New England power surge finally subsides

After hitting almost $206/MWh on Dec. 16, the spot power price for the region dipped to $192.20/MWh on Dec. 17, according to Energy Information Administration (EIA) figures.

New England saw its spot power price drop more than 6% and saw its spot natural gas price drop more than 30% to $22.50/mmBtu. New England still had the highest spot power price in the nation by a wide margin.

New York City had the second highest spot power price nationally at $106.61/MWh. The Big Apple saw its spot power price decrease more than 14% from the prior day.

In fact, spot power prices decreased for every one of EIA’s 10 reporting regions.

The Northwest and Mid-Atlantic both saw decreases of more than 24%. The Mid-Atlantic saw its price decrease to $47.74/MWh and the Northwest saw its price decrease to $ 45.25/MWh.

Moderating temperatures appear to be the primary cause of the declining prices. Portland, Ore., expects to see high temperatures in the 40s during the next couple of days as does Baltimore, Md., according to the National Weather Service.

New York City will see its high temperatures warming to 50 degrees F by the end of the week. While Boston is still expecting a high of only 28 degrees F for Dec. 17, it could see temperatures in the 40s by the end of the week.

Minneapolis, Minn., expects to see a high of 27 degrees today. After hitting 36 degrees on Wednesday, Dec. 18, its low temperature could hit only 4 degrees on Thursday night, Dec. 19. Winter doesn’t officially arrive until Saturday, Dec. 21.

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.