NEW: The U.S. power sector consumed more natural gas during the first 30 days of the year than in any previous January, according to data from the Department of Energy.
Officials with CenterPoint Energy said Tuesday they would spend more than anticipated on capital projects aimed at fortifying the electric grid in the Houston area.The U.S. power sector consumed more natural gas during the first 30 days of the year than in any previous January, according to data from the Department of Energy.
The power sector used an average of 31.6 billion cubic feet per day in January. Previous Januaries clocked in at 30 billion cubic feet per day or less, but an unusually cold month in some parts of the country and declining coal-fired generation helped boost natural gas consumption, the“This past January was the coldest January since 2014, which resulted in the highest monthly electricity demand for any January on record,” according to the brief.
The news comes as natural gas is trading at multi-year highs of more than $7 per thousand cubic feet – which is translating into higher electric bills for Houston households and businesses.Local electricity costs are expected to increase even more as temperatures rise and people turn on air conditioners. Experts say the price of natural gas is unlikely to decline soon as Russia – a major exporter of gas – faces sanctions for its war against Ukraine, further tightening global natural gas supply.
“We have had increasing production over the past few years,” Juan Alvarado, director of energy analysis at the American Gas Association, told the Chronicle last month, “but that production has not been able to keep up with the increasing demand that we have seen very recently.” Natural gas demand for electricity normally peaks in the summer, especially in places like Texas, when residents and businesses crank up the air conditioning. That demand was muted during pandemic shut downs, but is picking up as economies recover. A smaller peak happens in the winter when people turn up the heat, according to the DOE, while spring and fall have the lowest overall electricity consumption.
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