Spring wholesale power prices in New England fell 38 percent this year, thanks mainly to the lower natural gas prices, according to grid operator ISO New England.
The total wholesale cost of electricity from March 1 to May 31 was $1.02 billion, down from $1.64 billion in the year-ago period, according to ISO NE’s recently released quarterly markets report.
Meanwhile, average real-time price was $22.10 per megawatt hour, down 40 percent over the year.
The price of natural gas — upon which New England’s generation market is heavily reliant — averaged $2.29 per million British Thermal Units (MMBtu) during the period. That was 45 percent lower than last spring, the report said.
