Internal Market Monitor releases spring 2025 quarterly report

The spring of 2025 saw higher year-over-year costs for both energy and capacity, according to the latest quarterly report from ISO New England’s Internal Market Monitor (IMM).

The Spring 2025 Quarterly Markets Report, which covers the period from March 1 to May 31, presents an assessment of each of the region’s wholesale electricity markets, based on market data, performance criteria, and independent studies.

Key findings include:

• The total estimated wholesale market cost of electricity for spring 2025 was $1.64 billion, an increase of 48% compared to spring 2024.
• Energy costs totaled $1.26 billion, up 67% (or $500 million) from spring 2024 costs. The increase was driven by a 112% year-over-year rise in natural gas prices. Lower demand and an increase in net imports from New York partially offset the impact of higher natural gas prices.
• Capacity costs totaled $358 million, up 38% from the previous spring. The payment rate for new and existing resources in spring 2025 was $2.61 per kilowatt-month, compared to $2.00 per kilowatt-month in spring 2024.

Additionally, the report also examines the first three months of operation of ISO New England’s new suite of day-ahead ancillary services.