Entries in wholesale prices (42)


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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Power Systems Update: New England grid operations through recent bitter cold weather and preparation for winter storm

January 7 Power Systems Update 

As of Sunday, January 7, New England’s bulk power system continues to operate reliably during this extremely frigid weather covering New England and the Northeast. Nevertheless, managing the region’s power system through these conditions continues to be challenging, primarily because of fuel availability.

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Summer 2017 markets report reviews wholesale market outcomes during June, July, and August 2017

The Summer 2017 Quarterly Markets Report prepared by the Internal Market Monitor (IMM) of ISO New England reviews wholesale energy market outcomes for the three-month period from June 1 through August 31, 2017.

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

The average wholesale electricity price rose in November on higher natural gas prices

A 32% increase in natural gas prices was the primary reason the monthly average price for wholesale electricity in rose by by 37% in November. The November real-time power price was $33.30 per megawatt-hour (MWh)* compared to the November 2016 price of $24.30/MWh.

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

The average wholesale electricity price rose in October, while October energy use was fifth-lowest monthly total since 2000

Higher natural gas prices were a factor in driving up the monthly average price for wholesale electricity in October by 40%, to $31.71 per megawatt-hour (MWh)*, over the October 2016 price of $22.72/MWh. Another factor contributing to higher average power prices was seasonal maintenance that took thousands of megawatts of generation out of service during the month, resulting in tight system conditions at times. Spring and fall are called the “shoulder” seasons, due to lighter consumer demand for power when weather is mild. Because demand is lower, transmission equipment and power plants are often taken out of service during the shoulder months for routine maintenance and repairs so the equipment is ready and available to handle higher demand during summer and winter.

While energy usage is typically lower during shoulder months like October, last month stood out. Total energy consumption during October 2017 was the fifth-lowest of any month since January 2000, and the lowest during any October since 2000. October 2017 was also the warmest on record since 1895 in New England, a likely contributor to lower demand. Further, an intense storm arrived at the end of the month, resulting in New England-wide outages affecting as many as 1.3 million customers, lasting several days in some areas.

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

The average wholesale electricity price dropped on record-low September demand and very low natural gas prices

September brought the third-lowest monthly average price for natural gas in 14 years, and the lowest energy usage during any September in New England since 2000. The result was a lower average wholesale electricity price for the month. September’s low demand follows on August’s record for the lowest energy consumption during any August since 2000.

The average real-time price of wholesale power, at $26.31 per megawatt-hour (MWh)*, was the 16th-lowest monthly price since March 2003, when markets in their current form were launched. The September real-time price was down 3.3% from the September 2016 average price of $27.21/MWh. The average day-ahead price of $23.57/MWh was 17.6% lower than the day-ahead price during September 2016, but the real-time price drop was smaller as a result of actual system conditions, including high demand on several days with planned generator outages, that pushed prices up.

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