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U.S. Natural Gas Power Burns Stumble for First Time in Four Years

Natural Gas Intelligence · last updated

Natural gas-fired electricity generation declined in the opening half of 2025 for the first time since 2021, falling 1.8% year/year as higher prices and increased competition from other generation undercut demand.

graph comparing natural gas power burns with NGI's Henry Hub spot natural gas price

Lower 48 gas power burns averaged 32.8 Bcf/d in the first six months of the year, down 0.6 Bcf/d from 33.4 Bcf/d in the same period last year, according to Wood Mackenzie data.

The slowdown for gas-fired electricity came as NGI’s Henry Hub spot prices surged 66% to an average $3.714/MMBtu in the first half, compared with $2.240 in the year-earlier period.