New England and the East see spot power, gas prices drop

In what could be a sign of spring, New England and the rest of the East Coast finally saw their daily spot power prices drop well below $100/MWh and spot natural gas prices drop well below $10/mmBtu.

That’s according to data posted March 9 by the Energy Information Administration (EIA).

New England had the highest reported spot power price at $67.26/MWh. That’s about 43% less than the spot price posted the prior business day. New England also had the highest spot natural gas price in the nation – but at $6.00/mmBtu or 57% less than the prior business day.

New York City had the second highest spot prices for both power ($59.31/MWh) and gas ($3.12/mmBtu). The NYC spot power price was down 59% and the spot natural gas price was down about 78% from the prior business day.

Boston and New York City were both expecting to see mild weather today with high temperatures predicted in the mid-to-upper 40s, according to the National Weather Service (NWS).

On the baseload nuclear energy front, 11 of the nation’s 99 reactor units were listed at zero generation March 9 by the Nuclear Regulatory Commission (NRC). Spring refueling season is starting for nuclear plants.

FirstEnergy (NYSE:FE) said March 9 that it is starting a regularly scheduled refueling and maintenance outage at the Perry plant in Ohio. A transformer replacement is also scheduled during the Perry outage, FirstEnergy said. 

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.