Natural Gas for Power Generation Edging Out Previous Record High
According to early data, natural gas has set a record for natural gas volumes used for power generation as it supported the electrical grid through a major heatwave that impacted much of the country. Data provided by S&P Global Commodity Insights showed 53.5 billion cubic feet (BCF) of natural gas used for power generation in the lower-48 states, edging out the previous record high of 53.4 BCF set July 27, 2023. The data cited here is reported as of July 18, 2024.
As the chart above illustrates, natural gas has come to play a critical role in electric grid stability and power generation. While natural gas use traditionally peaked in winter due to the use of natural gas for home heating, summer peaking has become common across much of the United States as utilities lean on natural gas power plants to meet cooling demand and other end uses, and an affordable way to lower emissions and provide reliable power during even the hottest days of the year.
Three regions also set records for natural gas demand for electric power: the Northeast (14.5 BCF), Midwest (6.9 BCF), and the Midcontinent (2.8 BCF), all three of which set daily records during the recent heatwave. While this data is preliminary and subject to revision, there is no doubt that natural gas was critical in keeping the electric grid operating while ensuring tens of millions of Americans had access to reliable air conditioning during a major heatwave.