In each of the last two years, natural gas generation has continued to set new all-time highs as it remains the lead source of dispatchable power generation in North America. Wood Mackenzie expects that natural gas power demand’s resilience will persist in 2024.
“Even as coal stockpiles have rebuilt to very high levels over the past year, low natural gas prices have incentivised continued high, economic coal-to-gas switching,” said Myers. “Although renewable’s accelerated adoption should prevent yet another power demand record, absent particularly extreme heat, natural gas will maintain its share as the leading source of power generation in North America next year.”
As both US and Canadian gas production surged and storage inventories have bloated in 2023, the North America gas market anxiously awaits the arrival of the second wave of LNG export projects.
Diversified Energy Company plc (LON:DEC) is an independent energy company engaged in the production, marketing, transportation and retirement of primarily natural gas and natural gas liquids related to its U.S. onshore upstream and midstream assets.
