Elevated Northeast Energy Prices

Last week, we reported on soaring natural gas and electric prices across the Northeast. Spot market prices remained at elevated levels over the past week as a cold air mass settled over the Northeast and Midwest.

Highlights:

  • New York: Natural gas prices fluctuated between $17.00 and $35.37 per MBtu, while electricity prices ranged from $163 to $223 per MWh.
  • New England: Natural gas prices ranged between $13.50 and $25.50 per MBtu. Electricity ranged between $152 and $158 per MWh Wednesday through Monday before jumping to $211 per MWh on Tuesday.
  • Mid-Atlantic: Gas prices fluctuated between $13.75 and $19.75 per MBtu. Electricity prices jumped to $279 per MWh on Thursday and ranged from $116 to $190 the rest of the week.
  • Midwest: Price jumped last Thursday, with gas reaching $10.20 per MBtu and ranging from $3.89 to $7.08 the rest of the week. Electricity prices rose as well on Thursday, reaching $64 per MWh and ranging from $35 to $52 per MWh the rest of the week.
  • Louisiana: Electricity prices jumped to $70 per MWh on Thursday, while trading between $27 and $42 per MWh the rest of the week.

The National Weather Service forecasts that temperatures will rise moderately next week over most of the country, which should lead to falling energy prices. In spite of increased consumption in the Northeast, nationwide natural gas inventories are above their five-year average, as we report this week.

The data is in this report was provided by the Energy Information Administration.

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