The cost of fossil fuels in the electric power industry varies depending on the source that is used. In general, fossil fuels cost about 2.2 U.S. dollars per million British thermal units (Btu) in 2020, ranging from 1.92 U.S. dollars per million Btu for coal to 5.98 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 of 12.48 U.S. dollars per million Btu in 2011.
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 have experienced a decline over the last decade or so, falling to 2.4 U.S. dollars per million Btu in 2020. While the U.S. has seen an increase in accessible and economic shale gas supplies, consumer markets in Asia are mostly reliant on liquefied natural gas shipping. In turn, the liquefaction process increases the overall price for the fuel in countries such as Japan.
Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2020
(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 29, 2021). Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2020 (in U.S. dollars per million British thermal units) [Graph]. In Statista. Retrieved July 01, 2022, 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 2020 (in U.S. dollars per million British thermal units)." Chart. October 29, 2021. Statista. Accessed July 01, 2022. https://www.statista.com/statistics/183992/average-costs-of-fossil-fuels-for-us-electricity-generation-from-2005/
EIA. (2021). Average costs of fossil fuels for the electric power industry in the United States from 2005 to 2020 (in U.S. dollars per million British thermal units). Statista. Statista Inc.. Accessed: July 01, 2022. 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 2020 (in U.S. Dollars per Million British Thermal Units)." Statista, Statista Inc., 29 Oct 2021, 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 2020 (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 July 01, 2022)
