WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 288
Market Data
Customers
ENERGY IN
THE REGIONS
Increased natural gas production, surpassing growth in consumption, was the
key factor driving lower prices in 2023
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Electricity and gas prices
Natural Gas Spot Prices, USA | 2019-2023
• Right after the Russia – Ukraine war and Russian
gas ban, record-high natural gas production, LNG
availability, stable consumption, and increasing
natural gas inventories all played roles in driving
prices lower in 2023 compared to 2022
All Figures in $/MMBtu (Average Henry Hub Spot Price)
• The average Henry Hub natural gas price was
$6.45/MMBtu in 2022, 66% higher than in 2021
FIGURE 13
• Declining natural gas production due to
production freeze-o昀昀s and high net withdrawals
of natural gas from storage were the reasons
behind the high price of gas in 2022
6.45
3.89
2.56
2.53
2020
Source: U.S. Energy Information Administration (EIA)
2021
2022
2023
288
2019
WEMO 2024
2.03
