Spot power prices again top $100/MWh in New York, New England

The spot power price of electricity is again topping $100/MWh in both New England and New York City, according to data posted Feb. 2 by the Energy Information Administration (EIA).

EIA shows a spot power price of $112.51/MWh in New England and $109.54/MWh in New York City. Anticipated significant winter weather pushed up the New England spot power price almost 25%. The New York City price was up 68% over the prior business day.

New York City recorded the nation’s highest spot natural gas price at $14.86/mmBtu and New England had the second highest gas price at $13.00/mmBtu.

The wintry weather in the Northeast is forecast as a famous groundhog in Pennsylvania reportedly saw his shadow early Feb. 2. If this traditional predictor is correct, then power generators in the East could see six more weeks of winter.

The Mid-Atlantic recorded a spot power price of $49.67/MWh and a spot gas price of $7.88/MWh. This resulted in a situation where the Mid-Atlantic saw a spark spread of zero. The spark spread is a common metric for estimating the profitability of natural gas-fired electric generators.

Spot power prices went up in seven of the 10 regions monitored by EIA. Meanwhile, spot natural gas prices decreased in six of the 10 regions monitored by EIA.

On the baseload nuclear energy front, Feb. 2 data from the Nuclear Regulatory Commission (NRC) showed that five of the nation’s 99 commercial reactor units were not generating power.

One of the units offline include the Exelon (NYSE:EXC) LaSalle 2 facility in Illinois. Exelon said Feb. 2 that it has begun a regularly-scheduled refueling and maintenance outage at the plant.

 

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.