March average prices for natural gas and wholesale power dropped by half from February’s high levels
The advent of milder spring weather, which helped reduce demand for natural gas for heating and alleviated constraints on New England’s natural gas pipelines, brought lower natural gas and wholesale electricity prices during March. Average wholesale electric energy prices and natural gas prices both dropped during March by more than 50% from February’s averages, which were the fourth-highest average prices for both wholesale electricity and gas since 2003.
The average wholesale electric energy price in New England during March 2015 was $57.93 per megawatt-hour (MWh)*, down 54% from the February 2015 average price of $126.70/MWh, and down 50.1% from the March 2014 average of $116.12/MWh. The average natural gas price declined by 53.3% from February’s average price.