Entries in electricity price (22)

Monday
Jan302017

Media briefing focuses on state of region’s electric grid 

ISO New England President and CEO Gordon van Welie provided reporters with an update on the state of New England’s electric system during a media briefing on Monday, January 30, 2017, held as part of the ISO on Background series. The briefing included information on New England’s power grid, the continuing transformation of the fuel resource mix and the fundamental challenges facing the region moving forward. New England is in the midst of a transition away from coal- and oil-fired power plants and towards a “hybrid” power system of larger generators, including renewable resources, and small behind-the-meter resources at customer sites. However, demand for natural gas continues to rise, challenging the region’s fuel security—the assurance that sufficient fuel will be available for power plants to generate the electricity when needed. Watch the briefing, or view van Welie’s presentation and remarks from the event.

ISO on Background is a series of periodic briefings designed to provide members of the media with an informal opportunity to learn more about the trends affecting New England’s electricity industry and ISO New England’s role in the region’s power system.

Wednesday
Dec212016

Monthly wholesale electricity prices and demand in New England, November 2016

November’s average price of electricity fell on continuing low natural gas prices and low demand

Eight of the 10 months with the lowest wholesale power prices in 13 years occurred in 2015 and 2016, including November 2016, with the seventh-lowest monthly price. Low natural gas prices and lower demand for electricity brought November’s average monthly power price down 7%, to $24.30 per megawatt-hour (MWh)* from the November 2015 average price of $26.12/MWh. Total energy consumption in New England in November was the lowest of any November since 2000, and the sixth-lowest consumption of any month since 2000.

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Friday
Nov182016

Monthly wholesale electricity prices and demand in New England, October 2016

October’s average price of electricity fell on continuing low natural gas prices and low demand

Lower demand, driven by milder weather, and lower natural gas prices pulled October’s average monthly power price down 30%, to $22.72 per megawatt-hour (MWh)*, compared to the October 2015 average price of $32.62/MWh. The wholesale power price during October was the sixth-lowest since the wholesale electricity markets in their current form were launched in 2003 in New England, and the natural gas price was the eighth-lowest during that time period. Total energy consumption in New England in October was the lowest of any October since 2000, and the fourth-lowest monthly consumption.

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Thursday
Oct272016

Wholesale electricity prices and demand in New England, September 2016

September’s average price of electricity fell on lower natural gas prices and lower demand

Lower demand, driven by milder weather, and lower natural gas prices pulled September’s average monthly power price down 24%, to $27.21 per megawatt-hour (MWh)*, compared to the September 2015 average price of $35.83/MWh. September’s natural gas price was the 10th lowest since the wholesale electricity markets in their current form were launched in 2003 in New England, and the wholesale power price during September was the 12th lowest during that time period.

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Wednesday
Jun222016

Wholesale electricity prices and demand in New England, May 2016

May’s electricity usage and average prices for natural gas and wholesale power were among the lowest since 2003 

New England’s total demand for electricity during May added up to the sixth-lowest energy consumption for any month in the last 16 years, and the price of natural gas was the fifth-lowest of any month since 2003. As a result, the average wholesale power price in May was the third-lowest since March 2003, when New England’s current wholesale electricity markets were launched. Continued mild weather, as well as the region’s growing use of energy-efficiency measures and behind-the-meter solar, are the likely reasons for low energy consumption during the month.

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Tuesday
May312016

Wholesale electricity prices and demand in New England, April 2016

April 2016 scored the lowest monthly power demand in 16 years

April’s demand for electricity in New England was the lowest of any month since 2000, but the price of natural gas ticked up during the month, pulling the price of wholesale power up with it. The month of April typically scores the lowest monthly consumer demand for power each year. Energy usage in April 2016 was 2.4% lower than the previous record for lowest monthly demand, set the year before, during April 2015. Mild weather combined with the region’s growing use of energy-efficiency measures and behind-the-meter solar are the likely reasons for low energy consumption during the month.

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