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Analysis

Energy and resources M&A update: Q4 2022

US crude oil output rose during the fourth quarter, as weekly production volumes increased to 12.1 million barrels per day through the week ending December 30, 2022.

Energy and resources trends

  • Oil and gas
    The United States is poised to regain the crown as world’s top liquefied natural gas (LNG) exporter.1
  • Renewable energy
    Wind power grew by more than 60% since 2017 to about 143 GW of capacity. By 2024, wind is projected to increase by more than 12 GW.2
  • Power and utilities
    Total average revenues per kilowatt-hour (kWh) rose by 11.8% from November 2021, to 12.46 cents/kWh in November 2022. The industrial end-use sector rose the most year over year (up 12.6%), followed by the residential sector (11.2%), then the commercial sector (10.7%), and lastly the transportation sector (10.1%).3
  • Nuclear energy
    The global nuclear industry released a joint statement emphasizing that the energy transition is not possible without maintaining and expanding the role of nuclear power.4

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References

1Scott Disavino, “U.S. poised to regain crown as world’s top LNG exporter,” Reuters, January 4, 2023.

2Ryan Kennedy, “Solar total installed capacity to grow 84% in two years,” pv magazine USA, January 23, 2023.

3US Energy Information Administration (EIA), “Electricity monthly update,” November 2022.

4World Nuclear Association, “Joint statement of the global nuclear industry regarding the critical role of nuclear energy within the current geopolitical context,” November 16, 2022.

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