WEATHER: 6-10 DAY AND 8-14 DAY OUTLOOK
Intense heat moving north from Texas creates a funnel of intense heat up through the Plains States and almost to the Canadian border. Dallas, TX, will see temperatures over 100 later this week. Minneapolis will see temps in the 90s at the same time.
This heat will move slowly across the US, with Middle America likely to be stuck with this heat funnel for the next week or more.
EIA: WEEKLY NATURAL GAS STORAGE REPORT
NATURAL GAS 12 MONTH PRICING
The excessive heat in the South and Southwest caused such an increase in demand that the weeks’ injection of Natural Gas was only +18 Bcf. This surprised forecasters and has caused the prompt monthly gas price to cycle upwards of $0.20 since Thursday.
Expect higher electric prices on Monday and Tuesday, if not further out.
TOTAL NATURAL GAS DEMAND
The excessive heat in the South and Southwest caused such an increase in demand that the weeks’ injection of Natural Gas was only +18 Bcf.
This surprised forecasters and has caused the prompt monthly gas price to cycle upwards of $0.20 since Thursday. Expect higher electric prices on Monday and Tuesday, if not further out.
FORWARD POWER PRICING
Electricity prices have begun to flatten out in the BGE hub around Maryland but continue to rise in the AD Hub in Ohio. Look for pricing in Ohio to move up sharply over the week and Maryland to follow late this week and early next week. We will likely see Peak demand Days, and smart electricity shoppers will prepare to curtail their usage to lower their demand and their cap tags in the future.
IRA REAP Program
Some Inflation Reduction Act programs are beginning to reach the public. One to note is the REAP program, the Rural Energy for America Program. With programs like the REAP program, the government gives manufacturers and businesses, classified as small businesses, grants to pay for 50% of solar projects and other efficiency projects.
Coupled with existing tax breaks, this could almost cover 100% of the cost. This is only available in areas outside of metro populations. To learn more about REAP, check out this link with complete details or contact TPI to speak to a consultant and see if your business is eligible for REAP.
