May 7, 2024

Arctic cold wave sends electricity prices skyrocketing in US

In Canada, cold arctic air is pushed from the Northwest Territories into the province of Alberta. Calgary, Alberta's largest city, could see temperatures drop to -34.6°F (-37°C) on Friday, according to weather services. It said it would be the city's coldest January in two decades.

Over the weekend, strong winds could drop temperatures as low as -58°F (-50°C) in some areas. Experts believe that under these conditions human skin can freeze to frost within a minute. The National Weather Service said the cold front will move from the Rocky Mountains to the U.S. northern plains before reaching the south.

This will result in daily cold records in many places. “Temperatures will be brutal compared to the relatively mild conditions that have prevailed this winter,” the weather service said in a warning. The weather service is warning of “major disturbances” with up to 12 inches (30 cm) of snow and strong winds in parts of Michigan, which could lead to blizzards in the Great Lakes region.

Cooler weather moving into the central U.S. could push natural gas demand to record levels early next week and push electricity and gas prices to their highest level since December 2022, the analyst predicted. In December 2022, a massive winter storm called Elliott sent gas consumption to an all-time high and knocked out some power and gas systems in the eastern United States.