Winter weather recedes; spot power prices dip below $41/MWh everywhere

Less than one week after three Eastern regions recorded daily spot power prices above $114/MWh, the highest spot power price in the nation was New York City’s $40.28/MWh, according to March 11 figures from the Energy Information Administration (EIA).

In addition, the highest daily spot natural gas price in the nation posted March 11 was only $3.12/mmBtu in New England. But only one week earlier New England, New York City and the Mid-Atlantic all reported spot power prices in excess of $12/mmBtu.

In the daily spot figures posted by EIA on March 11, the Mid-Atlantic had the lowest spot gas price in the nation at only $1.57/mmBtu.

The lower prices are linked with milder temperatures as Boston was expecting a higher temperature of 55 degrees F and New York City was forecast to hit 60 degrees and Baltimore 61 degrees, according to the National Weather Service.

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.