British thermal units( MMBtu) this winter( November – March), more than 40 cents / MMBtu higher than we forecast in our November STEO. The revision is driven primarily by colder-than-expected weather in December which we expect will increase space heating demand. However, we expect milder-than-normal weather in early 2026 and rising production will help moderate natural gas prices following the winter, with the Henry Hub price averaging about $ 4.00 / MMBtu next year.
Electricity generation. Forecast U. S. electricity generation by the power sector grows by 2.4 % in 2025 and by 1.7 % in 2026. This growth is in contrast to relatively flat generation from 2010 to 2020 and is primarily driven by increasing demand from large customers, including data centers, concentrated in regions managed by the Electric
Reliability Council of Texas and the PJM Interconnection. We reduced our forecast for generation growth in 2026 compared with last month’ s STEO based on how much large load electricity demand has come online so far this year and its implications for near-term growth.
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