Day-ahead LMP Map for February 4, 2023
Northeast cold snap sends ISONE and NYISO power prices into triple digits
Freezing temperatures in the Northeast are sending New York and New England power prices soaring back into oil-burning territory.
The cost of natural gas for NYISO and ISONE power plants spiked to over $20/MMBtu on Friday, bringing oil generation into the mix as gas pipelines reached their limits. Around-the-clock average electricity prices topped $200/MWh at NYISO and ISONE benchmark hubs through Saturday, reflecting expensive fuel costs. Temperatures will soften Sunday, relieving stress on the gas system and sucking oil generation back out of the power mix.
The glut of US natural gas beyond east coast pipeline constraints is keeping the cost of electricity low through Texas and the Great Plains. Gas basis in the west has also eased, bringing power prices there back under $100/MWh.
