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Lower natural gas prices drove year-over-year declines in wholesale power prices in March.
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Grid demand on April 9, 2023 was 750 MW lower than the previous record, set last May.
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As the region’s resource mix evolves, so too must the methods by which ISO New England measures capacity contributions.
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The period from December through February averaged 5°F warmer than normal. Meanwhile, electricity demand dropped by 4% compared to last winter.
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The reduction was equal to the amount of energy consumed by about 430,000 homes in one year.
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Lower natural gas prices and lower demand led to year-over-year declines in wholesale power prices.
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More than 1,200 resources secured capacity supply obligations, ranging from 1 kW to 1.2 GW and encompassing a variety of fuels and technologies for the 2026-2027 period.
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Preliminary results indicate the clearing price was among the lowest in the auction’s history.
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Prices in the Real-Time Energy Market were down 66% compared to January 2022.
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The auction procures resources to meet the region’s capacity needs in three years.
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