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World News January 18, 2024

Severe U.S. cold snap prompts peak power and natural gas demand

Freezing temperatures in various U.S. regions led to peak power demand as homes and businesses consumed a record amount of natural gas for heating and power generation. A severe winter storm caused disruptions, including the closure of a Gulf Coast refinery in Texas and malfunctions at others, along with a significant reduction in North Dakota’s oil production. The Tennessee Valley Authority experienced a peak demand record, reaching 34,526 megawatts, surpassing the previous high set in August 2007. PJM Interconnection extended its cold weather advisory, and despite isolated outages, the power and gas systems have largely remained operational. Unlike a deadly storm three years ago, measures, including energy conservation efforts, helped avert major disruptions in Texas, which faced power outages and other challenges in February 2021. As the extreme cold moves to the U.S. Northeast, spot power and gas prices in New York and New England surged to their highest levels since February 2023.

Source – CGTN

Photo Credit – Reuters

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