News wire —Wholesale electricity prices in New England jumped in November, driven by fuel costs and increased consumer demand, according to U.S. power grid operator ISO New England.
Real-time power prices averaged $61 per megawatt-hour, up 52% from a year earlier, while day-ahead prices rose 51% to $59.55/MWh, the operator added.
Fuel is a key cost in power generation in New England, where natural gas, which provided 55% of electricity in 2024, typically sets wholesale power prices, closely linking electricity prices to gas markets, ISO noted.
Average natural gas prices rose to $4.68 per million British thermal units in November, up 107% from $2.26/MMBtu a year earlier on the Massachusetts natural gas index, it said.
Electricity demand increased 3.9% from November 2024 as temperatures fell, lifting heating needs across the region, the operator noted.
ISO said New England power plants produced an estimated 2.53 million metric tons of carbon dioxide during the month, about 2% more than in November 2024.
“Estimated year-to-date emissions through Nov. 30 increased 2% year over year, which was largely driven by a colder winter, increased demand, and higher natural gas prices resulting in more oil- and coal-fired generation,” the operator added.
Reporting by Anushree Mukherjee in Bengaluru, Editing by Rosalba O’Brien – Reuters
