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New England power prices in June reach 3rd-lowest average since 2003

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New England power prices in June reach 3rd-lowest average since 2003

The average price of electricity in New England in Junewas the third-lowest average monthly price since 2003, the ISO New England Inc. said in a July 18 .

June's average monthly power price of $21.24/MWh was thethird-lowest price since 2003, representing a drop of 0.3% from May's average priceof $21.29/MWh but also an 8.3% increase from June 2015's record-low average of $19.61/MWh.

The average monthly price of natural gas at the Algonquinpipeline delivery point in Massachusetts was the sixth-lowest of any month since2003 at $2.14/MMBtu, which represents a 27.4% increase from the record-low monthlynatural gas price of $1.68/MMBtu recorded in June 2015. Natural gas prices in June2016 were up 1.2% from May's average price of $2.11/MMBtu.

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In addition, total energy consumption during June was downjust 0.2% year on year at 10,136 GWh, which was the second-lowest level of any Junesince 2000, due in part to mild weather conditions.

The average temperature in New England in June was 67.5degrees Fahrenheit, which is marginally higher than the 65.2 degrees F average recordedin June 2015. Cooling degree days and heating degree days during June totaled 18and 28, respectively, compared to a normal level of 55 CDDs and 50 HDDs during Junein New England and lower than the 26 CDDs and 82 HDDs posted in June 2015.

In terms of fuel mix, natural gas-fired generators andnuclear power plants produced most of the 8,800 GWh of electricity within New Englandduring June, comprising 55% and 29%, respectively, of the region's total. Othersources made up the remainder with hydroelectric power accounting for 5% of NewEngland's total supply and with 10% coming from renewable resources, which include6.6% from wood, refuse and landfill gas; 2.1% from wind; and 0.8% from solar resources.Coal units generated 1.4% of New England's power supply, while oil-fired resourcesproduced the remaining 0.2%. New England also received net imports of about 1,479GWh from neighboring regions.