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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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Prices in the Real-Time Energy Market were down 66% compared to January 2022.
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Elevated natural gas prices throughout the month drove increases in wholesale electricity prices.
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Year-over-year demand for electricity fell 2.3% in November.
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Wholesale power prices decreased year over year, due in part to lower consumer demand.
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Cooler temperatures in September contributed to a year-over-year drop in demand for electricity.
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The region experienced its second heat wave of the summer in August, and demand rose slightly year over year.
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A six-day heat wave led to higher demand and a month-over-month increase in wholesale electricity prices.
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While the region's electricity use fell about 11% year over year, wholesale power prices increased due to the price of natural gas.
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High natural gas prices continued to drive year-over-year increases in wholesale power prices.
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