(Latest update June 10, 2024) The United States' diverse power market environment has certain common fundamentals such as current prices' influence on forward prices, the cost of inputs such as natural gas, the generation mix, weather and power demand. Cold snaps in winter and heat waves in summer drive up demand along with power prices. Hurricanes and intermittent renewable power growth can raise energy demand, reliability and price risk. For access to all regions of the US Power Tracker series, subscribe to Platts Connect . Full feature: US POWER TRACKER: PJM forward prices mostly rise heading into summer (subscriber content)

From 2015 to 2023, the worldwide deployment of clean energy resources grew from 120 GW/year to 530 GW/year. By 2035, the reference outlook of S&P Global Commodity Insights sees this figure reach 730 GW/year. This evolution is transforming power market operations worldwide, stimulating the sector's supply chains, and advancing the global effort to decarbonize. Commodity Insights recently published a report analyzing how the build-out of renewables is expected to grow rapidly in the coming decades, how the mix of resources for power generation will trend toward more clean energies, and how power sector emissions will vary substantially across major markets. Here is a portion of the discussion topics and a summary of five trends that will define power markets worldwide between now and 2035. 1. Global power demand will increase by a third in the next 10 years Economic growth in the emerging markets and electrification -- including data center demand -- will drive the bulk of new electricity consumption, dampened by increasing energy efficiency efforts. The Asia-Pacific region alone, with its strong industrial base, will capture 66% of overall demand growth. 2. Renewables will capture nearly 90% of all new power generation capacity globally, becoming a dominant source of power by 2035 Renewables will grow by over 740 GW annually between now and 2035. Carbon-free resources, such as renewables plus hydro, nuclear and batteries, will account for 70% of all installed generation capacity in 2035. Solar and wind capacity will make up most clean energy additions, growing by 5.9 TW and 1.9 TW, respectively, between now and 2035. Electricity storage capacity -- a critical source of grid flexibility enabling the renewables deployments -- is expected to expand by 30% per year during the period. 3. Conventional thermal fuels will still make up 35% of global generation and 30% of installed capacity by 2035 Natural gas will play an important role as a baseload source of power and as a flexible resource providing reliability to power systems. In emerging markets in particular, rapid demand growth will drive more additions of conventional resources, mainly natural gas. Over 2024-35, natural gas will add 47 GW/year globally and on a net basis. Coal generation, on the other hand, will be in net decline everywhere except India and a few smaller markets. 4. Investment in renewables, battery storage and hydrogen electrolyzers will average $775 billion annually between now and 2030 -- or about 40% above 2023 levels -- in real terms Large regional variations will exist in investment levels, resulting from differences in resource endowment, energy security concerns, policy initiatives including incentives and supply chain localization requirements and the ability to attract financing. The rapidly growing Asia-Pacific region will capture about 46% of the investment total, Europe another 26% and North America 16%. Utility-scale and distributed solar projects will represent almost 40% of investments. The cost of clean energies per megawatt will fall. 5. Global power generation will emit 10% less CO2 in 2035 than it does today The emissions reductions are driven mainly by coal retirements in Europe and North America, a slowdown in coal generation in China, and the widespread penetration of clean energies. This reduction is insufficient, however, to position the world toward meeting its long-term climate goals. with analysis from Francesco D'Avack The information summarized in this video is sourced from the Global Power and Renewables service and the Clean Energy Technology service , both part of S&P Global Commodity Insights.

Results of India’s 18th general elections are scheduled for June 4, with the new government facing a formidable task of providing affordable, stable and clean energy supplies that could be achieved by increasing the role of natural gas in the country's primary energy mix, among other steps. The country has already set a target for natural gas to achieve a 15% share of the energy mix by 2030, a challenging task given that the current share hovers around 6%-7%, according to industry estimates. Accelerated gas market reforms, increased gas-fired generation reflecting power market improvements and speeding up infrastructure are some steps that would aid the country's ambitions of becoming a gas-based economy. Click here for the full-size infographic

Arcelor Mittal Nippon Steel India has signed a deal with Shell for the supply of 500,000 mt/year of LNG starting from 2027 for 10 years, at an 11.5% slope to crude oil, sources told S&P Global Commodity Insights May 23. This marks the first deal priced below 12% slope to crude oil since Europe switched to consuming LNG after reducing pipeline gas consumption from Russia following its invasion of Ukraine. The deal involves certain flexibilities that the seller can exercise, such as one additional cargo per year, sources said. "The contract is signed for 10 years for 500,000 mt/year starting in 2027 and there is no DQT (downward quantity tolerance)," one of the sources said. Sources added that the deal was likely to include some flexibility around deliveries at the Hazira LNG terminal. Official spokespersons for Arcelor Mittal Nippon Steel India and Shell did not respond to queries at the time of writing. Below 12% slope After Russia's invasion of Ukraine, the LNG market was focused on energy security. As global LNG markets adjusted to the change and spot prices eased from the record high seen in 2022, affordability has become an important component of energy security for South Asian and Southeast Asian buyers. A Singapore-based source said the news was big because, with this deal, it seemed that the market has corrected below 12% slope to crude oil. A Europe-based source said the price was understandable if there was some flexibility afforded in the deal for the supplier. LNG buyers have been negotiating hard to lower oil-linked price slopes for long-term contracts as market participants expect additional volumes from the US and Qatar to be made available later this decade. The expectation of additional supply being available from 2025 onward has put pressure on long-term pricing slopes, especially as LNG spot prices have eased from the elevated levels seen in 2022 and early 2023. Platts assessed the West India Marker, the benchmark price for LNG cargoes delivered to west India ports and the Middle East, for July at $11.163/MMBtu on May 21, according to S&P Global Commodity Insights data. According to the forward curve on May 21, the WIM derivative for calendar year 2027 was assessed at $9.675/MMBtu.