Natural gas prices are already soaring as a potentially historic winter storm is expected to sweep through the country this weekend.
Customers could get slapped with record-high power bills as extreme cold, high winds, and blankets of ice, sleet and snow threaten local power lines and the natural gas infrastructure needed to fuel gas-fired power plants, write Shelby Webb, Carlos Anchondo and Peter Behr.
The White House on Thursday dismissed concerns about the potential for a natural gas price spike, which would add to the political storm the Trump administration is already facing over the rise in electricity bills associated with the build-out of artificial intelligence data centers.
“Instead of fixating on normal market fluctuations that are being driven by a looming winter storm, the media should focus on how American natural gas output is projected to hit a record high this year,” said Taylor Rogers, a White House spokesperson.
Prices are already roughly 59 percent higher than last week, according to the Energy Department. And if history is any guide, that number may go up.
Millions of residents in Texas and other states were impacted by skyrocketing gas bills from Winter Storm Uri in 2021, when natural gas sellers raised the price of 1,000 cubic feet of gas from $3 to $200. Consumer advocates say they worry gas sellers will unfairly profit off the storm, citing Uri — when sellers in Texas alone made about $11 billion in five days, according to BloombergNEF.
“I am extremely concerned that companies will exploit this cold snap to engage in profiteering, and I think not only is that immoral, but it should be illegal,” said Tyson Slocum, director of the energy program at Public Citizen.
State attorneys general in Oklahoma and Kansas filed lawsuits in Uri’s aftermath, accusing natural gas companies of price gouging.
Energy Secretary Chris Wright said in a press release Thursday that he has directed regional grid operators to maintain communications with his agency and to be prepared to bring backup power generation online during the storm, which could mitigate the price hike.
But it was unclear Thursday evening whether Wright expected that backup generation to be available by the time the storm arrives this weekend.
Thank goodness it’s Friday — thank you for tuning in to POLITICO’s Power Switch. I’m your host, Arianna Skibell. Power Switch is brought to you by the journalists behind E&E News and POLITICO Energy. Send your tips, comments, questions to [email protected].
Endangerment finding’s march to the gallows
The Environmental Protection Agency is poised to finalize its rollback of the endangerment finding — a scientific assertion that undergirds the agency’s authority over greenhouse gases — within weeks, or sooner, writes Jean Chemnick.
The move promises to help the Trump administration demolish existing climate rules that force industries to reduce global warming pollution from sources like cars and power plants.
But when and how it will be released are such tightly held secrets that environmental groups have been scouring the travel itinerary of EPA Administrator Lee Zeldin for signs of a high-profile announcement.
Sheldon Whitehouse takes on ‘climate hushers’
One of Congress’ loudest climate hawks is trying to fend off a push within his party to abandon the issue of climate change at a time when left-leaning agenda-setters plot to reclaim both chambers of Congress, write Amelia Davidson and Kelsey Brugger.
In a long social media thread Tuesday, Sen. Sheldon Whitehouse (D-R.I.) declared that anyone who thinks Democrats should avoid talking about climate change “are wrong about pretty much everything.”
The posts are part of the debate within the Democratic Party about the best messaging ahead of the midterm elections and as leaders grapple with their 2024 loss to Donald Trump.
Storm: How climate change could be fueling this winter storm.
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Michigan Attorney General Dana Nessel launched a novel antitrust lawsuit against several oil companies Friday, alleging they acted as a “cartel” to obstruct development of electric vehicles and renewable energy.
Colorado Gov. Jared Polis is appealing Trump’s recent denials of two requests for disaster aid, adding to the growing list of disaster decisions being challenged.
The primary federal agency responsible for regulating coal mines in the U.S. debuted a new cartoon mascot named “Coalie” this week, an ambassador for Trump’s energy dominance agenda.
That’s it for today, folks. Thanks for reading, and have a great weekend!
