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U.S. Northeast Heat Wave Soaring Natural Gas Demand and Prices

The Northeast U.S. is hit by a second wave of heat. According to new forecasts, there would be an increase in power Demand, and the temperatures may go above 90 degrees Fahrenheit. As recorded on June 28, the prices of power and natural gas are above average in New York and New England.

The heatwave will be seen across the Appalachian Mountains, eastern U.S., and the coastal region. According to meteorologist at AccuWeather, Matt Benz, the heatwave is expected to rise by 10 degrees above the normal level in the last few days of June.The Governor of New York, Andrew Cuomo said, repercussions may be seen throughout the week on the state due to this year’s second wave of high heat and humid climate.

U.S. Northeast Heat Wave Soaring Natural Gas Demand and PricesDue to high heat in some locations, the heat indexes may reach up to 95 degrees Fahrenheit. The index value may be even higher during the afternoon hours, the Governor said.According to the Forecasts released by the New York Independent System Operator, the Demand for power may rise at 29,731 MW by the end of the month.

According to the ISO data, in the past week, the power peak load was 22,640 MW.The increased heat and humidity will bring incremental electric cooling Demand, which will be satisfied by the gas-fired generation and imports. The rise in prices is anticipated to be majorly due to natural gas basis. The regional prices of natural gas also increased.

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