Entries in monthly prices (14)

Monday
Sep252017

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

August’s average wholesale electricity price plunged 40% year-over-year on very low consumer demand

The average price of natural gas dropped by nearly 25% in August, but  the biggest factor in the 40% drop in wholesale electricity prices was demand for power, which was the lowest seen in any August since 2000. The average wholesale power price, at $23.77 per megawatt-hour (MWh)*, was the seventh-lowest monthly price since March 2003, when markets in their current form were launched. The August price was down 40.9% from the August 2016 average price of $40.19/MWh.

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Wednesday
Aug302017

Wholesale electricity prices and demand in New England, July 2017

July’s average wholesale electricity price dropped year-over-year, tracking a decline in natural gas prices

Natural gas and wholesale electricity prices both dropped almost 10% in July compared to the prices seen during July 2016. The average wholesale power price during July was $26.62 per megawatt-hour (MWh)*, down 9.3% from the July 2016 average of $29.33/MWh, while the average monthly price of natural gas was down 9.4% during July.

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Friday
Jul212017

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

June’s average wholesale electricity price was the seventh-lowest monthly average since 2003

Compared to the near record-low prices of June 2016, natural gas and wholesale electricity prices rose slightly in June--but were still among the lowest monthly prices seen since 2003. The average wholesale power price during June was $23.93 per megawatt-hour (MWh)*, the 7th lowest since the region’s current energy markets were launched in 2003. Still, the June price was about 13% higher than the June 2016 price—which was the 3rd lowest since 2003, at $21.24/MWh. The average monthly price of natural gas was the 11th lowest since 2003, compared to the June 2016 average natural gas price, which was the 8th lowest.

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Tuesday
Jun202017

Wholesale electricity prices and demand in New England, May 2017

Rising natural gas prices caused wholesale electricity prices to increase during May

Natural gas prices in May were nearly 44% higher than during the previous May in New England, pushing up the average wholesale power price to $29.44 per megawatt-hour (MWh)*, a 38.2% increase compared to the May 2016 average price of $21.29/MWh. For a month-to-month comparison, the May power price was 6.6% lower than the April average price of $31.51.

While the month of May was not particularly unusual, one day—May 18, the day of the May peak—was interesting for significant price variations resulting from a combination of planned power plant and transmission line outages and unusually high temperatures. The range in five-minute prices—from negative prices in northern areas of New England to prices over $800/MWh in other parts of the region—is illustrative of the operational challenges that can arise during the “shoulder seasons” of spring and fall, when consumer demand for power is typically lighter and power plant and transmission lines are taken offline for maintenance and repairs. Read more about the dynamics at work that day. 

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Tuesday
May232017

Wholesale electricity prices and demand in New England, April 2017

Rising natural gas prices caused wholesale electricity prices to increase during April

Natural gas prices in April were nearly 10% higher than during the previous April in New England, pushing up the average wholesale power price to $31.51 per megawatt-hour (MWh)*, a 12.6% increase compared to the April 2016 average price of $28.00/MWh. For a month-to-month comparison, the April power price was 9.5% lower than the March average price of $34.81.

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Monday
Apr242017

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

Cold weather drove up natural gas prices in March, resulting in electricity prices that were higher than March 2016’s record-low price

Unusually cold weather in March drove up natural gas prices in New England to more than twice the average price in March 2016, driving up the average wholesale power price. The March 2017 average price of natural gas rose nearly 140% year-over-year. The average wholesale power price in New England doubled to $34.81 per megawatt-hour (MWh)* compared to the March 2016 average price, which at $17.20/MWh stands as the lowest monthly average power price in New England since March 2003. The current wholesale electricity markets were launched in March 2003.

The March power price was 24.1% higher than the February average price of $28.05. The cold weather in March also drove up electricity usage in New England, by nearly 6% year-over-year and 10.5% over usage during February.

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