US Northeast Power Prices Mixed Amid Early-Season Heatwave

Credit: Maxim Hopman/Unsplash
  • NYISO Peakload averaged 18,564 MW April 13
  • Low humidity tempered demand: ISO-NE

US Northeast power prices were mixed amid an early-season heatwave that pushed temperatures to low 90 degree Fahrenheit levels April 13 and 14, increasing power demand, reports SP Global.

ISO New England

Temperatures had reached 91 degrees F in Hartford, Connecticut by around 3:30 ET April 14 and power demand had crept above the ISO New England forecast. Peakload reached 12,293 MW around that time, which was slightly above the forecast.

The ISO-NE peakload forecast for April 14 was 13,800 MW and the grid operator had total generation available of 19,200 MW, according to the seven-day capacity forecast. Peakload averaged 14,416 on April 13, which was above the month-to-date average of 13,367 MW.

On-peak real-time power prices across the ISO-NE footprint averaged $24.23/MWh around 3:30 ET, which was below the March average of 30.39/MWh and below the year-to-date average of $42.07/MWh.

The ISO-NE power generation fuel mix at that time consisted of 62% gas, 11% net imports, 10% nuclear, 10% hydropower, 7% renewables, and less than 1% oil, coal and other fuels, according to the grid operator’s website.

“The low prices are likely a reflection of relatively low demand despite high temperatures in parts of New England,” an ISO-NE spokesperson said in an email.

“The relatively low demand is a reflection of temperatures varying across the region and it not being particularly humid,” the spokesperson said.

Temperatures were forecast to drop significantly over the weekend with a high of 72 degrees F in Hartford and a high of 63 degrees F in New York City on April 15, according to the NWS.

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Source: SP Global


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