Like a guest that doesn’t know when to leave, unseasonably cool temperatures are lingering a little longer in the Northeast and driving up spot power and natural gas prices in the process.
High temperatures in Boston are not expected to get much above the mid-30s until the weekend and New York City will only be a few degrees warmer, according to National Weather Service (NWS) forecasts.
Spring officially arrives Friday March 20.
But the colder temperatures pushed up the spot power price 99% in New England to $94.92/MWh, according to Energy Information Administration (EIA) data. New England also saw its spot natural gas price jump 132% from the prior business day to $12.00/mmBtu.
Spot power prices also rose more than 45% overnight for both New York City and the Mid-Atlantic. NYC had the nation’s second highest spot power price at $49.55/MWh. The Mid-Atlantic was third at $45.27/MWh.
Nationally, spot natural gas prices escalated in nine of the 10 regions monitored by EIA. New England was the only region with double-digit natural gas prices and the other regions all listed spot gas prices below $3/mmBtu.
There was an even split among the regions when it came to rising or falling prices for spot power.
The NYMEX Henry Hub price for April delivery was $2.86/mmBtu, which was 5% higher than the day before.