News

Falling Natural Gas Prices Drive Coal-to-Gas Switching Surge

Natural Gas Intelligence · last updated

Natural gas has grabbed back share of the U.S. thermal generation stack over the past month as plunging spot prices triggered a wave of coal-to-gas switching.

Chart comparing NGI’s National Average Daily Natural Gas Price with natural gas’ share of the U.S. thermal power generation stack from March 2025 to March 2026, showing gas supply frequently providing about 60–75% of generation and a price spike near $50/MMBtu in early February 2026.

At A Glance:

  • Coal-to-gas switching lifts gas share
  • Gas tops 72% of thermal stack
  • Solar growth caps longer-term gains

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