U.S. Solar Power Growth, Oil & Gas Rig Count: Your Daily Energy News

---

News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

POWER
Solar Power Plays Outsize Role in U.S. Energy Transition - Solar farms generated less than 6% of the electricity produced by utilities in the U.S. in 2023. Although its overall share of U.S. power output may now be small, it is growing fast, with output expanding by 155% between 2018 and 2023, according to the U.S. Energy Information Administration (EIA). That growth rate compares with a 56% expansion in wind power and a 22.4% swell in natural gas-fired output over the same period. (Reuters)

Texas Power Prices Soar Ahead of Hot Extended Weekend - Power prices in Texas soared for Friday with electric demand expected to break the record for the month of May twice last week. The Electric Reliability Council of Texas (ERCOT), which operates most of the state's power grid for 27 million customers, said the system was operating normally with enough supply available to meet expected demand over the next week. In the spot market, next-day power prices at the ERCOT North Hub, which includes Dallas, soared to a two-week high of $141 per megawatt hour (MWh) for Friday, up from $21 for Thursday, according to pricing data on the LSEG terminal. That compares with an average of $31 per MWh so far this year, $80 in 2023 and $66 over the prior five years (2018-2022). (Reuters)

PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for the fourth time in five weeks, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count, an early indicator of future output, fell by four to 600 in the week ending May 24, the lowest since January 2022. Baker Hughes said oil rigs were unchanged at 497 last week, while gas rigs fell by four to 99, their lowest since October 2021. (Reuters)

.....

About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.

About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).