Spot prices zoom upward again in Northeast with cooler temperatures

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.

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.