"Surging US Power Prices and Record Natural Gas Demand Amid Extreme Cold"

Frigid weather moving into the central U.S. is expected to drive natural gas demand to record highs, leading to soaring power and gas prices. The extreme weather could strain power grids as electricity demand surges and some gas supply is affected by freezing temperatures. Grid operators are issuing weather watches, and the situation is reminiscent of the catastrophic freeze in Texas in 2021. Gas output has already declined due to "freeze-offs," and power prices are set to jump to their highest levels since December 2022.