Noreva in the media: Peter Gardett on Schwab Network’s The Watch List, in “Surging Power Demands & the Upcoming Winter” (September 23, 2025).
In brief: Per Schwab Network’s summary of the segment, Noreva’s Peter Gardett argued that natural gas is “increasingly more important” yet still “seasonally attuned,” and pointed to roughly 100 GW of new US demand over ten years, about a hundred Austins.
Noreva, an energy market data and analytics provider (formerly Karbone Research), was represented on Schwab Network by Peter Gardett in a segment on US energy supplies, winter pricing, and the shape of the generation mix heading into the heating season.
What the Schwab Network segment covered
The segment covered US energy supplies and prices heading into the heating season, the composition of the generation mix, and the risks facing the grid. Per Schwab Network’s own summary (Schwab Network, Sept. 23, 2025), Gardett argued that natural gas is “increasingly more important,” while remaining “seasonally attuned,” and discussed what new energy technologies mean for these markets.
On the demand side, he cited an increase of roughly 100 gigawatts over the ten years from 2025, which he framed as adding the equivalent of about a hundred Austins to the US system.
Why the seasonal and structural readings have to be held together
The two halves of that argument are the reason the segment is worth revisiting. Natural gas being seasonally attuned and natural gas being increasingly important are not competing claims. They describe different time horizons, and conflating them is a common source of mispricing.
Within a heating season, gas prices remain a weather trade, driven by storage, production, and temperature. Across a decade, gas is the dispatchable resource the system leans on while load grows faster than firm capacity is added. A market participant who prices only the first horizon misses the structural bid. One who prices only the second overpays for any given winter.
The 100 GW figure is what connects them. Demand growth on that scale does not arrive as a smooth national curve. It lands in specific interconnection queues, in specific capacity zones, and against specific local gas infrastructure. That is where the seasonal and structural stories meet, and where the valuation consequences show up first.
This is the layer Noreva models. Nodal power pricing and merchant curves, capacity forecasts and resource adequacy work, and natural gas and LNG curves are built to be read together, so that a view on winter and a view on the decade can sit in the same framework rather than in competing ones.
Frequently asked questions
How much US power demand growth did Noreva's Peter Gardett cite on Schwab Network?
He said US demand could increase by roughly 100 gigawatts over the ten years from 2025, which he described as the equivalent of about a hundred Austins (Schwab Network, Sept. 23, 2025). That figure was cited in a broadcast discussion and is not a published Noreva forecast.
Is natural gas still a seasonal market?
Both things hold. Gardett described natural gas as “increasingly more important” to the US energy mix while still “seasonally attuned” (Schwab Network, Sept. 23, 2025). Winter pricing remains weather-driven, while the structural role of gas as the dispatchable backbone grows with load.
What does Noreva cover?
Noreva provides market data, analytics, and forecasting across US power, capacity, environmental attributes, and fuels, delivering transaction-aligned curves and scenario forecasts through the Noreva Hub via API, downloadable files, or dashboards.
CONTACT US
Ready to Price the Future?
Noreva combines trader-verified pricing, proprietary fundamentals, and AI-driven forecasting into transaction-aligned curves across power, capacity, environmental attributes, and fuels. Book a demo to see how the Noreva Hub prices these markets.
