Over the course of the last year, 19 GW of new renewables have been added to the grid, along with 9.6 GW of new gas capacity. Regionally, most of the new wind to come online in the last year has been sited in ERCOT, SPP, and MISO, while most of the new solar has been sited in the WECC and the Southeast. In terms of output, while total generation looks to be less than 2016 in July, August looks to improve on year over year gains in power demand. Given the increasing renewable build over the last year, a particularly strong hydro season, and higher prices for natural gas this summer versus last, generation from gas is expected to decline relative to last summer. Coal picks up some of this market share, although is limited by the increasing renewable penetration as well. Still, relative to our previous outlook, lower natural gas prices overall bring prices down in many markets on average, while heat rates move up on the overall higher share of natural gas generation through 2018.