Spot power and natural gas prices surged for the Northeast as that region prepared for a major winter storm on Jan. 26.
The spot power price in New England jumped to $88.36/MWh, according to data posted by the Energy Information Administration (EIA). The New England spot power price was up 60% from the prior business day.
In addition, New York City’s spot power price was up about 117% to $85.86/MWh. The Mid-Atlantic saw its spot power price increase 28% to $41.81/MWh.
New England posted the most expensive spot natural gas price at $10.50/mmBtu or 63% higher than the prior business day. The Mid-Atlantic listed the second highest spot natural gas price at $8.27/mmBtu, which was 196% more than the prior business day. The spot gas price for New York City was $8.00/mmBtu or 146% more than the previous business day.
The National Weather Service (NWS) said the stage is set for a major nor’easter to affect parts of the Northeast through Wednesday Jan. 28. This system will be responsible for heavy snowfall and strong winds, with blizzard conditions possible along coastal areas from New Jersey to Massachusetts. Blizzard Warnings are in effect along the coast from central New Jersey to the Canadian border.
Some news reports are describing it as a potentially “historic” snow storm in some major Northeast population centers.
Boston could see up to 30 inches of snow accumulate over a two-and-a-half day period, according to NWS. New York City could see almost as much snow over the same period, according to NWS forecasts.
Fortunately, Nuclear Regulatory Commission (NRC) daily data shows all nuclear units are operating in the Northeast and the vast majority of the units are running at 100% generation. The Exelon (NYSE:EXC) Peach Bottom 2 nuclear unit in Pennsylvania is listed at 88% generation.
Regional grid operators have been working on extreme winter weather preparation plans since last year’s much-publicized “polar vortex.”