Solar Power Saves the Day Amid Record-Breaking Heat

Natural gas prices at the Henry Hub in Louisiana averaged $2.93 per million British thermal units from June through August, down about 6% compared to last year.

The hotter-than-usual summer in the US saw record-breaking electricity sales of 415.2 billion kilowatt-hours in July, but this was primarily met by increased solar power generation, which rose 22% over the same period last year.

Texas led the charge with 19.5 gigawatts of new solar capacity added since 2023, while wind generation also saw a significant increase of 9.8% and natural gas power grew just 1.8%.

This combination of factors helped keep prices in check, according to an Energy Department analysis, with global benchmark Henry Hub prices staying under $3 per million Btu for most of the summer.