Arctic cold wave sends electricity prices skyrocketing in US

In Canada, cold arctic air is pushed from the Northwest Territories into the province of Alberta. Calgary, Alberta's largest city, could see temperatures drop to -34.6°F (-37°C) on Friday. It will be the city's coldest January day in two decades.

Over the weekend, wind chill temperatures could drop to -58°F (-50°C). Experts believe that under these conditions human skin can freeze to frost within a minute. The National Weather Service said the cold front will move from the Rocky Mountains to the U.S. northern plains before reaching the south.

This will result in daily cold records in many places. “Temperatures will be brutal compared to the relatively mild conditions that have prevailed this winter,” the weather service said in a warning. The weather service is warning of “major disturbances” with up to 12 inches (30 cm) of snow and strong winds in parts of Michigan, which could lead to blizzards in the Great Lakes region.

Analysts forecast that cooler weather moving into the central U.S. would boost natural gas demand to record levels early next week and push up electricity and gas prices to their highest levels since December 2022. In December 2022, a massive winter storm called Eliot sent gas consumption to an all-time high and caused some electricity and gas systems to collapse in the eastern part of the country.