Is this the ‘energy decade'? Why energy is so hot right now

Yahoo

02-05-2025

In today's world — in Utah, across the West, overseas and everywhere else — dependable energy is central.
The Kem Gardner Policy Institute at the University of Utah hosted a discussion Thursday to explain the dynamics of energy production and consumption, as well as the realities of what the Beehive State and the rest of the country is facing.
A report by the institute says according to 2024 numbers, Utah enjoys the cheapest residential electricity prices in the nation.
'From 1980 to 2019, Utah enjoyed the status of a net energy exporter, meaning Utah generated more energy than needed to other states and sometimes other countries,' the report said.
Utah energy production began decreasing in 2015 and continued to drop until it crossed the consumption line in 2020, flipping Utah into net energy importer status for the first time in 40 years.
Utah Gov. Spencer Cox says that is why Utah has to be a pioneer and have vision — like the people who came before us.
It's why Cox launched 'Operation Gigawatt,' the drive to take energy production to a new level.
Utah and this country is at a crossroad. In this state, five active coal mines were in operation in 2024, the fewest since Utah mining operations began nearly 150 years ago.
The good news for the state is that Utah returned to being an exporter because of crude oil production and natural gas opportunities.
But the state continues to work through its own changes as coal production and electricity generated from coal-fired power plants hit low levels, but crude oil production remains higher than at any time in history.
Utah crude oil production increased 13% to 65.1 million barrels in 2024. Those high production levels allowed for exports of over 33 million barrels from the Uinta Basin traveling via train to the Gulf Coast.
According to the Utah Petroleum Association, the Salt Lake City area is home to five refineries that all operate at capacity and take a mix of Utah's waxy crude and other crudes.
Other regional crudes and even Canadian crude are also processed in SLC via two incoming crude pipelines, one from Wyoming and one from Colorado. Finished products (jet fuel, diesel and gasoline) from the Salt Lake refineries are transported via truck to local and regional markets, via one of two pipelines to Las Vegas or to Idaho and Washington, or via a pipeline network to the Salt Lake International Airport for jet fuel.
Solar has also been hot in Utah. Utility scale production amounted to 14% of Utah's total electricity production last year. In the residential sector, total installed photovoltaic capacity increased from seven megawatts in 2013 to 429 megawatts in 2023.
'Many people are calling the next 10 years the 'energy decade,'' said Natalie Gochnour, director of the Gardner Institute. 'The Utah economy benefits from abundant energy sources and supplies that fuel economic opportunity. In a very real way, energy development is economic development, and the data affirm Utah's privileged position as an energy state.'
The lead author of the report summarized the report's findings in this way: 'Crude oil and natural gas still feature prominently in Utah's energy mix, but coal's role diminishes each year,' said Michael Vanden Berg, energy and minerals program manager for the Utah Geological Survey.
'The electricity market continues to adjust to decarbonization pressures, balanced with grid reliability and affordability. This energy evolution will continue with ongoing emphasis on renewable and carbon-neutral energy sources (in particular, baseload geothermal and nuclear electric generation), innovations in the hydrogen economy, and electrification of the transportation system.'