Low natural gas prices in the U.S. drive record-high power generation, with gas-fired plants accounting for two-thirds of the increase, fueled by rising electricity demand and abundant gas supplies
The lowest U.S. natural gas prices in decades have incentivized a record-high gas consumption for power generation amid growing electricity demand. Even the less efficient steam turbines and single-cycle gas power plants, typically operating at peak demand periods, were fired up as the U.S. benchmark gas price hit multi-decade lows amid high inventories and a milder winter. Natural gas power plants accounted for about two-thirds of the 4% increase in total U.S.
But stocks remain higher than normal, weighing on prices and leading to record gas-fired generation this summer. As of July 19, stocks of working gas were 249 Bcf higher than last year at this time and 456 Bcf above the five-year average of 2,775 Bcf, according to EIA data. At 3,231 Bcf, total working gas is also above the five-year historical range, as it has been so far this year.
Power Generation Electricity Energy Gas Prices U.S. Record Consumption Demand Supply
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