Average annual power price rose in 2018, but was still lower than first full year of markets
New England’s average wholesale electricity price in 2018 rose over the 2017 price, but still ranked as the six-lowest since the current wholesale markets were implemented in 2004. Wholesale prices rose in 2018 because the cost of natural gas, the primary fuel used to produce electricity, was higher. Higher consumer demand for power was also a factor, as well as an extreme cold spell during the first week of January that caused prices to spike. Wholesale prices in 2018 were higher than power prices in 2017, but 2017 had the second-lowest wholesale prices since 2004, the first full year of operation for the current markets. Overall, since 2004, the average annual price of wholesale electricity in New England has fallen 19%. Read more in the press release.