Reuters reports that global financial powerhouse Deutsche Bank is forecasting that it won’t be long before cleaner burning natural gas replaces coal as America’s leading power source. The Deutsche Bank report, which is titled Natural Gas and Renewables: A Secure Low Carbon Future Energy Plan for the United States, predicts that the falling price of America’s abundant supplies of natural gas will lead utilities to switch away from coal even without a tax on carbon emissions.
Now a report released last week touting the bright future of natural gas points to the uphill battle coal may face holding on to its current share of the U.S. energy mix. A gas glut that has kept prices low is expected to continue for another five years.
Deutsche Bank analysts say that ongoing developments would allow the U.S. to reduce carbon dioxide emissions by 44 percent from the electric power sector by 2030, compared to 2005 levels.
“These reductions would be realized by using domestically abundant and secure sources of energy based on known technology that can easily be deployed at reasonable costs,” said the report by Kevin Parker, head of asset management, and Mark Fulton, who oversees climate change investment research.
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