Short-Term Energy Outlook

The U.S. macroeconomic outlook we use in the Short-Term Energy Outlook (STEO) is based on S&P Global’s macroeconomic model. S&P Global’s most recent model reflects the tariffs announced in April and includes the 90 day temporary suspension of tariffs granted to certain countries. S&P Global finalized its most recent model before the U.S. Court of International Trade ruled on May28th to temporarily halt the implementation of all reciprocal tariffs. As a result, our macroeconomic forecast assumes lower tariffs on China’s products compared with last month’s STEO and 10% tariffs on countries subject to the 90-day temporary suspension. These differences in …

Beyond LCOE: A Systems-Oriented Perspective for Evaluating Electricity Decarbonization Pathways

Levelized Cost of Electricity (LCOE) is a widely used standardized metric to assess electricity generation project costs per expected generation output. Often used to compare technology costs, LCOE has become a ubiquitous metric used in electricity industry literature, cost forecasts, project business cases, and policy making.

The LCOE metric is popular in part due to its simplicity and standardization and has been used widely to display LCOE declines of solar and wind. LCOE is calculated by summing the discounted project cost, primarily capital and operating expenditures, and dividing those costs by the discounted expected electricity generation over the life of …

A Study of Terminal Decline Rates of Oil & Gas Wells

In the United States alone, the Environmental Protection Agency estimates that there may be nearly 4 million inadequately decommissioned oil and gas wells. These wells and associated surface facilities represent material health and safety risks for people and nature in their immediate surroundings. They also collectively are a significant contributor to greenhouse gas emissions, a driving force behind global warming. 

A climate mitigation business model is emerging in which a project developer undertakes to properly plug a leaking abandoned wellbore (or a leaking orphaned well, which is a subset of abandoned wells that lack a viable owner) to stop its …

Q2 2025 Solar Market Insight Report

White House Executive Orders Target Ambitious Nuclear Deployment in the United States and Abroad

The Trump administration has doubled down on its ambition for nuclear leadership, targeting a quadrupling of U.S. commercial capacity by 2050—a total net addition of 300 GW (EO 14300). This is a 50 percent increase from the already ambitious  domestic target of 200 GW net addition by 2050 set by the Biden administration in November 2024.…

The 2025 Data Center Power Report

As AI accelerates, so does the demand for power. According to Bloom Energy’s 2025 Data Center Power Report, data centers will require an additional 35 GW of electricity over the next five years—placing unprecedented strain on already maxed-out electric grids.

The Solution? Onsite Fuel Cell Power.

Fuel cells offer a scalable, resilient, and clean energy solution that can be deployed in months, not years—helping utilities meet surging demand without waiting on grid expansion. …

Short-Term Energy Outlook

Global oil inventories increased over the first five months of 2025 and will continue to grow significantly over the forecast period. We expect they will increase by an average of 0.4 million barrels per day (b/d) for the remainder of the year. We expect global oil inventory builds will average 0.8 million b/d in 2025, 0.4 million b/d higher than in last month’s STEO. For the second half of the year, we expect that slowing global oil production growth—led by relatively flat U.S. crude oil production—and rising oil consumption growth mean builds will moderate to 0.6 million b/d next year, …

Regulatory Sandboxes and Other Processes to Expedite Utility Adoption of Advanced Grid Technologies

Advanced grid technologies are increasingly important to enable electric transmission and distribution systems to meet growing demands. However, traditional regulatory processes typically lag technological advancements. Regulatory sandboxes, which provide a structured environment for testing new technologies and business approaches under modified rules to increase the speed of adoption, aim to bridge the gap between grid needs and opportunities to deliver solutions at scale.

This report examines the role of regulatory sandboxes in promoting utility innovation, highlights examples of successful sandbox mechanisms, and provides emerging best practices for designing and implementing regulatory sandboxes.…

Energy Allies Communities and Utilities Building Resilience Together

In recent decades, utilities and communities have witnessed how the combination of aging electric grid infrastructure and increasingly extreme weather leads to more frequent and longer power outages. The costs have been steep—up to $150 billion annually for U.S. homes and businesses. Beyond the economic impacts, communities suffer health and safety threats when residents lose heating or cooling, and emergency services become strained.

It is increasingly clear that communities and utilities must strengthen their energy systems to ensure these impacts are minimized or avoided. So, what defines strengthening an energy system? There are a variety of terms used to describe …

Americans’ Views on Energy at the Start of Trump’s Second Term

How have Americans’ views on energy changed in recent years? A new Pew Research Center survey of 5,085 U.S. adults conducted from April 28 to May 4, 2025, takes a look. This report builds on our long-standing work tracking how Americans think about energy production in the United States and related issues, including views on electric vehicles.…