A six-day heat wave led to higher demand and a month-over-month increase in wholesale electricity prices.
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Energy market costs totaled $2.09 billion, up 142% from $865 million last spring, according to ISO New England’s Internal Market Monitor.
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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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The total wholesale market cost of electricity increased 38% in 2021, following record-low energy prices in 2020.
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Natural gas prices were nearly three times higher than April 2021, driving an increase in wholesale electricity prices.
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High natural gas prices drove an 85% year-over-year increase in the region’s wholesale market cost of electricity for the winter of 2022.
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The study, prepared by Analysis Group, looks at the ability of different market design frameworks to meet regional decarbonization goals.
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The winter was about 1°F warmer than average, and the region did not see any arctic outbreaks or extended, bitter cold.
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Natural gas prices nearly doubled year over year, contributing to an increase in wholesale power prices.
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