Federal Energy Regulatory Commission Summer 2005 Energy Price Review: Gulf Coast Storms Exacerbate Tight Natural Gas Supplies; Already High Prices Driven.

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Presentation transcript:

Federal Energy Regulatory Commission Summer 2005 Energy Price Review: Gulf Coast Storms Exacerbate Tight Natural Gas Supplies; Already High Prices Driven Higher Staff Report State of the Natural Gas Infrastructure Conference October 12, 2005

Prices for Energy Increased Through the Summer Price Changes (April to Late August) Price Changes (Late August to Late September) Natural Gas (Henry Hub*) 33%44% Crude Oil (West Texas) 21%0% Coal (Powder River Basin) 16%8%

Late Summer 2005 Was Much Hotter than 2004

Resulting Electric Generation Was Much Stronger as Well

Early Storage Inventory Surpluses Eroded with Summer Demand

Combined Effects of Katrina and Rita Far Surpassed 2004’s Ivan In Combined Natural Gas Shut-Ins

Natural Gas Prices are Likely to Remain High Through Winter Current storage inventories remain above 5-year averages Current storage inventories remain above 5-year averages Timing for repair of infrastructure from the Gulf is not clear – will continue to stress system Timing for repair of infrastructure from the Gulf is not clear – will continue to stress system Supply tightness largely a function of winter weather Supply tightness largely a function of winter weather