For literally decades, coal was “king” in power generation. It was crowned way back in the 1970s when President Carter told us we were running out of natural gas. The best alternative at the time was coal, as it was found in abundance, with plenty still in the ground today. So, America did what it does best—build things — and the reign of coal began.

Coal was cheap and reliable when it came to generating large amounts around the clock for decades. Its queen of around-the-clock generation, nuclear energy, was steady and reliable as well, even though it had high-cost construction issues. Therefore, we had a strong king and queen to take care of our kingdom’s electricity needs at all times.

Coal and nuclear prices have never been volatile. You could always count on them to be the same price in the dead of winter as they were during the heat waves of summer.

Fuel delivery was never an issue either. Most coal plants kept 30 days of fuel on board, while nuclear plants had years of fuel on-site. This on-site storage was pivotal to the steady prices for the power supply coming out of these behemoth plants.

Fast forward to present day 2022. You will find that the king and queen are old and aging. Coal and nuclear plants are being shut down as they near the end of their useful lives. In some cases, it is a monetary issue as well because wind, solar, and natural gas are more competitive than they have ever been.

While the price of wind and solar is steady, their ability to supply power is not. The sun sets every day, and the wind is unreliable. With the gradual retirement of coal and nuclear, natural gas is now the backup power of choice during the dark of night and the calm of the day.

There is a cost problem with natural gas. The price of the commodity has a history of volatility. It rises and lowers with the seasons and their peak times. Large supplies are not found at the generation site. The fuel is stored in underground caverns at various locations and pumped through pipelines for “on-time” delivery.

When we had an abundance of coal and nuclear, we used them to combat the volatility of the natural gas supply. When gas prices went up, we simply shut off the gas generation and cranked up coal and nuclear. It was easy, predictable, and reliable. The king and his queen served loyal users of electricity across the land in this manner for decades.

In the years ahead, we won’t have as much king coal and queen nuclear available to save us from the ups and downs of natural gas. The pair won’t be around when the sun doesn’t shine and the wind doesn’t blow.

Therefore, natural gas is the new prince of power. The fuel-in-waiting will one day be king. Power costs will be higher. Power costs will have more volatility. Battery storage is a peasant that lives in a faraway land of high cost and scarcity of mineral supply. Natural gas will become king long before we solve battery storage for wind and solar. It may not be the fairy-tale ending some want, but it is the reality we will all get.