Gas-fired power generation accounted for 65.5% of the ISO-NE fuel mix in October, up from 55.1% in September and 57.2% in October 2020.
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Wholesale power prices increased in October despite an 11% weather-related drop in average peak load, which averaged 13,914 MW compared with 15,701 MW in September, based on ISO data.Įlectric cooling demand subsided with the October high temperature across the ISO-NE footprint averaging 64.6 degrees Fahrenheit compared with an average September high of 73.7 F, according to CustomWeather data.Īccordingly, cooling degree days decreased from an average of 2.88 in September to an October average of 0.15, while heating degree days increased from 0.87 in September to 6.21 in October. "Our power price forecast for Mass Hub nears $110/MWh in January 2022, reflecting a deep discount from the near $180/MWh on-peak forward contract at $22/MMBtu AGT," the analysts said. "Winter continues to trade at a premium to our forecast for both power and gas," S&P Global Platts Analytics said in a recent research report. With the region heavily reliant on natural gas-fired power, wholesale electricity prices were driven up by October gas prices that averaged $4.78/MMBtu, about 139% or $2.78/MMBtu higher than year-ago levels. Prices at the hub were about $11/MWh or 22% higher month on month. Internal Hub day-ahead off-peak power prices averaged $48.28/MWh in October, which was $28.98/MWh or about 150% higher than the October 2020 average price.īoston Hub power prices increased by similar levels, with day-ahead on-peak averaging $63.43/MWh in October, which was $35.58/MWh or about 128% higher year on year, and $10.70/MWh or about 20% higher on the month.īoston Hub day-ahead off-peak power prices averaged $48.81/MWh or about 152% higher year on year in October.Ĭonnecticut Hub day-ahead on-peak power prices were 35.48/MWh or 128% higher on the year in October to average $61.46/MWh. ISO-NE Internal Hub day-ahead on-peak locational marginal power prices averaged $62.43/MWh in October, about $35/MWh or 127% higher year on year, and day-ahead on-peak prices at the hub rose by $10.88/MWh or about 21% from September. Receive daily email alerts, subscriber notes & personalize your experience.