ICE · Earnings call · 2026Q3T · Full report

Power and Natural Gas Demand

Intercontinental Exchange, Inc. · 2026-10-29 · Importance 25 · Surprise 32

Management described data centers as a growing, location-specific source of energy demand and said the IEA expects U.S. electricity demand to grow roughly twice as fast through 2030 as in the previous decade. ICE said utilities expanding the grid and operators installing on-site gas generation create demand for power, gas-basis, and environmental markets. North American financial gas volume rose 15% and open interest reached a record 13.4 million lots; power-market volume was also up 15%, while activity across ICE’s network of more than 70 exclusive North American gas hubs benefited from LNG exports, pipeline capacity, summer heat, and data center development.

Key facts

• ICE management said the IEA projects U.S. electricity demand to grow roughly twice as fast through 2030 as it did over the previous decade.
• ICE's TTF volume increased 39% year over year in Q3 2026, TTF options volume rose 72%, and participation grew double digits to a record.
• ICE's JKM volume increased 45% in Q3 2026, and JKM futures open interest hit a record in August.
• ICE North American financial gas markets had their strongest Q3 on record, with volume up 15% and open interest reaching a record 13.4 million lots on July 1.
• ICE's North American power markets were up 15%, with open interest up year over year and since the end of 2025.
• ICE operates a network of more than 70 North American gas hubs, all exclusive to ICE.