Solar Power Surges as Natural Gas Prices Remain Low Despite Record Heat

The price of natural gas at the Henry Hub in Louisiana averaged $2.93 per million British thermal units from June through August, a 6% decrease from last year's average.

Despite record-breaking heat in July, which typically drives up electricity demand and natural gas prices, solar power generation increased by 22%, meeting most of the country's energy needs.

The US Department of Energy reports that total US solar generation rose by an estimated 19.4 billion kilowatt-hours during this period compared to last year, while wind generation grew by 9.3 billion kilowatt-hours, a 9.8% increase.

Natural gas power production, on the other hand, increased only 1.8%, contributing to lower prices at the Henry Hub.