The Weather
Last week, the number of heating degree-days (HDDs) went up by 4.8% w-o-w and by more than 40% y-o-y. We estimate that total energy demand (as measured in total degree-days — TDDs) was approximately 35% above last year’s level.
This week, the weather conditions have warmed up, but only slightly. A drop in heating demand was especially pronounced in the Southeast and Northeast parts of the country. We estimate that the number of nation-wide HDDs will drop by around 10.0% w-o-w in the week ending March 1. However, because HDDs are dropping from