As the term “polar vortex” fades in popular media use, spot power prices are easing across the country.
All 10 reporting regions tracked by the Energy Information Administration (EIA) showed decreases in spot power prices and spot natural gas prices on Jan. 9.
The figures show an easing of a situation this week where grid operators have reported record or near-record usage, and power prices have acted accordingly.
Importantly, spot power prices dropped below $200/MWh on the East Coast.
The New York City spot price was barely below $200 at $199.91/MWh, or 14% cheaper than the day before. New England had the second highest spot price at $183.71/mmBtu. New England’s spot power price slipped roughly 18% from the previous day.
The Mid-Atlantic recorded a 75% decrease in its spot power price, dropping to $55.97. The Midwest spot power price was listed at $39.55/MWh or roughly 50% lower than the previous day.
After seeing temperatures well below zero for an extended period, the Chicago forecast predicts a high of 26 degrees for Jan. 9 and then 38 degrees F on Friday Jan 10.
Spot natural gas prices for the 10 EIA reporting regions for delivery Jan. 9 ranged from a low of $4.25/mmBtu in Houston to a high of $18.25/mmBtu in New England.
The New England gas price represented a drop of more than 29% from the previous day. New York City saw its spot natural gas price drop more than 63% to $9.70/mmBtu.
This article was republished with permission from Generation Hub
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