There’s a big winner in the record heat waves baking the United States, China and other countries — fossil fuels.
The United States is setting records for natural gas consumption this week at the power plants that keep the nation’s air conditioners humming, according to estimates from S&P Global Commodity Insights. In China, power plants are burning more coal to keep up with electricity needs, helping to feed a record pace in demand this year for the world’s largest source of carbon dioxide, the International Energy Agency said Thursday.
Several countries outside of the United States and China are mirroring the trend this summer. Power grids in roughly a dozen countries have set records for peak demand in the past two months, the IEA said. That includes India, the world’s second-biggest coal consumer, and Japan, which has been burning through gas to address the heat, Goldman analysts said.
Diversified Energy Company plc (LON:DEC), formerly Diversified Gas & Oil plc, is a gas and oil production company operating in the Appalachian Basin in the United States.
