Regulators call for natural gas supply protections after 2022 winter power outages

A woman jogs by power lines in Mountain View, California, U.S., August 17, 2022. REUTERS/Carlos Barria/File Photo Acquire Licensing Rights
Nov 7 (Reuters) - U.S. energy regulators on Tuesday urged lawmakers to fill a regulatory blind spot to maintain reliable supply of natural gas during extreme cold weather that was highlighted by an inquiry into power outages during Winter Storm Elliott in December 2022.
A report on the joint inquiry by the Federal Energy Regulatory Commission (FERC) and the North American Electric Reliability Corp (NERC) said that Elliott was the fifth winter event in 11 years where outages threatened the electric grid.
"We narrowly dodged a crisis last year. Had the weather not warmed up on Christmas Day, it is highly likely that natural gas service would have been disrupted to New York City," said NERC President and CEO Jim Robb.
Elliott delivered sub-freezing temperatures and extreme weather warnings to almost two-thirds of the United States, resulting in unforeseen energy generation supply losses.
At its peak, Elliott sent some 90,500 megawatts (MW) of electric generation offline, and utilities in the U.S. southeast were also forced to cut off the supply of over 5,400 MW to customers, the inquiry found.
The report recommended completing cold weather reliability standard revisions that were initiated after Winter Storm Uri in 2021, which resulted in the largest controlled blackout in U.S. history.
FERC and NERC also called upon U.S. Congress and state lawmakers to act on establishing reliability rules for natural gas infrastructure, covering cold weather preparedness, regional coordination, and critical infrastructure.
"Someone must have authority to establish and enforce gas reliability standards," said FERC Chairman Willie Phillips, underscoring the need to safeguard fuel supply to natural gas-fired power plants during extreme cold weather.
The regulators also recommended better enforcement of standards, technical review of outages to identify precautions, improved communication between gas distributors and grid operators, and studying the need for more gas infrastructure.
Reporting by Deep Vakil and Sherin Elizabeth Varghese in Bengaluru; Editing by Christopher Cushing
Our Standards: The Thomson Reuters Trust Principles.
How do futures traders review their trading?
Futures trading is a form of financial speculation that involves buying and selling contracts that represent the future delivery of an asset, such as a commodity, a currency, an index, or a stock. Futures traders aim to profit from the price movements of the underlying asset, without actually owning
Futures night trading hours
Futures are contracts that obligate the buyer or seller to exchange an asset or commodity at a specified future date and price. They are used for hedging, speculation, and arbitrage purposes in the global market. Futures can be based on various underlying assets, such as currencies, commodities, ind
How can futures efficiently increase the success rate of intraday trading?
Intraday trading is a form of trading that involves buying and selling securities within the same trading day, without holding any positions overnight. Intraday traders aim to profit from the short-term price fluctuations of the market, using various tools and strategies to analyze and execute trade
What are the factors that can affect how much money can be made in futures?
Futures trading is a form of financial speculation that involves buying and selling contracts that represent the future delivery of an asset, such as a commodity, a currency, an index, or a stock. Futures traders aim to profit from the price movements of the underlying asset, without actually owning