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.