Scientists at the UAE’s Masdar Institute conducted detailed regional power consumption analysis that found GCC countries plus Iran, Iraq and Egypt (GCC+) need considerable incremental renewable energy capacity to meet power demand without increasing hydrocarbon consumption. “We found that if current energy supply and demand trends continue, regional electricity production capacity growth will outpace GDP growth in the coming years. This will result in the need for almost 140 gigawatts of new power generation capacity in the Middle East and North Africa by 2018, at a cost of as much as Dh1,028 billion.” [Masdar Institute]
The EIA forecasts a record natural gas injection season following one of the largest storage withdrawals since data collection began. “A winter of prolonged, widespread, bitter cold weather throughout much of the United States led to a record-breaking natural gas withdrawal season in 2014, bringing inventories of natural gas to a 11-year low. EIA’s Short-Term Energy Outlook (STEO) forecasts a robust injection season (April-October) with nearly 2,500 billion cubic feet (Bcf) added to storage as operators seek to rebuild inventory levels.” [EIA Today in Energy]
The EIA’s Weekly Natural Gas Storage Report released yesterday showed a withdrawal that came very close to analyst predictions and caused futures prices to fall. “The April contract lost 2.5%, or 11.5 cents, on Wednesday to settle at $4.490 per million British thermal units amid concerns that the arrival of spring will bring warmer temperatures throughout the U.S. and cut into demand for heating.” [Investing.com]
