Natural gas, wholesale power prices hit highs in February
February’s severe cold kicked up prices for natural gas and wholesale power, the region’s grid operator said Thursday.
ISO New England said demand for natural gas during the month resulted in higher prices. Wholesale power prices reached their third-highest monthly average since 2003. Still, power prices were lower than in February 2014, in part because of drops in the costs of liquefied natural gas (LNG) and oil.
The average wholesale electric energy price in New England in February was $126.70 per megawatt hour, ISO New England said. That was down 17 percent from February 2014’s average of $152.84, which was the second-highest monthly price since 2003. The average natural gas price also was 17 percent lower this February than last.
In addition, ISO New England said February 2015 — when the New England-wide average temperature was 16.9 degrees — was the region’s coldest month since record-keeping began in 1960.
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