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Chamber Energy Solutions Energy Market Update

4/8/2025

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​​Spring is upon us, and energy markets are changing along with the seasons. As the winter heating season comes to a close The Chamber, and your CES consultant Emilie Snider ([email protected], or 419-491-1017) are available to provide insight into how energy markets adapt to changing demands.
​Spring is upon us, and energy markets are changing along with the seasons. As the winter heating season comes to a close The Chamber, and your CES consultant Emilie Snider ([email protected], or 419-491-1017) are available to provide insight into how energy markets adapt to changing demands.
 
Natural Gas:
The 2024-2025 natural gas heating season has likely ended following the U.S. Energy Information Administration (EIA) reporting the first net storage injection of the year as of 3/14/25. More normal winter weather during winter 2024-2025 contributed to higher storage withdrawals than the past few years. Storage supply levels can have significant effects on gas pricing, as outlined below:
  • Higher than average storage withdrawals:
    • The 2024-2025 withdrawal season saw a net subtraction of 2,274 billion cubic feet (Bcf) of natural gas from storage, 697 BCF (44.2%) higher than the 2023-2024 withdrawal season.
    • Storage levels enter the 2025 natural gas injection season with around 10% less gas in storage than five-year average levels.
  • Effects on natural gas markets:
    • Lower domestic natural gas storage levels tend to have a bullish effect on gas markets, raising natural gas spot pricing.
    • Higher pricing incentivizes gas production, typically driving storage levels higher throughout the duration of the injection season.
Electric:
As U.S. electricity generation demand increases to meet future energy needs, generators and transmission organizations are working to ensure the reliability of the electric grid systems. A few notable factors are listed below:
 
PJM Interconnection completes final capacity auction for 2025-2026:
  • Beginning June 1 2025, Ohio consumers will see these increased capacity costs regardless of whether they are supplied directly through the utility, or through third-party power suppliers.
  • PJM Interconnection, which oversees the electric grid in Ohio finalized a generation capacity rate of $270.43 per megawatt day (MW-day) for the June 1st 2025 – May 31st 2026.
  • Capacity charges are billed to ensure there is enough electricity to meet grid demands at all times.
  • Capacity costs are increasing in part due to the increased demand from large data centers, electric vehicles, and organizations enacting environmental policies.
  • This capacity increase is unavoidable for all Ohio customers behind investor-owned utilities (AEP, AES, FirstEnergy, and Duke).
 
Winter 2024-25 Weather Predictions
  • The La Niña event predicted for winter 2024-2025 came to pass, bringing cooler temperatures and higher precipitation to the northern U.S.
  • La Niña predicted to transition back into ENSO neutral in April-May, and to persist throughout summer.
 
Changing conditions in energy markets often allow for new opportunities for consumers. Please contact your CES representative for program information and details on how to best manage the energy needs for your business. 
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