In episode seven of Back to Fundamentals, Energy Aspects’ Head of Power Peter Rosenthal is joined by North American Natural Gas Analysts David Seduski and Ashwin Ravichandran to discuss the recent freeze-offs and their impact on the US power and gas markets. 

Heating degree days throughout the US Midcontinent were significantly above normal levels during the week beginning 15 February, leading to five days of power outages in ERCOT and parts of the Southwest and Midwest power markets. The big freeze also led to gas supply curtailments that will take weeks (if not months) to recover from and were a major driver behind the multiple days of generation shortfalls in Texas. The near–record-low temperatures- in some cases a five-standard-deviation  departure from 10-year normal -will have a significant impact on short-term gas balances and will drive both market and policy results in power and gas over the next few months at least.