, petroleum costs have been the most volatile, while coal costs have remained relatively stable in comparison. Average costs of petroleum, which includes various kinds of oil, fluctuated significantly over the period of consideration and reached a peak in 2022 during the energy crisis that hit the global fossil fuels market.
Natural gas price
Similar to coal, natural gas prices can vary based on the region. Being a large producer of domestic natural gas, the U.S. has notably lower prices compared to Europe and Japan. Due to greater natural gas production through hydraulic fracturing, prices in the U.S. have experienced an overall decline over the last decade or so, falling to 2.4 U.S. dollars per million Btu in 2020. However, natural gas markets around the world experienced price shocks in 2021 and 2022 as a result of the Russia-Ukraine war. In the United States, average natural gas costs for use in the electric power sector more than tripled in 2022.
Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2022
(in U.S. dollars per million British thermal units)
* Includes anthracite, bituminous, subbituminous, lignite, waste coal, and synthetic coal. ** Includes petroleum liquids (distillate fuel oil and residual fuel oil) and petroleum coke which includes petroleum coke-derived synthesis gas. *** Includes natural gas only.
This statistic was assembled using several editions of the report.
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EIA. (October 19, 2023). Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2022 (in U.S. dollars per million British thermal units) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/183992/average-costs-of-fossil-fuels-for-us-electricity-generation-from-2005/
EIA. "Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2022 (in U.S. dollars per million British thermal units)." Chart. October 19, 2023. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/183992/average-costs-of-fossil-fuels-for-us-electricity-generation-from-2005/
EIA. (2023). Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2022 (in U.S. dollars per million British thermal units). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/183992/average-costs-of-fossil-fuels-for-us-electricity-generation-from-2005/
EIA. "Average Costs of Fossil Fuels for The Electric Power Industry in The United States from 2005 to 2022 (in U.S. Dollars per Million British Thermal Units)." Statista, Statista Inc., 19 Oct 2023, https://www.statista.com/statistics/183992/average-costs-of-fossil-fuels-for-us-electricity-generation-from-2005/
EIA, Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2022 (in U.S. dollars per million British thermal units) Statista, https://www.statista.com/statistics/183992/average-costs-of-fossil-fuels-for-us-electricity-generation-from-2005/ (last visited November 22, 2024)
Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2022 (in U.S. dollars per million British thermal units) [Graph], EIA, October 19, 2023. [Online]. Available: https://www.statista.com/statistics/183992/average-costs-of-fossil-fuels-for-us-electricity-generation-from-2005/
