Natural gas–fired electricity generation during Texas cold snap just shy of record high
A February 19–22 cold snap increased electricity demand in Texas, and natural gas–fired electricity generation approached record highs for hourly and daily generation.
Natural gas-fired electricity generation during Texas cold snap just shy of record high
A February 19–22 cold snap increased electricity demand in Texas, and natural gas-fired electricity generation approached record highs for hourly and daily generation.
Forecast wholesale power prices and retail electricity prices rise modestly in 2025
In our January Short-Term Energy Outlook (STEO), we expect that U.S. wholesale power prices will average slightly higher in 2025 in most U.S. regions than last year, except in Texas and in the Northwest. We forecast that the 11 wholesale prices we track in STEO will average $40 per megawatthour (MWh) in 2025 (weighted by demand), up 7% from 2024. We expect the 2025 average U.S. residential electricity price will be 2% higher than the 2024 average, though after accounting for inflation, our forecast for U.S. residential prices remains relatively unchanged from 2024.
U.S. wholesale electricity prices were lower and less volatile in 2024
Average wholesale electricity prices at major trading hubs in the Lower 48 states were lower in 2024 than in 2023. In addition, prices were much less volatile than they have been over the last few years. Lower and more stable electricity prices in 2024 were mostly driven by low natural gas prices, as well as increases in generation for some lower cost renewable energy sources and new battery storage capacity.
Virginia was the top net electricity recipient of any state in 2023
Electricity routinely flows among the Lower 48 states, with almost 10% of U.S. electricity generation traded across state lines. Generation of electricity exceeds its consumption in 25 states, and excess electricity is transmitted across state lines. In 2023, utilities in Virginia brought in the most electricity from other states, with 50.1 million megawatthours (MWh) in net electricity interstate receipts, or 36% of the state's total electricity supply. Generators in Pennsylvania moved the most electricity outside state borders in 2023, with 83.4 million MWh of power shipped out, or 26% of generation in Pennsylvania.
What is the shoulder season in electricity markets?
Electricity consumption in the U.S. Lower 48 states is highly seasonal; the demand for electricity peaks in the summer and the winter in response to more extreme temperatures and decreases in the spring and fall, in the so-called shoulder seasons, when weather is generally milder. Electric utilities and owners of power-generating assets perform maintenance on power plants during shoulder seasons because of less electricity demand that means that the system generally doesn't need to be operating at full capacity.
State Energy Data System: Electricity and energy indicators through 2023
(Fri, 13 Dec 2024) Annual state-level estimates of electricity end-use consumption, prices, and expenditures. Energy indicators data series include electric vehicle (EV) electricity consumption, EV charging infrastructure, electric capacity, and capacity and usage factors.
Wholesale Electricity and Natural Gas Market Data
(Thu, 14 Nov 2024) This site contains spreadsheets with wholesale electricity and natural gas data from seven major trading hubs that cover most regions of the United States. The data are through November 12, 2024, republished, with permission, from the Intercontinental Exchange.
Wholesale Electricity Market Data
(Thu, 31 Oct 2024) This site contains spreadsheets with wholesale electricity and natural gas data from seven major trading hubs that cover most regions of the United States. The data are through October 29, 2024, republished, with permission, from the Intercontinental Exchange.