2012 wholesale electric energy prices dropped to lowest level since 2003
Lower natural gas prices and lower demand combine to push electricity prices down to a 10-year low
Preliminary figures from ISO New England show that wholesale electric energy prices dropped almost 23% in 2012, driven down by lower natural gas prices and lower demand. Additionally, the 2012 price was nearly 26% lower than the average price set in 2003, the year that ISO New England introduced wholesale competitive markets in their current form.
The magnitude of the price decline is illustrated in the total amount paid for electric energy, which fell by more than a billion dollars in the past year, from $6.7 billion in 2011 to approximately $5.2 billion in 2012, based on preliminary data.
Read more about the drop in wholesale electric energy prices and the factors for the decrease in this press release, issued today.