New York, New England spot prices tick higher with winter chill

Spot power prices remained in triple digits in much of the Northeast on Jan. 8 as a deep freeze continues to grip Northeast and Central states.

New York City had the highest reported spot power price at $124.44/MWh, according to figures posted Jan. 8 by the Energy Information Administration (EIA). That’s roughly 3% than the region recorded the prior business day.

New England recorded the second highest spot power price at $110.10/MWh or about 8% more than the prior business day. The Mid-Atlantic saw its spot power price decrease almost 3% to $79.68/MWh.

Those three regions also recorded spot natural gas prices above $12/mmBtu, although the regional spot prices were lower than the prior day.

Boston is expected to see a high of only 15 degrees F on Jan. 8 with winds of up to 14 miles per hour. New York City is expected to see a high of 19 degrees with winds of up to 15 miles per hour. Baltimore expects a high of 20 degrees and winds of up to 11 miles per hour.

Chicago is expected to see a high of only 13 degrees with snow showers and wind gusts of up to 40 miles per hour.

The cold weather across much of the nation prompted the Tennessee Valley Authority (TVA) and Duke Energy (NYSE:DUK) to reduce their electricity use. Duke expected its most critical time to be before noon on Jan. 8.

Luckily virtually all of the nation’s baseload nuclear plants are generating power during the current cold snap.

 

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.