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In its 2023-24 winter outlook, the regulatory authority warned that prolonged, wide-area cold snaps threaten the reliability of bulk power generation and availability of fuel supplies for natural gas-fired generation. "Recent extreme cold weather events have shown that energy delivery disruptions can have devastating consequences for electric and gas consumers in impacted areas," NERC said. It put the U.S. Midwest, Northeast, Mid-Atlantic, and South, along with some Canadian provinces, at the highest risk for electricity supply shortages this winter. NERC also found that load forecasting in winter is growing in complexity, and underestimating demand is a risk to reliability in extreme cold temperatures. Flows of gas into pipelines were reduced during Elliott, while demand for the fuel for heating and power generation increased, dramatically lowering line pressures.
Persons: Greenlee Beal, NERC, John Moura, Storm Elliott, Elliott, Anjana Anil, Scott DiSavino, Leslie Adler, Marguerita Choy Organizations: PIKE Energy, REUTERS, North American Electric Reliability Corp, U.S ., PJM, Reliability Corp, Texas, Federal Energy Regulatory, Storm, Consolidated Edison, Thomson Locations: Texas, San Antonio , Texas, U.S, Canada, U.S . Midwest, Northeast, South, New England, MISO , New York, New York City, Bengaluru, New York
STRONG DEMANDIn its 2023 GDP forecasts, the IMF said it now expected U.S. GDP growth of 1.4%, up from 1.0% predicted in October and following 2.0% growth in 2022. It said the euro zone had made similar gains, with 2023 growth for the bloc now forecast at 0.7%, versus 0.5% in the October outlook, following 3.5% growth in 2022. The IMF said Europe had adapted to higher energy costs more quickly than expected, and an easing of energy prices had helped the region. Gourinchas said together, the two Asian powerhouse economies will supply over 50% of global growth in 2023. Even with China's reopening, the IMF is predicting that oil prices will fall in both 2023 and 2024 due to lower global growth compared to 2022.
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