Entries in monthly prices (23)

Friday
Jun152018

Monthly wholesale electricity prices and demand in New England, May 2018

Wholesale power prices fell in May to the 8th lowest monthly average

Mild weather and low demand for power combined with low natural gas prices to bring May’s wholesale electricity price to the eighth-lowest level in 15 years. New England’s wholesale electricity markets were launched in their current form in March 2003. Similarly, the price of natural gas was the 12th-lowest monthly average over the same period.
The average wholesale power price for the month of May 2018 dropped in both the day-ahead and real-time energy markets when compared to the previous year. The day-ahead energy price was down 12.0% to $24.04 per megawatt-hour (MWh)* and the real-time energy price fell 18.8% to $23.89/MWh.

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Wednesday
May232018

Monthly wholesale electricity prices and demand in New England, April 2018

Demand was low, particularly on April 21; natural gas and wholesale power prices rose in April

April 2018 stood out for near-record-low demand for power and a first-ever instance of lower daytime demand than nighttime demand in New England. Despite the low demand, higher prices for natural gas drove up the price of wholesale electricity for the month.

The average monthly price for natural gas rose nearly 60% during April compared to the prices recorded during April 2017. The average wholesale power price for the month of April 2018 also rose in both the day-ahead and real-time energy markets when compared to the previous year. The day-ahead energy price was up 53.9% to $45.00 per megawatt-hour (MWh)* and the real-time energy price rose 37.7% to $43.38/MWh.

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Thursday
Apr262018

Monthly wholesale electricity prices and demand in New England, March 2018

Natural gas and wholesale power prices fell in March

Milder weather during March tempered the demand for both natural gas and power and allowed the average monthly price for each to decline from the prices recorded during March 2017. The average monthly wholesale power price fell in both the day-ahead and real-time energy markets, down 1% to $35.38 per megawatt-hour (MWh)* in the day-ahead energy market and down nearly 6% to $32.87/MWh in the real-time market.

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Monday
Mar262018

Monthly wholesale electricity prices and demand in New England, February 2018

February natural gas and wholesale power prices subsided from January’s highs

Milder weather during February tempered the demand for both natural gas and power and allowed the average monthly price for each to shrink significantly from the highs recorded during January. The average monthly wholesale power price shrank more than 63% in both the day-ahead and real-time energy markets, to $39.58 per megawatt-hour (MWh)* and $36.91/MWh, respectively. While those prices marked significant declines from January’s prices, they were still up, by about 32%, from the average monthly prices recorded in February 2017.

February also marked a return to a more typical resource mix. During the extreme cold weather in early January, the spike in natural gas demand and resulting rise in prices caused coal- and oil-fired generators to be less costly to run than natural-gas-fired generators. As a result, coal- and oil-fired generators were dispatched more often in January, and generated about 15% of the energy produced by New England power plants. By contrast, in February, coal- and oil-fired power plants produced under 2% of the region’s generation. That’s closer to the usual fuel mix—in 2017, they generated just 2.3% of the energy produced in New England.

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Wednesday
Feb282018

Monthly wholesale electricity prices and demand in New England, January 2018

Energy market value in January totaled $1.3 billion, second only to January 2014

Extreme cold weather at the beginning of January caused the average price of natural gas to triple during the month, causing the price of wholesale power to nearly triple as well, compared to January 2017.

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Wednesday
Jan312018

Monthly wholesale electricity prices and demand in New England, December 2017

Energy market transactions in December totaled $856 million, with nearly half incurred in the last week

Extreme cold weather at the end of December caused the average price of natural gas to rise more than 40% for the month, pushing the price of wholesale power up nearly 50% higher than the wholesale power price in December 2016. A cold snap that began December 26 pushed up demand for both natural gas and electricity, raising prices and resulting in a total energy market value of $856 million for the month. The bulk of that energy market value came in the last week of the month, during the cold snap, when the energy market value was $395.6 million for just one week.

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