Eastern energy prices dive 60%

With the heat wave passing, spot power prices for much of the eastern United States are down at least 60%, according to Energy Information Administration (EIA) figures.

After seeing high temperatures in the high 90s the previous week, the forecasts for New York, Boston and Washington, D.C., were expected to stay in the 80s July 22. The lower temperatures have translated to lower spot power prices.

After spending much of the prior week with spot power prices well in excess of $100/MWh, New York City, the Mid-Atlantic and New England all record spot price decreases of at least 60% for electricity to be delivered July 22.

New York recorded the highest spot power price July 22 at $63.20/MWh; New England was second at $55.58 and the Mid-Atlantic was third at $53.58.

About Wayne Barber 4201 Articles
Wayne Barber, Chief Analyst for the GenerationHub, has been covering power generation, energy and natural resources issues at national publications for more than 20 years. Prior to joining PennWell he was editor of Generation Markets Week at SNL Financial for nine years. He has also worked as a business journalist at both McGraw-Hill and Financial Times Energy. Wayne also worked as a newspaper reporter for several years. During his career has visited nuclear reactors and coal mines as well as coal and natural gas power plants. Wayne can be reached at wayneb@pennwell.com.