Spot power prices in New England creep back to triple-digits

After being down for a couple of days, spot power prices in New England are back in triple digits, according to figures posted Jan. 13 by the Energy Information Administration (EIA).

The spot power price for New England was listed at $107.13/MWh on Jan. 13 or 21% higher than the prior business day. New England also saw a spot natural gas price listed of $12.07/mm/Btu, which was almost 23% higher than the day before.

Boston expected to see a high temperature of only 21 degrees F on Jan. 13 with wind gusts of up to 24 miles-per-hour, according to the National Weather Service (NWS). The temperature was expected to be about 10 degrees colder in Bangor, Maine.

New England was not the only Northeast market seeing higher spot power prices. New York City saw a spot power price of $95.60/MWh or 35% more than the day before. The Mid-Atlantic spot power price was $45.73/MWh or 11% more than the day before.

Despite elevated spot power and gas prices in the Northeast, natural gas prices were pretty modest in other regions. Seven of the 10 regions tracked by EIA recorded spot natural gas prices below $3.20/mmBtu.

In addition the Nymex energy futures price for February delivery of natural gas was listed at only $2.80/mmBtu. That is almost 15 cents less than the price posted on EIA Jan. 9. The energy futures gas price is running almost $1.20/mmBtu less than it was in early January 2014.

On the baseload nuclear energy front, virtually all 99 active commercial reactors in the United States continue to generate power at a high rate, according to daily data from the Nuclear Regulatory Commission (NRC).

The Nuclear Energy Institute (NEI) trade group has touted the performance so far this winter of the remaining nuclear units serving the Northeast. The Entergy (NYSE:ETR) Vermont Yankee nuclear plant was retired in late December.

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.