While the calendar says its spring, the spot power prices don’t necessarily reflect that in much of the East, according to Energy Information Administration (EIA) figures.
A cool front in the East drove spot power prices in double-digits in both New England and New York City on March 24.
New England recorded a spot power price of $122.41/MWh, which was 153% higher than the previous business day. NYC was at $104.56/MWh or nearly 90% higher than the prior business day. The Mid-Atlantic also saw an escalated spot power price of $85.85/MWh, which was about 94% higher than the prior business day.
Nine of the 10 EIA reporting regions showed higher spot power prices on March 24 compared to the prior business day. Meanwhile, spot natural gas prices across the regions moderated with six of the 10 EIA regions showing a decreased in spot gas prices. New England had the highest spot gas price at $7.75/mmBtu.
“Another blast of arctic air is invading much of the eastern two-thirds of the U.S., with high temperatures on Monday [March 24] forecast to be 10-20 degrees below normal,” according to the National Weather Service (NWS).
“Meanwhile, a powerful storm system is expected to develop Tuesday night off of the Mid-Atlantic coast, which could bring heavy snow to parts of New England Tuesday night through Wednesday morning [March 26],” according to the NWS.
The NWS forecast also says that precipitation will return to the Northwest and Northern California. Rain could develop again in the next couple of days in Seattle, which is recovering from a much-publicized mud slide.