Prolonged cold temperatures across the US Northeast have driven regional power and gas prices higher, with markets surging ahead of New Year’s Day.
ISO New England Mass Hub day-ahead on-peak prices gained double digits from the prior price on the Intercontinental Exchange, trading around US$170/MWh and reaching the highest level since mid-December. In off-peak markets, prices soared, trading above US$150/MWh.
In the New York Independent System Operator, Zone J NYC and Zone G Hudson Valley on-peak locational marginal prices averaged about $20 higher, trading around US$127.75/MWh and US$129.50/MWh, respectively, while off-peak prices were up about US$15, settling slightly below US$100/MWh.
Similarly, in natural gas markets, the spot price at the Algonquin city-gates jumped over $2 from its previous Platts assessment to reach US$18.76/MMBtu, also the highest in about two weeks. Transco Zone 6 NY increased about US$1.63 to US$6.75/MMBtu for Jan. 1-5 flows.
Tracking cooler weather this year, Algonquin city-gates gas prices averaged US$14.96/MMBtu in December, and Transco Zone 6 NY averaged US$6.97/MMBtu, up 64% and 83%, respectively, according to Platts data.
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