ISO-NE market monitor issues 2024 Annual Markets Report

The region’s wholesale electricity markets performed well and were competitive in 2024, according to the latest annual report from ISO New England’s Internal Market Monitor (IMM).

Published each spring, the Annual Markets Report presents an overview and assessment of key market trends, performance, and issues. This year’s edition also features the IMM’s recommendations for market enhancements.

The average price in the Day-Ahead Energy Market was $41.47 per megawatt-hour (MWh), a year-over-year increase of 13%. The average Real-Time Energy Market price increased by 11% from 2023, to $39.50/MWh.

Discussing the causes of these increases, the IMM notes higher carbon dioxide (CO₂) emissions costs imposed through state and regional programs led to higher prices for electricity from fossil fuel generators. The IMM estimates costs related to CO₂ contributed about $910 million to total energy costs in 2024. Meanwhile, net energy imports were at their lowest level since 2011, primarily as a result of decreased hydropower production in Québec.

Other highlights from the report include:

• The total wholesale cost of electricity in 2024 was $10.2 billion, the equivalent of $87/MWh of load served. The total cost was an 11% increase over the $9.2 billion recorded in 2023.
• Average hourly wholesale load was 13,924 MW, up 2% from 2023.
• Natural gas generation continued to account for the largest share (50%) of New England’s electricity supply, representing twice as much as the second largest resource type, nuclear (22%).
• Natural gas prices—the main driver of wholesale electricity costs—averaged $3.06 per million British thermal units (MMBtu), similar to 2023.

An updated companion piece to the annual report, An Overview of New England’s Wholesale Electricity Markets, is also available.