The Weather
Last week, the number of heating degree-days (HDDs) jumped by 17.0% w-o-w. We estimate that total energy demand (as measured in total degree-days — TDDs) was approximately 44% above last year’s level.
This week, the weather conditions have cooled down across the country, but not significantly. Heating demand was particularly strong mostly in the Midwest and Northeast parts of the U.S. We estimate that the number of HDDs will rise by around 7.0% w-o-w in the week ending February 1. However, because HDDs are rising from a relatively high base, the absolute consumption