New England spot power price hits $167/MWh mark

How high will New England’s spot power price go during this pre-winter blast? New England saw its spot price hit $167.25/MWh Dec. 11, according to figures reported to the Energy Information Administration.

At the same time the spot price of natural for Dec. 11 delivery in New England was recorded at $20.50/mmBtu, according to EIA. That compares to a $4.24/mmBtu NYMEX price for January delivery.

The Boston forecast predicts a high of only 30 degrees F for Dec. 11 with winds of 15 miles per hour. The forecast is even colder for Thursday, Dec. 12.

Some other parts of the country are also seeing high spot prices, albeit not to the extent of New England.

The Northwest was its price surge more than 25% to $81.50/MWh. New York City saw its spot power price increase more than 28% to $73.40.

The National Weather Service says that cold winds over the relatively warm Great Lakes will promote heavy lake-effect snow downwind of the lakes through at least Thursday. The heaviest snow will occur in Upstate New York downwind of Lakes Erie and Ontario where up to two feet of snow could fall this week.

The weather service also says that temperatures will be from 10 degrees to 30 degrees below average from the Upper Midwest to the Southern Plains.

 

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.