Record-breaking natural gas demand for power generation, driven by a scorching heatwave and low wind power output, has pushed prices higher.
U.S. natural gas -fired power generation jumped this week amid the lowest wind power output in 33 months seen on Monday while demand for cooling is rising in the summer. On July 22, wind power output in the Lower 48 states was at its lowest level in the country since October 4, 2021, per preliminary data from the U.S. Energy Information Administration EIA cited by Reuters. This was despite constantly rising wind power capacity installations over the past three years.
2 gigawatts GW of new wind capacity in 2023, the EIA said earlier this year. U.S. wind generation in 2023 totaled 425,235 gigawatthours GWh, down by 2.1% compared to the 434,297 GWh generated in 2022. “The 2023 decline in wind generation indicates that wind as a generation source is maturing after decades of rapid growth,” the EIA noted. To offset lower wind power output, U.S. electricity generators have fired up more natural gas plants which can provide reliable energy when wind speeds are low.
Power Generation Wind Power Heatwave Demand Prices Henry Hub Electricity US Production
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